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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 you love it and find 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. Since the entire market is manipulated, we just have to deal with it or stop trading, and I am not going to do that.
My focus on price action and volume allows me to think with a level head and manage my money one candle stick bar at a time.
Here is a short video covering a recent day trade for spot gold futures.
Notice in the video how I used the gold futures chart to analyze the market and how I traded with CFDs late at night.
I trade CFDs simply because you can trade any size position, big or small, with them. I like small positions during overnight trades when I am sleeping. Also, you can get crazy trading CFDs at 100 times to 200 times leverage. I usually risk a very small amount of money in a trade. For this small move in gold, I was able to capture gains with little risk.
It is important to note that when I have a buy or sell signal in gold, silver, oil, you can trade indexes and any other related investment. For example if I have a buy signal for gold, you can trade gold futures, gold CFD's and gold ETF's because they all move at the same time. You pick the investment you are comfortable with.
Anyways, day trading spot gold is my sweet spot (pardon the pun) in the market and with my new trader service that is launching April 6, I will chronicle every trade I do, whether it's 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 will see what and when I'm trading but can ask me questions and read my weekly educational trading reports that explain closed-out trades.