Buying and holding Gold is a very important long term strategy. Scalping the Gold is not recommended because the spread is too high and Gold prices do not change so often like the EUR/USD for example.
The best way to profit from the Gold market is to buy and hold until it turns profitable.
This is the strategy I use with real money and with great success.
It requires a lot of discipline to hold Gold because beginner traders immediately close a position as soon as it starts to become profitable to secure their earnings. However, these beginners would earn much more if only they hold Gold for a little longer.
To hold Gold:
1. Use a fixes take profit and do not change it no matter what happens.
2. Resist the temptation to close the Gold position manually.
3. Resist the temptation to open a new position to earn even more from that bullish trend because the market may turn against you in no time and you will be forced to close that position with a loss because your account does not have enough margin to keep two positions open.
Gold trading can be just a profitable as Forex traders if only traders learn how to resist the urge to make a quick dollar here and there.
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