A Trading method that will generate profitable gold signals, you need to have your own strategy that helps you to achieve your financial goals.
As a trader you to have three indicators that you will use to identify the gold trend or any currency pair trend.
1.IDENTIFY A NEW GOLD TREND
*Moving average cross over method when you open your long or short term trade is determined when two moving averages indicators cross over or cross under each other e. g Ema 50 + Ema 200.
2. CONFIRM THE NEW TREND
*Relative strength index and stochastic oscillator also MACD are mostly commonly used to confirm a gold trading trend, also to identify a swing trading
3. INDICATOR BASED GOLD SYSTEM
*The best type of gold method is one that is indicators based, you will find it straightforward to generate the golden signal.
THERE ARE SEVERAL THINGS YOU TO ACHIEVE WHEN CREATING A GOLD SYSTEM
- a. Find entry point as early as possible.
- b. Find exit point to securing maximum gains
- c. Avoid fake entry and exit signals.
- d. Proper gold money management guidelines e.g slot size and positions you add.
Accomplish these four goals will result in profitable gold trading strategies.
The last piece of information needed is deciding how aggressive you are going to be when entering and exiting a trade.
Those traders who are more aggressive would not wait until the chart candlestick closes and would enter as soon as their gold indicators match up,
but most gold traders would wait until the chart time frame they are using has close in order to have more stability when entering the gold markets.
I advise you to study forex trading book and practice this strategy and give a feedback comment.
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