There are a million and one ways to make a living and trading gold is a popular entry point for new investors, probably because it is less complex than some markets and people tend to trust gold. If you are thinking of trading precious metals, you’ve made a good start by finding this article; it offers some trading strategy information and tips for the new investor.
- Identify Market Movers – There are quite a few variables that can affect the gold spot price; geopolitical developments, inflation, physical supply and demand are some market influencers. The hard part is to predict how these variables will impact the price of gold, yet you have many tools at your disposal.
- Day Trading – This is a solid strategy that involves making 2-3 trades per day, trying to piggy back on short trends that are associated with specific times of the day. You might prefer to trade in gold coins. If you want to invest and buy gold in Brisbane or in your location, make a connection with an established gold dealer. Many private investors prefer to take physical possession of their gold. Registering with a reputable bullion dealer means you can make an appointment to visit their offices at your convenience.
- Use RSI – The Relative Strength Indicator is a tool to determine when gold is over-bought/over-sold. The numbers to look for with over-sold is at 30, and 70 is the benchmark for over-bought. The RSI filters signals and is one tool that every trader uses. Moving averages indicators are useful to a trader who is trying to predict trends in the market and are helpful when creating entry & exit points.
- Bollinger Bands – This is a set of three lines that chart volatility by plotting highs and lows of previous trading history. It’s a high line, a low line and a middle line that shows real-time price action.
- Develop A Trading Plan – Doing this helps you identify the goals you have when trading gold; only then can you determine expected outcomes. This personal roadmap should be your guide to help you achieve your investment goals, whether you are looking to make a living from your trading or you want to supplement your income.
- Forge An Alliance With A Gold Bullion Dealer – In order to trade gold, you need to register with a gold bullion dealer, a business that can give you access to the major trading platforms. Like most things, you need to spend time acquainting yourself with the gold market and trading in general, as well as learning the many terms used in trading circles.
There is an element of risk with any form of investment. Unless you have some trading experience, we advise you to trade without actual investment for a while, at least until you know what you are doing. The more effort you put into learning, the quicker you’ll be up to speed. We are confident that you will achieve your investment goals with gold trading.
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