Singals & Gold

Beginner Questions
1

Hi Guys and Gals!

I’m still practicing with my Demo account and hit my first big loss (Fell asleep after not setting limits -.- way too tired) anyway! I have two questions:

One, Would anyone / has anyone used their forex broker to invest in gold? As the yields seem to be pretty decent for the amount you actually have to risk.

Secondly. Whilst I am waiting for my skills to improve I was thinking about using mirror signals or something similar however all of them bar a handful seem to lose in the long run when they are back tested. I did come across 4xlounge however, and I’ve only found one bad review (something about the forums being dead) has anyone used them? Or know of any other signaling companies which have been useful or would people generally advice against it?

Thanks,

R.ZCX

P.S.

I’m currently using FXCM and finding the 5 pip spread a little brutal sometimes, does anyone else know of brokers with lower spreads or is that pretty standard?

2

Stay away from Gold. Trade larger time frames and five pip spreads are a moot point. Learn to trade profitably. Don’t mirror trades with real money.

3

Oh yeah. Never enter a trade without a defined reason for entering the trade and defined exits.

4

Thanks for the advice, I found since i started trading with defined exits i’ve been doing a hell of a lot better…simple yet I wasn’t do it.

5

On Gold, would second that advise…definitely, considering that you are new. On the 5 pip spread, heck, it is brutal, got to agree with u on that one. And on lower spread, you may want to try out some of the ECN brokers…

6

Ah! awesome thanks, i’ll check them out

7

No prbs, glad to have helped out and on new brokers, make sure you do a demo although I should point out that there’s some amount of discrepancy between demo and live accounts with a few brokers…
OTH, good luck!