[Damien Hals]

Hi thi if my first post here and I’m seeking a steer about whether gold is a good asset for day trading.

 

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[Sebastian]

Gold can be a rewarding but I think it’s a tricky asset for day trading. It’s really influenced by factors like interest rates, the dollar, and global instability.

If you’re going down that road, I’d recommend looking at longer timeframes to confirm your entries and exits and using tight stop losses.

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[Damien Hals]

Yh so I plan to analyze gold over two timeframes: one for day trading (1/4HR) and a medium term (D1). This should give me a short and mid-term view so I can make any decisions off the back of consistency across at least two timeframes. Reasonable?

Using stop loss orders goes without sayign fear not.

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[James Barra]

Hi Damien Hals,

Welcome!

Gold can be suitable for day trading if you’re comfortable with volatility and have an excellent risk management strategy.

For beginners or if you’re unfamiliar with how macroeconomic events impact gold, it might be more challenging.

Use our guide to gold trading to learn about the pros and cons in more detail. We also cover what influences the price of gold and different ways you can trade it. I hope you find it useful.

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[Damien Hals]

Nice page with some useful info. I wasn’t aware about gold vaults so I learned something new there. Of course they aren’t right for my trading plans.

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[James Barra]

Glad it helped and best of luck. Let us know how you get on.

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