From rookie to elite! Check out these must-have tricks for getting started with gold frying!
Recently, the price of gold has risen sharply and has repeatedly refreshed historical highs. Many investors have begun to open accounts to speculate in gold. However, most of these investors have no experience in speculating in gold, which made the transaction difficult for a while. For this part of inexperienced novice investors, how should the entry period of gold speculation be spent smoothly? Let's find out today.
The first move is to pay attention to the US economic data and reduce mistakes in trading with the trend
How should I spend smoothly in the entry period of gold speculation ? Knowing how to pay attention to the US economic data, then judging the trend of gold, and trading with the trend is the key. Because gold is denominated in U.S. dollars, any turbulence in the U.S. economy is likely to have an impact on the price of gold. Therefore, as long as we pay close attention to the dynamics of the US economy, it means that we have an insight into the possible changes in the price of gold, and then trade with the trend, which can effectively reduce mistakes and improve the accuracy of transactions.
Therefore, always pay attention to the US GDP data, the Federal Reserve interest rate decision, etc., which can have a significant impact on the US economy, or the main economic data that can reflect the quality of the US economy, and learn its impact mechanism for trading. All gold investors need to do their homework.
The second trick is to use a micro-spread account to reduce the psychological pressure of trading
In the process of speculating in gold, investors need to pay a certain spread cost. However, due to the lack of trading experience of novice investors and the premise that the trading accuracy rate is not high, these accumulated spread costs can easily become the last straw that breaks the camel's camel and destroy the investor's mentality. The use of a micro-spread account can greatly reduce the trading spread. Investors can trade in a low-spread environment with less psychological burden, which has a more positive effect on honing their skills in the entry-level period.
From a rookie to an elite, it is a must for every investor who speculates in gold. As a novice investor, if you want to get through the entry period of gold speculation smoothly, you must learn to increase the correct rate of transactions by paying attention to the US economic data and trading with the trend. At the same time, the use of a micro-spread trading account can greatly reduce transaction costs and reduce psychological pressure, which is also beneficial for honing skills during the entry-level period.
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