Hi Guys, so I tried trading the demo account for a while and i see some success and I would like to trade with real money. So, I was thinking of depositing 1500 USD into my account and will be using 1:200 leverage. Under my Broker, there is a Margin calculator and it tells me to trade, 1 Volume, I need a required margin of 912.45.
My main concern in the Margin Call. If I buy Gold at 1812.45, how much money do I really need to maintain my positions so that the broker does not close my position. Is there anyway to calculate this?
I may stand corrected here, but the smallest you can buy is a 10 oz micro contract. If you buy one micro-contract and wish to make sure you never get a margin call, you must have the equivalent funds in your account. That is 10oz x $1,812.45 or $18,125.
Before you ever look at trading the XAUUSD, you may wish to first take a look at the Baby Pips education tab and start reading the School of Pipsology.
You may also be well advised, before choosing what instruments to trade, to ask yourself what your goals are when investing your $1,500 and your time, say for the next year. I would call this an options analysis.
If you get in your car without knowing where you are going, how will you know that you took the right turns along the way? Investing in XAUUSD without an end goal (a plan) in mind is like getting in the car and just randomly driving and taking the first turn that takes your fancy.
Like Mondeoman said, make sure Gold is the instrument you should be trading. I do trade gold but no where near an expert. Really not an expert on anything except not being an expert lol. But different metals, indices, and pairs can have their own little quirks. So if you want to trade gold, stick with it, even when it gets tough and fight through that and read, read, read, demo, demo, demo and be very patient cause it doesn’t happen fast.