I am seriously considering day trading Gold, as it would seem my trading strategy would work just as effectively on this instrument as it does on the futures and currencies I trade at the moment. I have two question though: 1) How volatile is Gold during the day i.e. compared to GBPUSD or SP500? 2) At what time of the day is Gold the most volatile? Thanks
It's typically a one way street. You better have balls, buying power, and a clue! Did you notice Gold was down 30 yesterday? Already has a 13 point range today! I would trade Euro Fx if I were you, if ES or NQ don't float your boat. YM is your best bet, if you are brand new to this Casino.
I've been trading EURUSD, GBPUSD and FTSE100, primarily. Currently averaging 5-10% return per month with low draw down and 1.5% risk per trade. Been looking at intra-day Gold, and it looks like I could catch some really good moves, but I am only able to look back 3-days intra-day on my brokers charts, so I thought I'd ask these questions here before finding a charting platform for gold.
Diversify, diversify, diversify - so people keep telling me. It also gets boring following just the few markets.
if you must ... try your luck on 100 shares of GLD that tracks gold price ... or 1 YG that is a mini contract of gold futures experimenting with your "edge" this way will be less painful ... if your P+L and edge does not work in this market good luck ... ps I am doing very well in the metals markets this yr but I work crazy odd hours and have had drawdowns ...
OK, I am not familar with this market at all, so perhaps someone can give an idea what it is. What is its daily range (in pts and dollars), what is its liquidity? Thanks...
DYODD why take the word of strangers? watch it for a while and make your own conclusions jm2cw good luck
Interesting thing about gold recently is how reliable the Asia:New York trend has been... i.e. what goes up in Asian trade always seems to come down in NY trade and vice-versa... Check it out... So intra-day volatility has been quite wild recently but there's definately some type of linear-reversion to the trend mean going on here....