How to Day Trade Spot Gold Futures with Accuracy
Day Trading Spot Gold Futures is a touchy subject among traders. You either hate it and think it cannot be day traded for consistent gains or your love it finding its movements very accurate. As most of you know I love trading gold.
I get my fair share of emails from individuals who think trading gold is a complete scam because of manipulation and crazy price action and I completely agree with this group of people. But the entire market is manipulated... so we all just have to deal with it or stop trading and I am not going to do that.
My focus is on price action and volume allowing me to think with a level head and manage my money one candle stick bar at a time.
Spot Gold Futures Day Trade Video
So here is a short video covering a recent day trade for spot gold futures. Notice in the video I use the gold futures chart for analyzing the market and how I traded with CFD's during the late night.
The reason I traded CFD's is simply because you can trade any size position with CFD's big or small and I like small positions during overnight trades when I am sleeping. Also you get crazy 100-200x leverage trading CFD's. So I can risk a very small amount of money but have big potential if a trade goes in my favor so for this small move in gold I was able to capture the gains with little risk.
It is important to note that when I have a buy or sell signal in gold, silver, oil, the indexes etc... any related investment can be traded. For example if I have a buy signal for gold the you can trade gold futures, gold CFD's, gold ETF's etc.... they all move together at the same time. You pick which investment you are comfortable wil.
Anyways, day trading spot gold is my sweet spot (Pardon the pun) in the market and with my new trader service launching April 6th were I provide every trade I do whether its an ETF, Futures or CFD play members will be able to trade directly beside me in the chatroom which has a live audio squawk box. The service will be very educational as you not only see what and when im trading but can ask me questions and read my weekly educational trading reports explaining closed out trades.
Gold Trading Conclusion:
I hope this short video helps you understand that taking every trade the market seems to be giving you does not always need to be taken. The average trader thinks that I am extremely aggressive as I day trade, swing trade and do so some long term dividend plays etc... but really I would consider myself VERY CONSERVATIVE.
I pass on about 70% of the setups I see and wait for something that has ALL the stars aligned before putting my money to work. The market is designed to chew up and spit out gamblers before they even know what hit them. And this is why I site back and watch the blood bath on a daily basis only sticking my hand in when it looks clear.
You will not see me bet the house on any given trade. All I am looking for is a low risk setup. If there is an edge I will take the opportunity to make money whether it's a quick $50 or a $1500 a day trade setup.
If you are interested in getting notified about my new trading service please fill in this form at the bottom of my webpage: www.TheTechnicalTraders.com