For Pleasure or Pain, You Can Trade Gold Online!
The gold price, at times, moves in a lovely predictable manner, as if resistance and support were frolicking in tandem, back and forth and back and forth filling your account with cash! And, at times, you get double teamed by a one-two punch, resistance and the support, like a Japanese earthquake and tsunami combo, you buy too early and sell too late and are left with wobbly knees and acid reflux.
The magnitude of your gains can change your standard of living meaningfully--your losses too!
There are scores of books related to how to trade gold, but understanding supply and demand fundamentals can make or break you, regardless of your abilities for technical analysis. Have a very well rounded understanding of gold, which trades almost all the time and worldwide. Black swan events can wipe you out, but that’s obvious. If the Chinese government instructed their entire population to sell gold, it would affect your trade.
For good or ill, we can access and trade the gold price online, anytime – except Saturdays. This can make for numerous, consecutive all nighters, for scalping a great position for all it’s worth, or shivering and nail biting hours on end wondering, “should I f*&^%$ g get out of this now, or what?” Our high-tech world makes it easy!
Numerous excellent online gold trading platforms exist. As soon as your credit card is authorized you’re ready to trade. Well, maybe. Markets of all sorts require research and practice, if they are to be understood enough for one to profit. Many factors need be understood. Best practice for the novice gold trader (pro too, actually) would be to trade with only money you can afford to lose.
200 to 1 leverage can make you rich in minutes, but it could also bust your account. One top gold trading platform, avafx, has this God forsaken noise, like a horse naying through a distorted mega phone, to congratulate you on losing all the money in your account!
At 4:30 am, asleep on the keyboard, the signal can scare you deeply if you’re not gritty and one with the fact that you can’t predict the future.
“But wait,” you say, “this sort of foolishness should never happen!” One should always have stop-loss orders in place to protect their capital from wild gold market fluctuations. That’s the kind of conservative, sound comment that is made by star traders, with the patience, discipline and understanding to make millions in the gold market. It’s responsible individuals like you who can handle such high risk, high reward opportunities!
A stop loss is a prudent tool used by smart investors to preserve their capital.
Happy gold trading!
Travis Grier is the founder of WhatisGold.net