Steps To Setting Up for Beginner Traders
For beginner traders wanting to learn how to trade the xauusd market which is a complex market, the question is how to start? - The best method to learn is to first put away your money open a practice trading account this way you can start trading online without any deposit, meanwhile, train by reading online tutorials available on various web sites available on the internet, although we would highly recommend just sticking to the one & only top, best, recommended Gold tutorial website - this website, but feel free to go anywhere else and waste time on those other sites.
How to Open a Demo Account
This website covers all Gold training lessons - the quickest method of how to start is to follow the following steps:
- Find a free online guide for beginners guide - this website
- Find one of the best online brokers
- Download the free trading platform software
- Open a free demo - A demo is meant for practice, with this practice you can begin practicing without depositing or investing money, on this xauusd account you trade the real gold market only that you will be transacting with virtual money.
- After registering for a free Demo, come back to this site and on the homepage follow the steps to begin studying the trading lessons.
After following the above steps, you are ready to begin, begin with the free course as shown above.
Learning these tutorial concepts will take atleast a few days to a few weeks of more, some concepts can be very confusing for beginners at first, but here we have simplified them for you, but we won't to lie to you, some of them at first will be very confusing. For example, you'll get knowledge about buy stop, buy limit, sell stop, sell limit, entry limit gold order, entry stop gold orders, I can feel some heads spinning, especially for the novices, wait until you open the platform software & you will freeze & stare at your screen for 10 minutes trying to figure out what is what. Don't worry within the next ten minutes this training guide will teach you the whole gold trading software with 2 simple lessons & you'll know the trading platform software & operate it with the ease that you operate Microsoft Word: MT4 Gold Trading Platform Guide
The software that is used for gold transactions is called MT4 platform or just MetaTrader 4
The screen-shot below shows the user inter-face of this platform.
Gold Software Platform for Online Trading & Placing Orders
After this you are completely setup, navigate to the top navigation menu & access the lessons explaining the terms used in the global gold market & other basic gold concepts & strategies.
Gold Software Platforms:
What is a platform? This is the software used to connect to the xauusd market by connecting traders to the broker so that they can place transactions through the internet ( online ).
Online Gold Trading Brokers:
Traders must place trades through a broker: you cannot trade gold without a broker. Brokers do not charge you anything to open an account, i.e. There is no setup fees. The gold broker only charges if you make gold trades, if you do not transact you are not charged. The brokers make money by charging a few dollars for every transaction this is known as the spread.
Gold Charts:
Gold Prices are analyzed through graphs that are oftenly referred to as gold charts, in the basics tutorial at the top navigation menu of this web-site, you will learn these charts & how to interpret these charts to generate buy & sell xauusd trade signals.
Learn Basics - Gold Charts and Technical Analysis
It is best to begin gold trading with a demo first, then after you start making profits on the demo you can then open a live account and deposit any amount you want, but before you do that make sure you read these three topics, gold trading money management, xauusd leverage & margin, gold trading plan. Beginner Traders ask the question how much money to begin Gold with? The answer is the more money you have in your real account the better the risk management, because you will not be undercapitalized.
How Much Money to Begin Gold Trading?
Do not start with $10 dollars, even if your gold broker tells you that you can start with this amount, in fact do not start trading with $100 as it is not enough to trade with. It's best to save up & begin when you have $10,000 dollars which is the minimum amount recommended to begin investing with.
- If you want to start with $10,000 dollars, open a micro xauusd account and only open micro lots
- If you want to start with $100,000 dollars, open a standard xauusd account and open standard lots
There are 2 types of gold trading accounts that traders can open: micro and standard. For each the recommended starting capital is specified above.
How to Use Practice XAUUSD Trading Accounts
However, for beginners there is a practice gold trading account provided for practice trading & this way beginners can begin without any investment & practice risk free on the demo account until they learn the basics & the various methods & techniques used in trading the gold market. It is recommended for beginners to follow this method where first they start by practicing without depositing real money as they take time to learn what is required to trade profitably.
Follow these steps:Learn to practice with a free demo for 30 days then open a real account
Technical Analysis and Gold Key Concepts Training:
Know all about technical analysis & how to combine trading indicators to form a complete system which you can use to profitably generate signals. Read all the guides to make sure you have all the required knowledge.
Finally, be ready to study & do a lot of hard work - study each & every topic here & practice these concepts on a free practice account.
We go beyond what most traders know when it comes to explaining what Gold is and how the online gold market works and provide you with as many tools as possible. We go into in-depth analysis of xauusd prices.
The information on this web site answers the question, how does Gold work? and has more info than what you will ever find on any other online training website or book, the screen shots, pictures & image examples make the explanations so easy such that we have compressed years of experience on a single web site. Be ready to study from these guides until you know how to make profits in the Gold Trading Market.
