Hmmm. I don’t particularly trade gold. But for my process in learning to trade in general, I would suggest checking out free videos on YT that could talk about trading gold and how to develop trading strategies for them. Here’s a short but interesting one!
I think I’ve also seen some gold traders mention using the Moving Average Crossover strategy? Might be something to look into?
Hello again Ria!
You are really helpful and I think you are the one that I like the most here!
Let me add some points to your good suggestions:
- Learn the basics 2) Learn a little about how news or generally fundamental analysis can affect the Gold 3) Try to scalp. I do not do that but I heard a lot from experienced people here that they scalp it! 4) Do not jump into the market 5) e careful, you have to own a high balance for the Gold market
Best Luck/
1 yes
2 no
3 no
4 no
5 no
Hello Profesor!
Why not? Should he jump into the market?
For trading Gold as a scalper, doesn’t he need a high balance?!!
He shouldn’t know the basics of fundamental analysis?!
Before trading, you should have a strategy and some kind of plan “what to do next” after BP course you get basic knowledge, so scalping on gold is terrible idea. Clearly you don’t know what is scalping, lesson from BP course about scalping Forex Scalping - BabyPips.com
I did not tell him to scalp after finishing courses!
Those were just some steps and advice for him! NO ORDER!
I did not guide him to trade and scalp after finishing the course.
I read that and well, there was nothing new to me! Trust me, I know what is scalping. I do not scalp but I know a lot of people whom they do that on Gold!
at the end: What do you think about using scalping as a trading strategy?
YOU LEFT A COMMENT THERE ABOUT HAVING A HIGH BALANCE and well, I mentioned that to him to keep in mind if he wants to scalp, what does he/she need!
if number 3 is "no " all others are “no” too
Well, Number 3 is a yes as a suggestion (at the right time with right risk management and good knowledge) so the others are yes too.
But I did not make them as the stages (first do 1, then do 2, after that do 3, …), they are just some pieces of advice!
And why 4 is a no? he should jump into the market after learning the basics?!
Yes, you are right, my mistake, I meant in point 4 @Zahida95 should jump into the market with knowledge, plan and strategies.
So it was a misunderstanding I guess!
Thank you for correcting me profesor!
Best Luck/
i dont trade it
i buy it as investment and put it away for when i need it
i think it is the best thing to do with gold
Best way to learn to trade gold, no one on this forum will have any clue!
Because I guarantee the world’s best gold trader won’t be hanging out on this forum.
You say “because,” but why does it follow, from that, that “no one on this forum will have any clue”?!
@Zahida95 is asking for the best way.
There are many ways.
But the best, probably only one person in the world knows the absolute best.
Maybe so, but why does it follow, from that, that “no one on this forum will have any clue”?!
Obviously it doesn’t.
You only need to read the thread (and/or others) to see that.
But unfortunately some members seem to be here primarily to criticize others rather than to contribute anything. Best, probably, to follow the example of @tommor and add such people to your ignore list, as and when you identify them (there are quite a few of them, undeniably!).
We must not forget that gold is a very volatile instrument, so stop losses here may not be small. And the spreads here will be larger than on the main currency pairs. Therefore, if you really want to trade this instrument, the lots in transactions should not be large in order to avoid large losses.
I use a combination of 1 and 5 in my gold trading
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Trend Following Strategy: Observe the direction of the gold price trend and trade in the same direction. Use technical indicators such as moving averages, MACD, or RSI to identify the trend and potential entry points.
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Support and Resistance Strategy: Identify key support and resistance levels on the gold price chart. Buy near support levels and sell near resistance levels, expecting the price to bounce back or break through these levels.
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Breakout Strategy: Wait for a clear breakout above resistance or below support levels before entering a trade. Use price action or technical indicators to confirm the breakout and enter a position in the direction of the breakout.
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Range Trading Strategy: Trade within a defined range when the gold price is consolidating. Buy near the lower boundary and sell near the upper boundary of the range.
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News Trading Strategy: Monitor major economic and geopolitical events that can impact gold prices, such as interest rate decisions, inflation data, or political uncertainty. Trade based on the expected market reaction to these events.
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Dollar Strength Strategy: Gold prices often move inversely to the US dollar’s strength. Monitor the US Dollar Index (DXY) and trade gold based on the dollar’s weakness or strength.