Gold Trading Advise

Trading Discussion Currencies
1

Any advice or suggestion for a newbie who wants to practice on XAUUSD with live money

2

don’t touch XAUUSD as a newbie with live funds

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3

Forget about making money. Get consistent first. Look up ICT on Youtube.

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4

Alright @ProfesorPips . But which pair do you suggest I practice on

5

Ok @SMIfx, I am not focus on the money actually, I just want to get a pair that I will be practicing with. For now I understand XAUUSD better than the other pairs. But if XAUUSD has a disadvantage to other pairs, then I might start practicing with the one suggested to get consistent with it.

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6

That is depending on your strategy. Tell us, what do you know about XAUUSD?.

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7
  1. P/L per pip = 0.01, which I guess is good for beginners to practice
  2. Gold is paired with 1 currency which I think has less fundamental influence as compare to currency pairs such as EURUSD, GBPJPY, etc.
  3. From what I have been observing, it almost always move in a zone rather than breakout, which happens but less often as compare to EURUSD, which I think is more predictable
  4. It is more volatile during NY session

These are my observations for now. I believe XAUUSD has it disadvantages to EURUSD, which of course I have not observe yet. That’s why I am seeking for guidance.

Disclaimer: It is not like I am totally in for it. I just want to choose one pair that I can focus on. So, my comparison is between XAUUSD and EURUSD

8

I see what you mean. Understandable! Gold ( XAUUSD ) is as tradable as any other pair. Use Silver ( XAGUSD ) and the Dollar index ( Dxy ) for confluences. Especially when you say you understand Gold better than any other pair…go for it.

The only thing with Gold is that it can move a lot in a short time. This comes back to risk management and strategy.

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9

@SMIfx, can you make me understand what you mean when say :point_up_2:

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10

Yeah, that’s one of the things I have observed. But I don’t know how to go about it with risk management.

11

Gold and Silver will follow each other.
Gold and Silver will move the opposite of Dxy. However it is not always like this.

For Gold and Silver you can add smt divergence. Powerful tool to understand which pair is being manipulated. To understand this watch ICT on Youtube.

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12

Hence having a profitable strategy is important. In that case you could start with 0,25%-0,5% risk per trade on a demo account. See how it grows and then you will know when you are ready for live.

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13

by wrote depending on your strategy, I mean breakout or mean reversal strategy.

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14

Ok. Thanks @SMIfx. Also thanks to you @ProfesorPips

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