Steps To Setting Up for Beginner Traders
For beginners wanting to learn how to trade the 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 trade 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 and only top, best, recommended XAUUSD guide website - this website, but feel free to go anywhere else & waste time on those other websites.
How Do I Open Demo Practice Account
This web site covers all XAUUSD training lessons - the quickest method of how to start is to follow the following steps:
- Get a free online guide for beginners guide - this site
- Find one of the best brokers
- Download the free trading platform
- Open a free demo - A demo is meant for practice, with this demo you can start practicing without depositing or investing money, on this trading account you trade the real market only that you'll be transacting with virtual money.
- After registering for a free Demo, come back to this website and on the homepage follow the steps to start learning the trading lessons.
After following above guidelines, you are ready to start, start with the free course as shown above.
Learning these guide concepts will take atleast a few days to a few weeks of more, some concepts can be very confusing for beginner traders 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 will get knowledge about buy stop, buy limit, sell stop, sell limit, entry limit order, entry stop orders, I can feel some heads spinning, especially for the beginner traders, 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 platform with 2 simple lessons and you will know the trading platform software & operate it with the ease that you operate the Microsoft Word Application: MetaTrader 4 XAUUSD Software Guide
The software which's used for xauusd transactions is called MT4 or just MT4
The screen-shot below shows the user interface of this platform.
Platform for Online Trading and Placing Orders
After this you're completely setup, navigate to the top navigation menu and access the tutorials explaining the terms used in the global market and other basic gold concepts and strategies.
Trading Software Platforms:
What is a platform? This is the software used to connect to the market by connecting traders to the broker so that they can place transactions through the internet (online).
Online Brokers:
Traders must place transactions through a broker: you cannot trade xauusd without a broker. Brokers don't charge you anything to open a trading 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 few dollars for every transaction this is called the spread.
Charts:
Prices are analyzed through graphs that are commonly referred to as 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 signals.
Learn Basics - Gold Charts and Technical Analysis
It is best to start xauusd 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 want, but before you do that make sure you read these three lessons, money management, leverage & margin, xauusd trading plan. Beginners ask the question how much money to start XAUUSD with? The answer is the more money you've in your real account the better the risk management, because you'll not be undercapitalized.
How Much Money to Start XAUUSD Trading?
Do not begin with $10, even if your broker tells you that you can begin with that amount, in fact do not begin 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, 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 2 types of accounts that traders can open: micro & standard. For each the recommended starting capital is specified above.
How to Use Practice Demo Accounts
However, for beginner traders there is a practice account provided for practice & 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 market. It is recommended for beginner traders to follow this method where first they begin by practicing without depositing real money as they take time to learn what's needed to trade profitably.
Follow these guidelines:Learn to practice with a free demo for 30 days then open a real account
Technical Analysis and XAUUSD 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 and every topic here and practice these concepts on a free practice demo trading account.
We go above and beyond what most traders know when it comes to expounding what XAUUSD is and how market works and provide you with as many tools as possible. We go in to in-depth analysis of prices.
The data on this web site answers the question, how does XAUUSD 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 one website. Be ready to study from these guides til you know how to make profits in the Market.
