Can someone suggest a strategy for a daily time frame. Why this question. As a newbie and nature of my work I don’t have time looking at trade every minute.
@dryemi tbh I believe your taking it slow but am emphasising it coz in trading I know you know it’s all about you. Dropping u strategies won’t work always as trading is dynamic. I believe you should go with that innate hunch telling you develop yours as you develop expertise over time. Using the limited time you have enhances implicit learning which is what you need.
My strategy has been buy it and hold it long term as a hegde! You could try trend following and moving averages on the daily and weekly charts if you only have a short time to trade each day.
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I’m not aware that specific gold-related strategies are needed for trading gold as a private retail trader using the D1 chart. Therefore your best friend is going to be trend - when price is rising be long, when price is falling be short.
How and where you get into the trend is not critical but what will mark your success will be how you deal with losing positions - use small positions as a % of your account capital and always set a stop-loss.
Like many people already said here, only long term strategy for gold trading and that’s really it, nothing less than that cause all else simply doesn’t matter anyway. No matter how hard we try, lot of people do buy gold strictly for long term investment.
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