Gold Trading Tips
If you are a complete novice in this regard, read the tips below!
Read Gold Trading Books
There are plenty of books related to gold trading, and if you do a simple internet search, you will find the best rated books of this kind. Each to their own, but if you enjoy reading, it may be helpful to get stuck into a gold trading book to educate yourself on the market. If you prefer the convenience of a digital book, there are many audio books available in gold trading. Some brokers also have a wide selection of educational videos and reading materials.
Stay up to date with the latest gold news
Especially because of the relationship between inflation, politics, and economic news to gold, it makes sense to keep up with the latest news. As mentioned above, you can use the internet to your advantage here. There are many providers that offer the latest financial news in real time.
Deposit and withdrawal options
As you may have seen, all brokers are different. They all differ in terms of fees, spreads, assets and markets - and the same goes for accepted payment methods. If you can only fund your trading account via Mastercard, you need to make sure that the trading platform you are interested in accepts this payment method. You will generally find that the best gold trading brokers allow deposits via debit / credit card, e-wallets and bank transfer.
Legal
When choosing the best online gold trading broker, we strongly recommend that you only sign up with one that is licensed by the FCA or another reputable regulatory body.
This will ensure that you can buy and sell gold instruments in a safe and secure environment. If your chosen broker is not regulated or has a license with a suspicious body, you should avoid it.
Spreads
The spread is the difference between the purchase price and the sale price of gold (or the asset you are trading). Some brokers offer super tight spreads, while others are not as competitive. For example, some brokers may offer a very competitive spread of 600 pips when trading gold CFDs. The tighter the spread, the better for your profits.
Use gold trading signals
These signals provide traders who don't have the time to keep up with the financial news - or are new to trading - with buy and sell signals for the asset in question. Simply put, when you use trading signals, you receive suggestions that point you to a potentially profitable position.
It is entirely up to you whether you buy or sell, etc. Although the forex and cryptocurrency markets are specialized, we dabble in the gold scene from time to time when a profit opportunity presents itself.
Use a copy trading feature
Here is good advice from forex-exness: "โบรกเกอร์บางคนเช่น ฟอเร็กซ์ exness ประเทศไทย 2022 ให้โอกาสลูกค้าในการคัดลอกการซื้อขายของนักลงทุนที่ประสบความสําเร็จและได้รับการตรวจสอบอย่างเต็มที่. หากคุณลงทุนเพียง $ 200 คุณสามารถสะท้อนพอร์ตโฟลิโอของนักลงทุนด้วยประวัติที่พิสูจน์แล้ว"
"Some brokers like exness offer clients the opportunity to copy the trades of a successful and fully vetted investor. If you invest as little as $200, you can mirror the portfolio of an investor with a proven track record."
This means that 0.8% of your portfolio will reflect this if the investor you copy places a buy order equal to 0.8% of his portfolio. There are countless copy traders to consider, and you can access information related to their personal track record.
Trade gold with paper money
Using demo accounts is an extremely effective way to a) learn the gold trading ropes and b) practice trading strategies without risking your capital. Using Skilling as an example, the platform offers clients a free demo account that not only covers gold CFDs, but also reflects the prices of the actual market conditions.
