Saturday, 04 September 2010 20:52

How to Trade Spot Gold

Spot Gold or Spot indices are same as forex trading or currency trading but you can start trading spot gold in four easy steps, these steps are :

1. Choose Broker:

Here are few good brokers:

• FXPro.com(accept europe and other countries only)
• TawadulFX.com(Accept people from all over the world)
• Oanda.com (US but accept people from all over the world)

2. Download trading platform:

You can trade on demo platform with virtual money and when you will be expert then open live account with real money.

Download any broker's platform to start trade For Example:

• Download the FxPro Client Terminal
• Other client terminals can be found at FXPro Downloads

Click File and click Open new Account (it will ask your information and will open new demo account which is free)

3. Understand the trading platform:

• What are pips?
  • A pip is a very small measure of change in a currency pair in the forex market. It is the smallest amount a currency quote can change, which is usually $0.0001 USD, or 1/100th of 1%.
    
    
    • Example1: Using the value 1.30775 in EURUSD
      • 1 denotes dollar value
      • 30 denotes cents
      • 77 denotes pips
      • 5 denotes 5/10ths of a pip (negligible and can round the pip value up or down)
        

Example2: using Gold value 1275.45

• 1275 denotes dollar value
• 45 denotes pips/points

4. Choose Forecast signals or best Gold Forecasting System:

Choose our Goldsilver signal Subscription to place trades, or you can choose our Gold Trading System to analyze and place your own trades.

5. How to place a trade on the platform:

• Click on Gold or XAU/USD and click New Order / or Press F9
• New window will be opened place Stoploss and Limits and click Sell or Buy according to the signal you receive from goldsilverforecast.
• Stop Loss
  • The maximum value you input to stop buying (Used to protect you from big loss)
• Limit or Take Profit
  • The minimum value you input to stop selling (where you take profit )

6. Understand the Signal and Use good method to Place Trades:

To better understand signals and use good method to place trade please click this link to read our blog article