The gold trend is your friend
Let the trend be your friend as a trader and plan your trades for the big moves rather than the tiny intraday moves. You can drive yourself crazy by trying to make a few bucks here and a few bucks there every five minutes while staring at the live gold charts. Take the time to analyze the chart and let it tell you where it is going to go next rather than trying to chase the wind. Learn to recognize if the overall market is moving in an upward direction or in a downward direction.
A significant opportunity to grow your wealth
Gold and forex trends can last for months at times offering the trader a significant opportunity to grow their wealth. Just take a look at the 10 year chart for gold. It is amazing to see that the current bull market in gold has been in existence for almost an entire decade now. Sure there are times when gold goes down and even sideways during a bull run. It is up to you as a trader to analyze the short term, medium term and long term gold trends that are taking place and incorporate that into your trading plan.
Beware of over trading
Overtrading can wipe you out very quickly and those that try to make the quick buck off of a quick move in any given direction can end up losing their money to their emotions.
A great way to practice trading the gold trends either up or down is with a free demo account. Many forex brokers will enable you to try using their gold forex trading platform without you having to deposit your own money. Later on when you feel confident with your trading skills you can switch it to a live account.
