Gold is one of the precious metal that has been traded over over thousands of years. This is no coincidence; one of the reasons being it not only having monetary value but it is actually a useful metal. Gold does not corrode (it does not rust), hence a lot of people use it to build and make things that they expect to last forever. More so, The mineral is used as a back up for most of the world currencies especially for Dollar and Swiss Franc. You can read more about trading Gold here.
Because the indicators I am going to use were based on the MetaTrader platform, You will just have to use the platform to trade also. A brief on the platform
"MetaTrader 4 is a platform for trading Forex, analyzing financial markets and using Expert Advisors. Mobile trading, Trading Signals and the Market are the integral parts of MetaTrader 4 that enhance your Forex trading experience."
Gold is traded on the Metatrader platform as XAU (where AU represents is Atomic Formula). It is usually traded against the united dollar USD. Hence you will be trading a pair, XAUUSD which implies you are trading Gold against the Dollar.
Thus, if you buy the pair you have bought Gold and sold the dollar. if you sell the pair you have sold gold and bought the dollar. You can trade gold on margin which means you can borrow money from the broker to trade it. it is called leverage. I recommend 1:500 for accounts less than 1000$ and 1:200 for accounts over 1000$. You will see this when you are opening the account with my affliated broker.
Recommended minimum Balance
150$ with Any of these Brokers Forex4you
Trading Timeframe
15 minutes for active trades
4hours for less active traders
Trading Platform
Indicators
Stochastic (comes with the platform)
Template with all Settings
Step one
- Install metatrader
- Install custom indicators (See how on this youtube video)
- Learn how to navigate metatrader here on this video
Step two
If you are trading a live account, Login to live account with your details by clicking
File on the top left corner and then
Login in to Live Trade account
If you want to first practice with a demo account,
Select the server and then select new demo account
then enter your details and click next
Step Three
Enable Gold Chart on the platform by right clicking any symbol on the market watch window and selecting symbols
on the resulting window enable Gold under commodities by double clicking it so that it will not be grey anymore
click File and then new chart and then select XAUUSD or GOLD
Step four
copy the Gold blog template
right Click
Select load template
Paste the Gold template
if you did everything right you should get this look
Congrats you are one step from being a pro gold trader investing in gold and making at least 2% weekly
CONTINUE TO
Mastering Gold Trading from MetaTrader Platform PART 2
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