The easiest way to get into a triple digit gain on gold today - Part 2

by , 22 September 2017
The easiest way to get into a triple digit gain on gold today - Part 2
Two weeks ago I posted an article where I made a prediction on where gold is more likely to be going next.

The target I said was $1,550. At the time gold was trading at $1,305 an ounce.

If you missed it, you can catch up at the end of the article.

Since then, I've been overwhelmed by the number of questions you've asked me about this article.

Whether I'm checking emails, presenting at seminars or just walking in a mall, I get asked about this gold prediction from different subscribers.

And so today, I've assimilated a couple of the most common questions which I'll address today.

Q. How do you trade lots with Gold?

 
Hi Timon
 
Thank you for all the advice and guidance on Forex trading.
 
I noted that Gold is also listed under metals on my Forex platform and can be traded in a similar fashion as Forex.
 
I am however uncertain how to calculate my lot sizes when I enter into a trade. I will appreciate it if you could give me an example of calculating and entering a gold trade as you mentioned on Friday in the webinar that you may sent us gold trades in future as well. (I am a Forex Trader subscriber).
 
Answer by Timon Rossolimos:
 
There are different ways to trade gold...
 
With GT247.com you'll use spread trading where you’ll deal with rands risked per point...
 
So if your rands risked per point is R10, you’ll lose or gain R10 for every pip gold moves down or up.
 
To put this into perspective. Let’s say gold is trading at $1,275.30
And the gold price drops 30 pips to $1,275.00.
 
So if you set your stop loss 30 pip away from where you get in, you’ll be risking R300 (R10 X 30 pip).
 
With GT247.com you can use the futures platform and trade using Rolling Currency Futures...
 
However, with our second recommended broker, RandSwiss, you’ll trade gold using Mini CFDs. Here’s what it looks like.



If you'd like to go with the lot sizes instead, we don't have any recommended brokers that deal in lot sizes.
 

Q. Do you need to start with R500 to trade gold or pay R500 monthly?

 
First I want to say thank you for all of your tips and newsletters!
 
In your latest newsletter you talk about trading gold CFD's and you said we can start with R500. Is it R500 once off or monthly?
 
Answer by Timon Rossolimos:
 
It's a once off payment just to have some money in your account... As long as you have a positive portfolio you can keep on trading.
 
When you feel, you’ve gotten the hang of trading with your trading strategy, you can add more funds to your portfolio to start making more of a significant income with your trading.
 

Q. Do I place the Gold trade now?

 
1. Can I place the trade now?
 
2. Should I choose Sell or Buy?
 
3. And then I just leave or hold it there?
 
4. For how long? Or will you let us know when to sell or close it?
 
I am on the GT247 trading platform, and found Gold under Commodity Futures.
 
Will it be ok to place the trade there?
 
Answer by Timon Rossolimos:
 
I only give trading signals and tips through my two trader services… Red Hot Storm Trader and Forex Trader...
 
This article was just a general analysis on the prediction on where gold looks like it will be heading.  This article was not a trade tip as I never specified any risk levels or entry levels.
 
And so any decision you take on this analysis is purely to your discretion.
Whatever you do, make sure you implement strong risk management principles.
 
The best I'd say is for you to join Red Hot Storm Trader and wait for signals that line up based on this gold analysis...

Q. The best broker to trade Gold with?

 
In your latest newsletter you talk about trading gold CFD's and you refer specifically to Rand Swiss as the broker to use.
 
I am already with velocity and use pro trader.
 
But it sounds like we will have to use Rand Swiss if we want to benefit from this tip when you send it.
 
Will I be able to use my current broker or is there a specific reason I should do this one through Rand Swiss?
 
Answer by Timon Rossolimos:
 
It doesn't really matter which broker you use.
 
As long as you can follow the Gold spot price and have an instrument to trade it such as with (Futures, CFDs or ETFs).
 
Also this was not a traditional tip that I send out as there were no entry or risk levels specified. Only use this article as an opinion from another analyst.
 
When it comes to the brokers however, make sure these brokers offer decent rates compared to others...
 
Feel free to compare the rates you have with our recommended brokers by clicking here.
 

Q. Should you avoid the NewGold ETF?

 
Surrounding MoneyMorning article on gold, would ETF NewGold also fall under these South African gold shares which should be avoided? 
 
Answer by Timon Rossolimos:
 
Because the gold stocks mimic and drive the JSE-Gold Index...
 
The movement of the JSE-Gold index doesn’t correlate to the gold spot price that I was looking at. And so they would be two completely different analyses.
 
I'd suggest you look at the Gold spot price futures instead.
 
Gold spot price is the general price that Gold is trading at... This means, it doesn't take into account the bid and offer prices that different brokers (market makers) offer...
 
When you go type in google Gold price you'll see the spot price...
 
I'm not happy with the way the JSE-Gold index is performing. But I’ll save this for another article. So keep reading Trading Tips.
 
“Wisdom yields Wealth"
Timon Rossolimos
 
P.S: Click here for part one of the article “The easiest way to bank a triple digit gain on gold”
SaveSaveSaveSave

Vote article

The easiest way to get into a triple digit gain on gold today - Part 2
Rating:
Note: 5 of 1 vote

Related articles



Related articles


Watch And Learn




Trending Topics