1. Trading without a plan. Every trading plan must include the following points:
i) Suitable trading medium
ii) Defined entry level
iii) Clear risk management structure
iv) Targeted profit level
Solution: Have a plan. Think through your gold investment.
2. Getting emotional about gold. Stick your trading plan. Having those barriers and limits will help you keep your emotions in check.
Solution: Check your heart at the door.
3. Over-thinking things
Solution: Find streamlined analysis or a trading system for gold that works for you.
4. Getting tunnel vision for your bias.
Solution: Remember that gold prices can move up or down.
5. Thinking local instead of global
Solution: Gold is a global commodity. Keep an eye on the big picture.
6. Trading with the herd
Solution: Stick to your trading plan and your analysis.
7. Shooting for the moon
Solution: Be realistic about your goals.
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