How Do I Get Started with Gold Trading as a Beginner?

[hinom]

Hi everyone,

I’m interested in getting started with gold trading but I’m not sure where to begin. I’ve read that gold can be traded through ETFs, futures, and physical bullion, but I’m confused about which option is best for beginners.

What factors should I consider before investing? How much initial capital is recommended, and what platforms or brokers are most reliable for gold trading?

Also, are there particular market indicators or strategies I should learn before starting?

Any tips or resources from experienced traders would be greatly appreciated.

 

[hinom]

Hi everyone,

I’m interested in getting started with gold trading but I’m not sure where to begin. I’ve read that gold can be traded through ETFs, futures, and physical bullion, but I’m confused about which option is best for beginners.

What factors should I consider before investing? How much initial capital is recommended, and what platforms or brokers are most reliable for gold trading?

Also, are there particular market indicators or strategies I should learn before starting?

Any tips or resources from experienced traders would be greatly appreciated.

no response

 

[timsk]

Hi everyone,

I’m interested in getting started with gold trading but I’m not sure where to begin. I’ve read that gold can be traded through ETFs, futures, and physical bullion, but I’m confused about which option is best for beginners.

What factors should I consider before investing? How much initial capital is recommended, and what platforms or brokers are most reliable for gold trading?

Also, are there particular market indicators or strategies I should learn before starting?

Any tips or resources from experienced traders would be greatly appreciated.

no response

Hi hinom,
In the First Steps forum you'll find a bunch of FAQs which, as a beginner, is the place to start. In terms of which financial vehicle to choose, I suggest leaving aside ETFs and futures for the time being, as they're not beginner friendly. The simplest place to start would be with via a spread betting demo account trading the gold spot price.

One of the reasons no one replied is because you're asking a lot of questions - about each one of which books - many books - have been written. So, for example, you start by talking about 'trading' but then ask what to 'invest' in. They're two different things; chalk and cheese. So, if you want to trade, then buying/selling physical bullion is not the way to go. Gold bullion is a medium to (very) long term investment and is the preferred vehicle for people who want a hedge against inflation and a place to park their money outside of the financial system so Rachel Reeves can't get her greedy little paws on it.

I could ramble on and on but, really, you need to spend a good long time learning the basics. If you're not prepared to do that - then trading's not for you. Do something else. Those who do well in this game are like professional athletes or musicians: their performances on the field or stage are the result of many thousands of hours of dedicated training and practice. If you want 'get rich quick', buy a bunch of Bitcoin, cross your fingers, hope for the best and be prepared to lose it all!
Tim.

 

[ImogenBeaumont]

Hi everyone,

I’m interested in getting started with gold trading but I’m not sure where to begin. I’ve read that gold can be traded through ETFs, futures, and physical bullion, but I’m confused about which option is best for beginners.

What factors should I consider before investing? How much initial capital is recommended, and what platforms or brokers are most reliable for gold trading?

Also, are there particular market indicators or strategies I should learn before starting?

Any tips or resources from experienced traders would be greatly appreciated.

I don’t know much about EFT. I’ve only traded CFDs. I looked it up a bit, it doesn’t seem related to trading!
With CFDs, you get leverage, which really helps if you don’t have much money. When I started, I looked for brokers with high leverage. I traded small amounts, but the 1:3000 leverage helped me make more profit. Sure, sometimes I lost it all, but it was small enough not to matter.
I don’t use that much leverage anymore, but it helped me gain confidence at the start. If you’re new, I’d suggest finding a broker with good leverage for CFDs.
I’ve been using fxglory if you don't know any.