6 Tips for Easier and More Profitable Gold Day Trading

Posted by Italtec Gold on September 9th, 2019

It goes without saying that gold is one of the most complex markets for trading as it cannot move like other markets. An investor has to keep a lot of things in mind for gold day trade. Here are the proven and tested tips to make it easier –

● Start Small – First of all, keep the size of gold supply small. The higher the odds of accuracy, the bigger the position you can have.

● Consider the Turning points and Cycles – A lot of markets are cyclical and cycles can help in long-term and short-term gold day trade Ghana. Look at each indicator and ensure their efficiency before using on gold market and trading real capital.

● Use RSI and other indicators – For gold and mining stocks, Stochastic and RSI indicators are known to be ideal over the years. Be sure to test them before making any trading decisions. If the indicator works well, but it still has a room to upgrade, don’t hesitate to do it. For example, if RSI moves to 65 rather than 70, it can be more profitable to add another oversold level.

● You can use moving averages only if they have good track record. You can ignore the moving average which has nothing good to do in the given market.

● Look at the Price seasonality – It is always wise to use True Seasonals as they can have a great impact on gold prices. You can use regular seasonality if you don’t have access to them.

● Trend channels and trend lines – They have also been helpful in logistics support services Ghana. In case of gold mining stocks, you can get the support of resistance and support levels/lines. You can use the more significant highs or lows to create a specific trend channel or line with stronger resistance or support. You can also use the previous lows and highs as resistance/support levels.

● Consider the Volume – The volume plays a very important role but it is often overlooked. If a rally has increasing volume, it is the beginning of even larger rally. If there is declining or low volume, it might be ending. If a decline has rising or high volume, the decline may continue. If a decline has low volume, there are no implications.

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