Gold is one of the most volatile instrument across the entire trading instrument. So in order to make profit with gold, trader need to make proper gold trading strategy because in some cases, if trade goes against us then it might below account.
Gold trading is available in both stockbroker and forex broker, but in this article, we will discuss about gold trading strategy on forex brokers. As all the forex broker provides gold trading, and it is one of the most traded currency pair in Asia because of its high volatility and quick profit. We can trade gold on forex broker 24*5, but we have to figure out at what time our trading strategy works best. Conditions or time where our winning rate is high according to our gold Trading Strategy.
Now, before creating gold Trading Strategy, we need to identify our type as a trader. If we want to book quick profit with scalping, or with day trading or wants to hold position for longer term. And then make trading strategy accordingly.
How to make Gold Trading Strategy?
Most people build gold trading strategy around trendline, support & resistance, indicators. But the truth is most of the people are in loss with these things. And in order to be a profitable gold trader, user need to make trading strategy around the price action. Because price actions drive the market and tells the volume of orders sitting at a particular zone.
For learning in depth price action for gold trading, you can follow YouTube channels for lot of free educations. But the issue is whatever you learned there and apply in live market and face any difficulty in real time or in understanding any concepts then where will you go to ask those things or to whom you will ask for help there.
And here comes the importance of Mentor. To success in any field either in sports, education or in trading, people need mentor or trainer who guides us and help us to do things as it should be. With mentor, your rate of success for making gold trading strategy will be at 10X faster speed as compare to self-learning. And if you are planning to learn in depth smart money concepts, advance price action, supply and demand trading strategy along with trading psychology risk management then you can look for – https://steptraders.com/courses/smart-money-concepts-elite-training/
This single training will cover everything, and you will get personal support of mentor where you can ask doubts directly to him and make a profitable gold Trading Strategy for long term profit.
If you are a newbie in trading then we highly recommend to do demo or paper trading. No matter whatever your trading strategy are, because chances are very high you will loose all of your deposit in your initial days of trading. But once you got some experience in demo then you can switch to real trading. Because trading in such instruments comes with the risk of losing all especially for new traders.
And to trade in both demo & real account, you can choose forex broker like XM or Exness as their execution is fastest and both are registered reliable broker-
You can join XM here- https://bit.ly/Joinxmbroker
You can join Exness here- https://bit.ly/joinexnessbroker