Hello everyone,
I’m excited to be a part of this community of knowledgeable traders and learn from your experiences.
I’ve been focusing on trading currency pairs like GBPUSD and EURUSD, but I’ve recently heard a lot about trading gold.
While I understand the importance of not relying solely on other people’s advice, I am curious about the current state of the gold market. For those of you who have experience trading gold, could you please share your insights on whether it would be a good time to enter the market?
Thank you all in advance for your help and guidance.
Im not a Gold Trader mainly , I take a look time to time. I just wanted to let you know you got the right mindset ! One thing I learned in the end of my first year of Trading , it doesn’t matter what you trade ! People will tell you trade "this & that Pair ", like for example - Index’s , metals or Cryptos , most of the time because the volatility has a lot of pips. Tbh I think the pairs pick the Traders , stick to what pairs treat you good ! It good to try news ones , but Mastering 1 or 2 Pairs can be life changing ! I know that’s a simple answer , but in Trading I learned to make it simple as you can , don’t overthink it !
at the early stage of trading i trade gold for so many times , but due to high trading spreads did huge losses , but i agree gold is most profitable pair from all if you have good knowledge as well experience.
Go ahead and try it out, but remember that people who jumped into trading BTC without caution a couple of years ago have faced serious consequences. It’s important to keep in mind that we’re talking about real money here, and losing it can have significant impacts. So be careful and make sure you’re informed before diving in.
Personally I love Gold. It is the only instrument I am currently trading. My first ever live trade was on gold, which I blew the account on the second day, after making about 130%.
I ditched the instrument in frustration and tried this and that, but I am back at it after thorough backtesting.
Gold is pure gold if you know how to manage risk. I would recommend you try it with caution though
I think gold is very profitable if you have a big enough account balance to trade as I think the spreads are quite large. Maybe try silver as it tracks against gold and is cheaper, so I would assume the spreads my be more favourable. But I may be wrong as I don’t trade either!
Maybe also buy a decent safe and start buying physical gold. In the UK if you buy Royal Minted gold coins they’re classed as circulated currency so have no capital gains tax on them like you would with bullion.
I trade Gold now, I moved from the other pairs, it depends on a strategy and market conditions.
You need to check which brokers also offer better conditions for trading Gold, because most would have wide spreads.
There are only Two things that make Gold, Gold…And that is the pip value and its volatility. I have traded Gold for some time and will tell you that with Gold you can make a killing BUT just prepare your mind and relax. It is always moving 24/7 and as such you will be content without ever worrying to look anywhere else. Gold is faster and more volatile than traditional forex instruments, but it respects technical analysis rules more. Also, The Gold market is better for day trading for example on the 5-minute chart. There is no perfect time for trading it, just be around and follow it. With that said, Yes, you can profitably trade GOLD. Remember, its valued more, in that its pip value is way higher than traditional currencies so pay attention to your position sizes and stops. All the best.
All great and valid points here which I have personally experienced as well. Yes gold is volatile and highly sensitive to fundamentals such as interest rates and NFP and others… I’d say try demo trading for a while. Get a feel for the movements especially when there’s a big economic event. Gold still obeys technical analysis but in good combination with fundamental analysis too. It’s volatile but also highly profitable. Look back at price history and find key levels. Vitality important, but hey the same with all trading right. Good luck!
