Gold Trading Tips for Success
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Gold is one of the most popular things out there to trade, which is why we’re about to share some great gold trading tips. To be exact, the man who will be educating you on this manner is none other than Andrew from Income Mentor Box.
Andrew just released a brand new trading tutorial that features some of the best gold trading tips out there. As you are about to see, following these tips and with his strategy, you can easily make thousands of dollars.
Gold Trading Tips from Andrew
The main thing we want to take a look at here today is the great tutorial video which Andrew just uploaded. This video comes complete with one of the best gold trading tips out there, or a strategy to be exact. As you will see in this particular trading tutorial, Andrew puts to use a truly awesome AUX/USD trading strategy.
Now, this is not the easiest strategy in the world to master, especially for newbies, but it is definitely doable. We absolutely recommend watching this video as it comes with some truly awesome gold trading tips. Folks, Andrew made over 8,400 Euros trading with this exact strategy. Yes, it might take you some time to understand and master it, but with time, there is no reason why you cannot trade using this same strategy.
Lot Sizes
When it comes to gold trading tips for success, this is one of the biggest ones for newbies out there. Something to keep in mind when trading things like gold is that you always want to stick with relatively small lot sizes. For short term trades, it’s all about opening up fairly small positions. For longer term trades, you can open larger lot sizes.
However, for newbies trading gold for the first few times, it’s definitely recommended to stick with smaller lot sizes. You still have a good chance to make profits, but your risk of loss is minimized. In the event that you do lose money, with a small lot size, at least you won’t lose too much.
Cycles
Something you always want to do when trading gold is to pay attention to cycles. If you know anything about the market, you should know that often moves in a circular or cyclical fashion. It’s important to know what these cycles look like, when turning points in these cycles occur, and what it means for your trading when this happens. When it comes to gold trading tips for success, being familiar with market cycles is very important.
The Importance of Indicators
Something that you definitely need to be familiar with when it comes to gold trading tips are indicators. Yes, in trading, you need to use indicators to make the right trades. You need to know what the best indicators for gold trading are and how they work.
Generally speaking, some of the best indicators for trading gold include the RSI and Stochastic. These indicators tend to provide the most accurate analysis of prices and what future trends will look like. If you plan on trading gold regularly, you definitely want to familiarize yourself with these indicators.
A Word on Moving Averages
Something that you should be aware of when it comes to gold trading tips is that moving averages are hit and miss. Yes, some people do rely on moving averages to trade gold, even exponential moving averages.
However, you need to beware that these can be problematic. If a moving average works for a market in the past, then it is likely to work in the future. However, if a market has been ignoring a moving average, chances are that it will not work for you either.
Keep New York in Mind
Something that you should always do when trading gold is to keep New York in mind. This is because the peak liquidity for gold usually always occurs during New York trading hours. It is usually best to trade during New York trading hours.
Trades made during these peak hours offer a high level of liquidity with a comparatively low volatility rate, thus allowing for fairly consistent and safe profits. If you trade outside of New York hours, there is less liquidity but more volatility, which can be good for profitable short term trades, although it can also be very risky.
Geopolitical Implications
In terms of the best gold trading tips for success, something you always need to consider are the geopolitical ramifications on the market.
Gold is very strongly correlated with the USD, which means that if you know what is happening with the USD, you can make a good guess as to what will happen with the price of gold. Opening positions, such as AUX/USD can be a very safe way to trade because it’s all quite predictable.
Tracking Demand
If you are looking for the best gold trading tips, here is another great one. Gold is a physical thing, and there is a certain supply of it and a certain demand for it. The simple laws of supply and demand need to be adhered to here.
If a massive gold deposit was just found somewhere on the planet, due to such an increased supply, prices are likely to decrease. However, if there is a huge increase in demand for gold all of a sudden, the price of it will increase. If you can see these events happening, it will make your trading of gold much easier and more reliable.
Real Estate Interest Rates
The other thing to pay attention to here has to do with real estate interest rates. When real estate interest rates increase, the price of gold usually decreases, and vice versa. For example, if real estate interest rates are above 2%, most would recommend selling gold.
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Gold Trading Tips – Final Thoughts
The bottom line is that with these gold trading tips, you can find a lot of success in the market. We would recommend joining the Income Mentor Box Day Trading Academy for the best education and tips that the world has to offer.
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