If you ve ever wondered how to trade XAU/USD forex, you ve come to the right place. Here s a look at some of the basics of the market and what you need to know in order to make profits. A minimum deposit of 50 USD is required to open an account, and you can trade a minimum of 0.01 lot. Then, follow the same steps as for any other currency pair, but this time, you ll be using a CFD.
In addition to charting the XAUUSD pair, traders can use technical indicators to make trading decisions. Using the ATR volatility indicator, you can calculate the distance between your trailing stop and the local support or low. As a rule of thumb, you ll want to place your trailing stop below a support or local low level. The average return on Au is 5-15% annually. Long-term strategies may involve holding a trade open for a few days.
The best time to trade XAU/USD is when the market is most active. That means between 9:30am and 1pm New York time. While the Forex market is open twenty-four hours a day, the Gold market is closed between 4pm and 5pm U.S. central time. If you re interested in learning how to trade XAUUSD forex, consider this strategy: go long when price breaks new six-month highs.
OTC brokers offer access to liquidity providers, often the largest investment banks in the world. They can also offer ECN platforms, which are digital trading platforms. The range of trading instruments differs by broker depending on technological capabilities and internal development policies. Generally, an OTC broker offers CFDs, but some brokers offer synthetic pairs. You should read the trading guidelines of your broker to determine the best option for your needs.
Once you know what hours are best to trade the XAU/USD pair, you can start trading. While the XAU/USD currency pair is most active during North American trading hours, it s also active during the European session, from 10:00 am to 6:00 pm GMT+3. However, there are also profitable opportunities outside of these times. Important news releases and other events may affect the market and lead to significant price movement. Traders with good timing will benefit from this type of strategy.
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