If you are new to Comex trading market and wants to trade in gold than you need to select a Gold Trading Advisory also known as Commodity Trading Advisor and you should know how to trade in gold.
It is a firm or individual who provides gold trading signals and informs you about when to sell and when to buy gold or commodity. So before selecting advisor you should consider following important points and they are:-
Whether the Advisor is authorized or not?
The advisor should be licensed by the Financial Industry Regulatory Authority (FINRA) and the National Futures Association (NFA) to provide information on gold and to get benefits for services.
Collect information whether the advisor provides gold trading or not:-
If the selected advisor will provide trading in Forex or Stocks but it does not provide trading in commodities or gold than it is not relevant for you because selecting that advisor will be wastage of time. There are advisors who provide commodity trading but they include different types of commodities like silver, copper and other metals. There are many who provide multiple commodities trading in other words the advisor provide trading in one or more than one metal like gold, silver, copper etc. Selecting that trader will give you trading in the commodity which you require but selecting that advisor which provide trading in commodity different than yours than it will not be a good choice.
Check their previous record:-
The previous record shows the performance of the advisor. Check before selecting that whether the advisor performs well or not, whether the advisor you are choosing will give you good service or not. It shows that selecting that advisor will result in profit or loss. Check whether it provides good gold trading signals and which will be profitable for you.
Assure that advisor has same strategy which you want:-
Before selecting any advisor always match your trading strategy with them. For example: – Suppose your trading strategy is intraday means you want to trade within a day than the advisor you are selecting should provide the same service so that you can trade with ease. If the advisor is providing you positional gold trading strategy and your requirement is intraday than you will lost your comfort and it would result in loss.
Check whether the advisor has any criminal record:-
If the advisor has any criminal record than find the details of arrest and case. You can get the information from NFA. If any complaints are filed against the advisor than this information is publicly available by NFA.
Inquire the number of accounts managed by the advisor:-
You should have information about the number of accounts the advisor is managing. If it is managing large number of accounts than your account will not get preference and selecting that advisor will not be beneficial.
Inquire whether the advisor is Established or Emerging:-
It would be more profitable if you select the advisor who is established because they have more experience and they can provide you beneficial gold trading tips and gold trading signals which are profitable for you. If you select Emerging advisor than there will be a possibility of loss.
After performing all these enquiries you are ready to do trading with that gold trading advisor. For that you have to sign a contract with them and after that they will make all the decisions and you have to follow them.
For gold trading the most important thing to know is How to trade in Gold? Trading Gold is not very difficult, if some of important points you keep in your mind and then trade. Here are the gold trading tips:–
- Don’t buy gold in more quantity as gold price are highly volatile which can result in loss.
- Do not hold for long time, it may be risky.
- Always try to use intraday trading strategy for gold as it will be helpful in avoiding and minimizing risks.
- Follow the regular gold trading tips provided by the advisor.
- Keep an eye on when the prices are moving upward and moving downward.
If you follow all the important points and select the best gold trading advisor than it will become easy for you to trade and can earn more profits.
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