How to Trade Gold to US Dollars XAUUSD?
Trade gold to US Dollars without having a literal gold is very possible. In forex trading, there is a symbol XAU (gold) and US Dollars (USD) or XAUUSD wherein you can trade gold without having a gold on hand.
If you have noticed, there are treasure hunters around the world who has high end equipment to mine gold. But are many of them know how to buy and sell gold? No, it is because they just hunt some piece of gold ( a gold nugget maybe) and they sell (in exchange of US Dollars) in this case our currency is US Dollars, not other currencies as EUR, GBP, etc.
Learn to Trade Forex and Gold to USD
If you want to know how to trade GOLD to US dollars without literally having the gold in your hand, you may start learning how to trade forex and find the symbol XAUUSD (to trade Gold to USD dollars).
There are tips and tricks and useful lessons to start learning how to trade Gold to US Dollars. However, you need time and effort to master the art of trading this symbol XAUUSD.
Image Credit: Mark Herpel via Flickr CC 2.0 – Trade Gold to US Dollars XAUUSDCapital Needed to Trade GOLD to USD (XAUUSD)
It is very important to know how much capital needed in order for you to start trading XAU (Gold) to USD (US Dollars). Buying and selling GOLD using USD dollars is not an easy thing. However, in forex trading, you can trade the Gold to USD (XAUUSD).
Step 1. Create a Trading Account to Trade Gold. To start with, you need to open a forex trading account. Make sure you only open an account with the most reliable and honest broker.
Step 2. Fund your forex trading account. You can start funding your trading account using US Dollar currencies using your debit card, credit card and some brokers accept PayPal.
Step 3. Master the trading platform. It is easy to use MT4 or metatrader 4 trading platform for forex and trading Gold to US Dollars.
Step 4. Find the pair XAUUSD. XAUUSD as mentioned awhile ago, it is the symbol to trade GOLD to US Dollars.
Step 5. Hit the Buy and Sell Button. To start trading Gold to USD, without literally having a gold on hand, you just need to press the buy and sell.
Tips and Warnings in Trading Gold to US Dollars XAUUSD
- Not anytime, it is good to buy and sell gold. Make sure you know when to trade.
- To trade Gold to USD in meta trader platform, is the easiest way to buy and sell gold.
- Beware of your trading. Make sure you understand the risk involved in trading forex and XAUUSD as well. Keep on learning until you become unstoppable making a lot of money out of trading trading this precious metal (Gold) to this very popular currency (US Dollars).