Gold Trading Malaysia, has seen a new height. Many have turned to online platforms in order to gain a share of the gold pie. FXCM Markets has been a popular and trusted choice for many of these platforms. However, the question is: how can you make sense of this digital goldrush. We’ll take you on an exciting journey, step-by-step. Grab yourself a teh, more info!
1. The following steps will help you to set up your own account.
FXCM’s official site is a must-visit. Online trading requires that you use the most reliable platform.
Register by clicking on the Open Account button. Please provide your name, email address, financial information and trading experience.
Verification Documents: Please submit all documents required for verification. Included in this is a copy your Malaysian identity card and proof of residency. Keep in mind that safety comes first.
2. What is the Platform?
Dashboard Navigation. After logging in, you can explore the dashboard. You’ll find everything here, from live gold rates to historical data.
Practice Makes Perfect: Use FXCM’s demo account. It allows you to trade with virtual currency, which will help you understand the dynamics of the markets without risking actual Ringgit.
3. Making Your First Investment:
You can select gold by searching for its symbol in ‘Trade.’ (usually represented as XAU/USD).
Consider your position: Are you going long? It means that you are a believer in the rising gold price. Shorting gold: What’s the deal? You’re predicting a dip.
You can set your desired trade size by determining the quantity of gold that you will be trading. If you are a beginner, it is best to start off small and gradually increase the amount of gold traded.
4. The Management of Risk
FXCM gives you the option to use leverage. This allows you to manage a larger trade with a lower deposit. You should be cautious when using leverage, as it can magnify your profits and losses.
Use stop loss and take profit: You can set these tools to predefined levels in order to either lock-in profits or avoid future losses. The safety net is a great way to keep you safe during the gold trading circus.
5. Continuous Learning:
FXCM Resource: FXCM offers webinars as well as articles and tutorials. You will find that the more knowledge you gain, the better your trading potential for gold.