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Ultimate Gold Trading Guide by ChatGPT

The document provides a comprehensive guide to learning and trading gold (XAU/USD), structured in six stages from foundational concepts to advanced trading strategies. It emphasizes the importance of understanding market dynamics, risk management, and utilizing appropriate tools and platforms. The guide also highlights the need for discipline and a patient approach to trading gold effectively.

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Sha Wn
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24 views4 pages

Ultimate Gold Trading Guide by ChatGPT

The document provides a comprehensive guide to learning and trading gold (XAU/USD), structured in six stages from foundational concepts to advanced trading strategies. It emphasizes the importance of understanding market dynamics, risk management, and utilizing appropriate tools and platforms. The guide also highlights the need for discipline and a patient approach to trading gold effectively.

Uploaded by

Sha Wn
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Ultimate Guide to Learning and Trading Gold (XAU/USD)

Stage 1: Foundation (Markets, Technicals, Psychology)

Goal: Understand basic trading concepts, chart reading, and mindset.

What to Learn:

- Forex basics: pips, leverage, lot sizes

- Candlestick patterns

- Support and resistance

- Risk:Reward ratios

- Trading psychology and emotional control

Where to Learn:

- https://www.babypips.com (School of Pipsology)

- YouTube: 'Trading in the Zone by Mark Douglas'

Stage 2: Platforms & Tools Setup

Goal: Practice with trading software and understand how to trade gold.

What to Do:

- Open a demo account on MT4/MT5 with Exness, ICMarkets, or Deriv

- Learn to place trades, adjust lot size, set stop loss and take profit

- Understand spreads, swaps, and gold volatility

Resources:

- YouTube: 'MT4 for beginners'

- Broker sites: https://www.exness.com, https://www.icmarkets.com

Stage 3: Learn Gold (XAU/USD) Fundamentals

Goal: Understand what moves gold prices.


Ultimate Guide to Learning and Trading Gold (XAU/USD)

What to Study:

- Gold vs US Dollar (inverse relationship)

- Impact of inflation, interest rates, and real yields

- Gold as a safe haven during uncertainty

Important Events:

- FOMC meetings, CPI reports, NFP data, Fed speeches

Useful Tools:

- Economic Calendar: https://www.forexfactory.com/calendar

- News: https://www.investing.com/news, https://www.forexlive.com

Stage 4: Gold Trading Strategies

Goal: Develop setups and strategies for gold trading.

Focus On:

- Break and retest strategy (on 15m, 1h, 4h)

- Fibonacci retracement levels

- Scalping during London and New York sessions

Best Time to Trade Gold:

- 8AM to 12PM New York Time (high volume)

Watch on YouTube:

- WicksDontLie: Gold session analysis

- TransparentFX: XAU/USD setups

- FXN Trading: Fibonacci + breakouts

Stage 5: Risk Management & Funding Options

Goal: Protect capital and prepare for scaling.


Ultimate Guide to Learning and Trading Gold (XAU/USD)

Rules to Follow:

- Never risk more than 1-2% per trade

- Use small lots (0.01-0.02 lots max at first)

- Always use a trading journal to track performance

Prop Firms to Try (Optional):

- https://ftmo.com

- https://myforexfunds.com

- https://thefundedtraderprogram.com

Use: MyFxBook position size calculator

Stage 6: Tools & Daily Routine

Must-Have Tools:

- TradingView: charting and analysis

- MT4/MT5: execution platform

- ForexFactory: news calendar

- MyFxBook: trade tracking

Daily Routine:

1. Check ForexFactory for news

2. Analyze gold chart (1h and 15m)

3. Set bias (bullish/bearish) based on fundamentals + structure

4. Wait for setup (e.g., break/retest)

5. Risk only what you can afford to lose

6. Journal every trade

Final Advice

You don't need to rush. Master the process, not just profits.
Ultimate Guide to Learning and Trading Gold (XAU/USD)

Gold is a fast-moving asset-respect its volatility.

Combine technicals, fundamentals, and strong discipline.

Trade smart. Stay patient. Grow steadily.

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