Gold is often seen as a safe haven asset in times of market volatility. When the stock market crashes, investors often turn to gold as a way to preserve their wealth. This has made gold one of the most popular commodities to trade on the Forex market. In this blog post, we will discuss how to trade XAUUSD on MT4 and some tips and strategies for success!
What is XAUUSD and why trade it
XAUUSD is the ticker for gold against the US dollar. Gold is a popular choice among traders due to its volatility and liquidity. XAUUSD is also one of the most liquid pairs in the forex market.
There are many reasons why traders choose to trade XAUUSD. Some do it for hedging purposes, while others believe that gold is a good store of value. Whatever the reason, it is important to have a solid strategy in place before entering any trade.
Here are a few tips and strategies on how to trade XAUUSD successfully:
– Know when to enter and exit a trade: One of the most important aspects of trading any pair is timing. With XAUUSD, it is important to pay attention to both the US and Asian markets. The US market is open from Sunday at 22:00 GMT to Friday at 21:00 GMT, while the Asian market is open from Monday at 00:00 GMT to Friday at 09:00 GMT.
– Use a stop-loss: A stop-loss is an order that is placed to sell a currency pair if it reaches a certain price. This is done in order to limit losses in case the market moves against the trader.
– Take profits: Once a trade is entered, it is important to have a profit target in mind. This will help to lock in profits and prevent them from turning into losses.
How to open a MetaTrader 4 account
If you don’t have a MetaTrader account, it’s easy to open one. You can do this by going to the official website and clicking on the “Open an Account” button. Once you have registered and logged in, you will need to download and install the MetaTrader software.
Once you have installed MetaTrader, you will need to choose a broker that offers XAUUSD trading. Not all brokers offer this pair, so it is important to check in advance.
How to place a buy order on MT4
If you’re looking to trade XAUUSD on MT, the first thing you need to do is open up a chart of the pair. To do this, go to “File” > “Open Data Folder”. In the window that pops up, double-click on the “MQL45” folder and then on the “Experts” folder. Now, find the XAUUSD symbol in the list of available instruments and double-click it.
Once your chart is open, it’s time to place your order. To do this, left-click on the “New Order” button at the top of your screen.
In the window that pops up, make sure that “Symbol” is set to XAUUSD, “Volume” is set to the number of lots you want to trade, “Stop Loss” is set to the price at which you want to exit your trade if it goes against you, and “Take Profit” is set to the price at which you want to exit your trade if it goes in your favor.