Steps To Setting Up for Beginner Traders

If you're just starting out and the market feels overwhelming, here's what to do: Don't rush in with real money. Open a practice account first. That way, you can try things out without risking anything. While you're at it, dive into online tutorials - there are loads of them. Sure, you'll find plenty of options, but honestly, we recommend sticking with the top XAUUSD guide site - this one. Of course, poke around elsewhere if you want, but you'll probably just end up coming back here.

How Do I Start for Beginner Traders Tutorial? - learn Gold for Beginner Traders

How Do I Open Practice Account

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Get a free online guide for beginners guide - this site
Find one of the best brokers
Download the free platform
Open a free demo practice - A demo is meant for practice, with this demo you as a gold trader can start & begin practicing without investing/depositing or investing money, on this account you trade the live market only that you'll be trading/transacting with virtual funds.
After registering for a free Demo, come back to this website and on the homepage follow the steps and guidelines to start learning the tutorials.

After adhering to the guidelines above, you are prepared to begin: start with the free course as shown above.

These tutorial basics need a few days to a couple of weeks to learn. New traders may find some ideas tricky at first. We simplified them here for you. Still, we admit a few will confuse you to start. You will meet terms like buy limit, buy stop, sell stop, sell limit, entry limit order, and entry stop. It feels a lot, does it not? True for those just beginning. Open the platform, and you might pause for ten minutes, staring at the screen. Relax. This tutorial shows the entire platform in two quick lessons over the next ten minutes. You will run the software as smoothly as Microsoft Word: MetaTrader 4 XAU/USD Software Course

The software which's used for xauusd transactions is called MT4 or just MT4

The screen-shot below shows the user workspace of this platform.

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Software for Online and Placing Orders

Once you're set up, head to the top menu for tutorials on key market terms, basic gold concepts, and strategies.

Trading Platform Softwares:

What is a platform? It is the software that links traders to the broker, facilitating market access so that they can execute trades online.

Online Brokers:

Traders must place trades through a broker: you as a gold trader can not trade xauusd without a broker. Brokers do not charge you anything to open a account, i.e. There is no setup fees. The broker only charges if you make trade transactions, if you don't transact you are not charged. The brokers make money by charging a couple of dollars for every trade transaction this is called the spread.

Charts:

Charts help analyze prices in trading basics. Check the top menu on this site for tutorials on reading them to spot buy and sell signals.

Learn Charts Analysis - How to Start XAUUSD for Beginner Traders PDF

Learn Basics - Gold Charts and Technical Analysis

It is best to start xauusd gold trading with a demo first, then after you begin making profits on the demo you can then open a real account and deposit any amount you as a trader want, but before you do that make sure you read these three lessons, money management, leverage & margin, gold plan. Beginners ask the question how much money to start XAUUSD with? The answer is the more money you've in your real/live account the better the risk management, because you'll not be undercapitalized.

How Much Money to Start XAUUSD Trading?

Resist the urge to commence trading with just $10, even if your online broker advertises it as a minimum entry. In fact, $100 is insufficient capital for viable trading. It is strongly advised to save until you can begin with $10,000, which represents the minimum capital level recommended for starting investments.

If you want to start with $10,000, open a micro account & only open micro lots

If you want to start with $100,000, open a standard account and open standard lots

There are two trading account types: micro and standard. You'll find the recommended starting capital for each one above.

How to Use Practice Accounts

However, for beginner traders there is a practice account provided practice & this way beginner traders can start without any investment & practice risk free on the demo until they learn the basics and the various methods used in trading the market. It is recommended for novice traders to follow this technique and method where first they begin & start by practicing without depositing real money as they take time to learn what is needed to trade profitably.

Follow these steps. Practice on a free demo for 30 days, then switch to a live account.

Technical Analysis & XAUUSD Key Concepts Training:

Learn all about trading analysis and how to combine technical indicators into a system you can actually use to generate signals. Read through the tutorials so you don't miss anything important.

Get set to learn and grind hard. Cover every topic here, then test on a demo account.

We dig deeper than most on XAUUSD and how markets run. We give you lots of tools and break down prices in detail.

This website explains how XAUUSD functions and, frankly, it contains more information than most trading resources you'll find elsewhere. Numerous screenshots and visuals simplify the content, condensing years of expertise into a single resource. Prepare to learn from these materials until you understand how to achieve profits in the market.

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