Learn Gold Trading Tips
Just like in any other trade, to start gold trading you must learn the basics of gold trading before engaging in gold trading. All beginners must take time to learn about the basics and spend some time practicing how to trade on a demo xauusd trading account.
The path of learning gold trading is a long one that will take at least 2 months or even more before a trader gains the required experience that is enough to help them open a live xauusd account and trade profitably in the xauusd trading market.
There are many gold trading courses that traders can use to learn all about gold trading. For example on this website traders can learn gold trading lessons from the learn gold trading lessons of this website. Traders can also learn about the most commonly used gold trading strategies from the gold trading strategies section of this web site.
Traders can also learn about xauusd trading analysis and learn the various technical analysis methods used to generate gold trading signals when trading with these indicators.
Traders will have to learn about xauusd charts and learn how to analyze gold market moves from these charts. By learning how to analyze gold chart movements traders can then know how to profit from trading these moves.
Traders can also learn about gold platforms, the gold software is gold trading software that a trader will use to log in to their account and place trades on the gold trading market. Traders can learn about the basics of gold trading platform as well as the advanced topics about gold trading platform such as setting up gold trading systems on the trading platform charts as well as how to setup automated xauusd trading robots commonly referred to as Expert Advisors or EA Gold Robots. The EA Gold Trading Robots are used to setup automated trading.
How to Learn Gold Trading
As a trader is learning gold trading from the gold trading tutorial provided online at the same time traders should also be using a demo xauusd trading account and practicing the knowledge that they are learning on their demo xauusd trading account. The beginners will keep trading on this practice trading account until they get enough experience to understand how the xauusd market works. After traders have completed learning xauusd trading & have gained enough trading experience on their practice gold trading account they can then decide to open a live xauusd trading & begin investing & trading in the xauusd trading market.
XAUUSD Trading Tips
Take Time to Learn Gold Before Investing in Gold
The first thing that every trader should do is to take time & learn about the online gold market before they decide to invest their money in this online market. For examples, on this website there is a total of 100 learn gold lessons that traders should learn so as to understand & grasp all the basic trading concepts as well as advanced concepts that will explain to them what gold trading is all about and the various gold trading strategies used to trade gold as well as tutorials which explain to traders how to manage their trading account balance. Trader also learn about xauusd trading leverage, margin & how these 2 are used in trading and how gold trading leverage can increase trading profits as well trading losses & also what margin is and how this margin is calculated & why traders need to maintain enough capital in their trading account when trading on margin using gold trading leverage provided by their online xauusd trading broker.
After learning all the gold trading tutorials, traders should come up with a gold trading plan which will place the rules which they will follow when trading gold. This plan will summarize all what they have learnt & will be used as the trading tutorial that a trader will use when trading the online xauusd market.
Practice Gold Trading on a Demo Trading Account
The next thing that a trader should do before they invest their money in online gold market is to practice what they have learned and test their gold trading plan on a demo practice account. The demo xauusd trading account is where a trader can learn how to place trades & trade the xauusd market but only that they will be trading on a demo account with virtual funds.
The demo xauusd trading account is similar to real trading account & the trading environment is same as when a trader is trading the real market using real money, only difference is that the money being traded with on a demo xauusd trading account is virtual money & there's no risk of losing money when trading on a practice xauusd trading account.
The gold platforms of most brokers will provide option of opening a practice xauusd trading account, a trader can use this practice demo xauusd trading account to learn about the gold trading platform. The trader will also use this practice trading account to learn how to trade gold using the various gold orders types provided and learn how to close trades.
Trader can also test any strategy or any automated trading bot or Expert-Advisor before they decide if their strategy is profitable enough to start trading with it in xauusd trading market.
Use a Gold Trading Plan and Stick to the Gold Trading Plan
Traders should always use the gold trading plan they come up with to trade the gold trading market. Strategy that a trader chooses should be well written in this gold trading plan and the trader should always follow the rules of this gold trading plan when deciding when to open & close trades.
If as a trader your chosen strategy is to use automated strategies and Expert Advisors then these automated strategy should be specified in your gold trading plan. Whatever strategy you decide to trade with as a gold trader, write it down in your gold trading plan & stick to trading with that strategy.
Traders should also avoid emotions of fear & greed when trading in the gold trading market. The gold trading plan will help trader plan their trades & this way traders will not make trades based on their emotions. A gold trading plan will help a trader set clear goals when trading & at same time will help traders to stay organized when trading & thus ensuring gold traders become more successful when trading in the xauusd trading market.
Keep a Gold Trading Journal To Track Your Trading Results
As a trader always keep a journal & record all trades which you open in this journal, writedown why you opened each trade, when you closed the trade and also the amount of profit or loss generated from that trade.
After a while you can then review the trades you have made try & look at why the losing trades made a loss and why the winning trades were successful & after that you can then try & do more of what makes you successful and less of what is making you to open losing trades & that way keep on improving on your trading strategy.
As a trader if you do not keep a trading journal you might continue making the same mistakes again and again without even knowing, but if you write and keep a journal and review this journal from time to time that way then you give yourself a chance to identify these mistakes that you make when trading from the review of your trading journal.
Choose a Reputable Gold Broker Before Open your Gold Trading Account
Before you open a trading account with any gold broker do some research & find a reliable xauusd trading broker which you can do business with.
Choosing a good xauusd broker will give you a chance at making trading profits from your trading activity. Selecting a broker that is regulated is the best advice that you can get. Regulated gold brokers follow regulation rules set by their regulators & this means that these gold brokers are the best to choose from when opening an account as they are the most reliable because they are licensed & regulated which means that they are legitimate.
Open a Gold Account When You Have Enough Capital To trade With
Gold trading just like any other business requires that traders open an account when they have a good enough amount of capital to trade with.
Gold trading requires that a trader starts trading with at least $1,000 if they will be trading micro lots & a minimum account balance of $100,000 if they will be trading standard lots. If as a trader you don't have the required capital it is best to save until the time you will reach the amount of money that will help you to open a well capitalized account. This will increase your chances of success when it comes to trading gold in the xauusd trading market.
Use Proper Gold Money Management Rules To Protect Your Account
As a trader you will need to protect you account balance when trading if you want to trade gold profitably for a long time. Best way to protect your account is to learn about the proper gold money management guide-lines & follow these rules when trading the xauusd trading market.
Gold trading money management guide-lines will ensure that you will protect the money in your xauusd trading account & that you will have a chance of trading successful. To be profitable & trade successfully in the long run a trader has to implement proper gold trading money management guide-lines when trading. The gold trading money management guidelines that a trader will follow should be specified within their gold trading plan.
Gold trading money management guidelines will help a trader to minimize their losses and essentially help gold trader learn how to protect the profits that they make in the xauusd market using different strategies specified by the gold trading money management guidelines. Traders can learn about gold trading money management from the learn gold trading courses section of this web site.
Gold trading money management will also help a trader know what amount of gold leverage is best to use when placing trades. Gold Leverage gives trader a great opportunity to make profits from borrowed capital. Gold trading is very popular because of the fact that gold traders using gold trading leverage can use little of their investment capital & borrow the rest of the money to make a trade. By using gold trading money management guidelines traders will learn how to use xauusd leverage & know the best gold trading leverage to use when trading based on the account balance they have in their trading account.
Because gold trading leverage increases both profits as well as the losses, traders must create rules on how best to use this gold leverage when trading. By learning gold trading money management guidelines used in Gold traders will know how to decide what amount.
