Steps To Setting Up for Beginner Traders
For beginners wanting to learn how to trade the gold market which is a complex market, the question is how to start? - The best method to learn is to first put away your money open a practice trading account this way you can begin trading online without any deposit, meanwhile, train by reading online tutorials available on various websites available on the internet, although we would highly recommend just sticking to the one & only top, best, recommended XAUUSD Trading guide website - this website, but feel free to go anywhere else & waste time on those other sites.
How to Open a Demo Practice Account
This site covers all XAUUSD Trading training lessons - the quickest method of how to start is to follow the following steps:
- Find a free online guide for beginners guide - this site
- Find one of the best online brokers
- Download the free trading platform software
- Open a free demo - A demo is meant for practice, with this practice you can begin practicing without depositing or investing money, on this xauusd account you trade the real xauusd market only that you will be transacting with virtual money.
- After registering for a free Demo, come back to this site & on the homepage follow the steps to begin studying the trading lessons.
After following the above steps, you are ready to start, begin with the free course as shown above.
Learning these tutorial concepts will take atleast a few days to a few weeks of more, some concepts can be very confusing for beginners at first, but here we have simplified them for you, but we won't to lie to you, some at first will be very confusing. For example, you'll get knowledge about buy stop, buy limit, sell stop, sell limit, entry limit xauusd order, entry stop xauusd orders, I can feel some heads spinning, especially for the novices, wait until you open the platform software & you'll freeze and stare at your screen for 10 minutes trying to figure out what is what. Don't worry within the next ten minutes this training tutorial will teach you the whole xauusd platform with two simple lessons and you will know the platform software and operate it with the ease that you operate Microsoft Word: MT4 Gold Platform Tutorial
The software that is used for xauusd transactions is called MetaTrader 4 platform or just MT4
The screen shot below shows the user interface of this platform.
XAUUSD Trading Software for Online Trading and Placing Orders
After this you're completely setup, navigate to the top navigation menu & access the tutorials explaining the terms used in the global xauusd market & other basic xauusd concepts and strategies.
XAUUSD Trading Software Platforms:
What is a platform? This is the software used to connect to the xauusd market by connecting traders to the broker so that they can place transactions through the internet (online).
Online Gold Trading Brokers:
Traders must place transactions through a broker: you cannot trade xauusd without a broker. Brokers do not charge you anything to open an account, i.e. There is no setup fees. The xauusd broker only charges if you make xauusd trades, if you do not transact you're not charged. The brokers make money by charging a few dollars for every transaction this is called the spread.
XAUUSD Charts:
XAUUSD Prices are analyzed through graphs that are commonly referred to as xauusd charts, in basics tutorial at top navigation menu of this website, you'll learn these charts and how to analyze these charts to generate buy & sell gold trade signals.
Learn Basics - Gold Charts and Technical Analysis
It is best to begin xauusd trading with a demo first, then after you start making profits on the demo you can then open a live account and deposit any amount you want, but before you do that make sure you read these three topics, xauusd money management, xauusd leverage and margin, xauusd trading plan. Beginners ask the question how much money to start XAUUSD Trading with? The answer is the more money you've in your real account the better the risk management, because you will not be undercapitalized.
How Much Money to Start XAUUSD Trading?
Do not start with $10 dollars, even if your xauusd broker tells you that you can start with that amount, in fact do not start trading with $100 as it is not enough to trade with. It's best to save up & start when you have $10,000 dollars which is the minimum amount recommended to start investing with.
- If you want to start with $10,000 dollars, open a micro xauusd account & only open micro lots
- If you want to start with $100,000 dollars, open a standard xauusd account and open standard lots
There are 2 types of xauusd trading accounts that traders can open: micro & standard. For each the recommended starting capital is specified above.
How to Use Practice Gold Trading Accounts
However, for beginners there is a practice xauusd account provided for practice and this way beginners can start without any investment & practice risk free on the demo until they learn the basics and the various methods used in trading the xauusd market. It is recommended for beginners to follow this method where first they start by practicing without depositing real money as they take time to learn what is required to trade profitably.
Follow these steps:Learn to practice with a free demo for 30 days then open a live account
Technical Analysis and XAUUSD Trading Key Concepts Training:
Know all about technical analysis & how to combine technical indicators to form a complete system which you can use to profitably generate signals. Read all the guides to make sure you have all the required knowledge.
Finally, be ready to study & do a lot of hard work - study each & every topic here & practice these concepts on a free practice account.
We go beyond what most traders know when it comes to explaining what XAUUSD Trading is and how xauusd market works & provide you with as many tools as possible. We go into in-depth analysis of gold prices.
The data on this website answers the question, how does XAUUSD Trading work? & has more info than what you will ever find on any other online training site or book, the screen shots, pictures and image examples make the explanations so easy such that we have compressed years of experience on a single website. Be ready to study from these guides until you know how to make profits in the Gold Market.
