ESMA Regulations – What Will Less Leverage Mean? | Trading Forex
The European Union has published new regulations applying to retail Forex, CFD, and the few remaining binary options brokerages in its territory. If you have an account with one such brokerage, the regulations will affect you when they come into force during the late spring and summer. This article will outline how the new regulations will impact your bottom line.
Details of the New ESMA Regulations
In March 2018, the European Securities and Markets Authority (ESMA), the financial regulator and supervisor of the European Union, announced new regulations concerning the provision of contracts for differences (CFDs) and binary options to retail investors. It is unclear exactly when the regulations will come into force, but some time in May or June 2018 looks to be the most likely date, and Forex and CFD brokerages located within the European Union (including the United Kingdom, for the time being) will be forced to comply. The regulations will need to be renewed by ESMA every three months to remain in force over the long term.
The regulation concerning binary options is very simple: they may not be sold. In simple terms, this is the end of binary options as a product sold from within the European Union.
The regulations concerning CFDs are more complex but still relatively straightforward. Firstly, there is some confusion as to what exactly is a CFD, with many traders thinking that spot Forex is not considered a CFD and will therefore be exempt from the new regulations. They are wrong: spot Forex is technically defined as a CFD. In fact, every asset you see available for trading at Forex / CFD brokers will most likely be subject to the new regulations.
The new regulations will implement the following changes for retail client accounts (more on who is a retail client; later).
-
The maximum leverage which can be offered will be 30 to 1. That will apply to major currency pairs such as EUR/USD, GBP/USD, USD/JPY, etc.
-
Other currency pairs, major equity indices, and gold will be subject to a maximum leverage of 20 to 1.
-
Individual equities cannot be offered with leverage greater than 5 to 1.
-
Cryptocurrencies are subject to a maximum leverage of 2 to 1.
-
Brokers will be required to provide negative balance protection, meaning it will be impossible to lose more money than you deposit.
-
Brokers will be required to close a clients open positions when the account equity reaches 50% of the required minimum margin by all open positions. This ;margin call; provision can be tricky to understand, so will be explained in more detail later.
-
Bonuses or any other form of trading incentives may not be offered.
-
Brokers will be required to display a standardized risk warning which will include the percentage of their clients who lose money over a defined period.
Understanding the ;Margin Call; Regulation
The best way to understand the 50% margin call provision is to use an example. Imagine a client opens an account with a Forex broker, depositing ;100 in total. The client opens a short trade in EUR/USD, by going short one mini-lot (one tenth of a full lot). One full lot of EUR/USD is worth ;10,000, meaning one mini-lot is worth ;1,000. To find out the minimum margin required to support that trade, we divide the size of the trade (;1,000) by 30, which comes to ;33.33. This is the minimum required margin to maintain the trade. Half of that amount is ;16.67. Now assume the trade goes against the client, with the price of EUR/USD rising above the entry price. As soon as the price rises far enough to produce a floating loss of ;83.33 (;100 - ;16.67), the broker must close the trade out, even if the trade has no stop loss or has not yet reached the stop loss. In theory, this means that a client;s account can never reach zero. Examples involving multiple open trades will be more complex, but will operate according to the same principles.
What Will This Mean for Traders?
The regulations will only apply to ;retail clients;, so you might try to apply to be classed as a professional trader. To get a broker to classify you as anything other than a retail client, you will have to show you have financial qualifications, a large amount of liquid assets, plenty of experience trading, and usually that you also trade frequently. Most traders will be unable to qualify, although it is worth noting that one London-based brokerage, IG Group, has stated that their proportion of clients now classified as recently increased from 5% to 15% of their total customers.
The major impact these regulations will have on traders is simple ndash; the maximum trade size they can possibly make at brokers regulated in the European Union will shrink. Many will say that the maximum leverage limits still offer far more than any trader could need, and I agree. I am wary of leverage and I hate to see anyone using leverage greater than 3 to 1 for Forex under any conditions, or any leverage at all for stocks and cryptocurrencies. Commodities can also fluctuate wildly in value. Too many people forget that the biggest danger in leverage is not overly large position sizing, it is that a ldquo;black swan rdquo; event such as the CHF flash crash of 2015 could happen and wipe out your account through huge price slippage. However, there is another factor that is widely forgotten: why assume that a trader rsquo;s account at one Forex broker is all the money they have in the world? For example, a trader might have $10,000 in the bank. If they deposit $1,000 at a broker offering maximum leverage of 300 to 1, they can trade up to $300,000. At a leverage limit of 30 to 1, that trader will have to deposit their entire $10,000 fund to trade at the same size. In a real sense, that trader might now have to take on more risk to operate in the same way, because if the broker goes bust, while beforehand they might lose $1,000 now they could lose $10,000! Even without negative balance protection, that broker would still have to come after them to try to get an extra $9,000 which they theoretically risk. Yet we saw after the CHF crash that brokers don rsquo;t come after every single client whose losses exceeded their deposit, due to legal costs and reputational issues. This shows that although the stated purpose of the regulation is to protect traders from excessive losses, the story is not as simple as you may think.
Beyond having to deposit more margin, and automatic margin calls, the other major change for traders will be that they will enjoy negative balance protection. This is a positive development which hopefully will make brokerages focus more heavily on the risks they are taking with their business model in the market. At the same time, a possible side effect of the new regulation is the potential increase in average deposits, leading to brokerages being more stable and better capitalized with client funds. Two final notes: brokerages will have to report on their websites the percentages of clients who are losing and making money, although the period over which the statistics must refer to is currently not clear. This will help to shed light on the debate over what percentage of retail traders are profitable, although some brokerages have already released what they claim to be accurate statistics showing that clients with larger account sizes tend to perform better as traders. Additionally, bonuses and promotions will be banned. I welcome this, as not only do they trivialize the serious business of trading, they are almost always a trick offering the illusion of free money whilst preventing traders from withdrawing any profits until a large number of trades are made (read the fine print the next time you squo;).
What If Yoursquo;re Not Happy Remaining in the EU?
Traders with accounts at affected brokers who cannot obtain professional status classification and feel they really need higher leverage than the ESMA limits outlined above might look for a solution by opening accounts with brokers outside the European Union. The most obvious destination would be Australia or New Zealand, where it will still be possible to find reasonably well-regulated Forex brokerages offering leverage in the range of 400 to 1. A recent development that is not talked about much is the growing difficulty of transferring funds to and from Forex brokerages in less tightly regulated jurisdictions. You might decide to open an account with a brokerage in Vanuatu, but you may find that a bank within the European Union might just refuse to send your money there for a deposit. This means that going far offshore, depending upon where you live, may not be a feasible option. In any case, the new regule impossible to live with, and overall there is a compelling case that they are a net benefit to any trader, so why migrate?
Time to Trade Gold? | Trading Forex
Here is a fun fact: spot Gold has made a larger range in February 2016 than it did during any other month since August 2013, which is two and a half years ago. It seems as if volatility has returned to this market, and volatility means traders have a good chance to make some money!
Most Forex brokers offer trading in spot Gold, or even monthly Gold futures contracts, which are both essentially just as good as each other as a means to speculate on Gold. That means that whatever broker you use, the option to trade Gold is probably there for you if you want.
As life seems to be returning to the Gold market, let’s see if it is really time to trade Gold.
Gold’s Recent Record
Gold gives a special excitement to a lot of people when they buy it. If that describes you, then you should try to think about Gold less passionately. Think only about the price fluctuations, not the metal itself, try to imagine you are buying or selling something dull like aluminum! Unfortunately a lot of traders lose their heads over Gold and begin to trade emotionally rather than rationallySince the U.S. Dollar was completely taken off the gold standard in 1976, the precious metal has floated freely against the dollar. Gold has made two astonishing bullish trends against the U.S. dollar since then: firstly in the late 1970s, and then again from 2002 to 2011 when it rose from $275 per ounce to more than $1,900! Many economists believe that Gold functions as an alternative “store of value” to fiat currencies such as the U.S. dollar which are entirely debt-based, and is bound to rise in relative value during periods of currency debasement, such as is arguably occurring right now. If so, it might be time to trade Gold.
I have always believed that traders can make money from the markets most easily by following trends and using fairly tight stop losses. In Forex, a method that has worked well over the years when trading USD currency pairs is to trade in the direction of the price over both the previous 3 and 6 months when it is not conflicted. Although Gold against USD is often considered just another currency pair, it tends to move more quickly and more strongly than Forex currency pairs. We can see this by looking at the results of a back test conducted using historical data from 1998 to 2014. In the test, Gold is bought or sold on a weekly basis and held for one week, depending upon whether the price at the weekly open was higher or lower than it was 6, 3 and 1 month previously.
The results are shown in the table below:
Back Test Analysis
There are two key points that are revealed by this back test of historical data:1. Short Gold is a problematic trade, statistically, and was not profitable on this momentum basis, regardless of the look back period used.
2. Long Gold was profitable on any look back period, but the best results per trade were achieved when the price was higher than it was 1 month, 3 months and 6 months previously, i.e. when momentum was extremely strong. This is unlike Forex currency pairs, which tend to get overbought when momentum is very strong.
If we apply this analysis to the current market situation regarding Gold, it can be seen that now is definitely a good time to trade Gold, as its price is above where it was 1 month, 3 months, and 6 months ago. This is the kind of market situation that produced the best results when applied to historical data.
Day Trading Gold
Day trading Gold can be very difficult on short time frames, and feels quite different to Forex although there are some similarities. The process of price discovery can be very difficult with Gold, as nobody really knows how much Gold banks are holding as bullion. Additionally, the spread in trading Gold is relatively higher than the major Forex pairs, so it costs you proportionately more to trade it. For these reasons, it is usually going to be much easier trading Gold on the H1 or H4 time frames.An interesting thing about Gold that has been noted is that there is a pronounced statistical tendency for the price of Gold to fall at around the time London opens for business, and to rise at around the time New York opens for business. Therefore the New York open could be the best time to trade Gold right now.
Source
Time to Trade Gold? | Trading Forex
Here is a fun fact: spot Gold has made a larger range in February 2016 than it did during any other month since August 2013, which is two and a half years ago. It seems as if volatility has returned to this market, and volatility means traders have a good chance to make some money!
Most Forex brokers offer trading in spot Gold, or even monthly Gold futures contracts, which are both essentially just as good as each other as a means to speculate on Gold. That means that whatever broker you use, the option to trade Gold is probably there for you if you want.
As life seems to be returning to the Gold market, let’s see if it is really time to trade Gold.
Gold’s Recent Record
Gold gives a special excitement to a lot of people when they buy it. If that describes you, then you should try to think about Gold less passionately. Think only about the price fluctuations, not the metal itself, try to imagine you are buying or selling something dull like aluminum! Unfortunately a lot of traders lose their heads over Gold and begin to trade emotionally rather than rationallySince the U.S. Dollar was completely taken off the gold standard in 1976, the precious metal has floated freely against the dollar. Gold has made two astonishing bullish trends against the U.S. dollar since then: firstly in the late 1970s, and then again from 2002 to 2011 when it rose from $275 per ounce to more than $1,900! Many economists believe that Gold functions as an alternative “store of value” to fiat currencies such as the U.S. dollar which are entirely debt-based, and is bound to rise in relative value during periods of currency debasement, such as is arguably occurring right now. If so, it might be time to trade Gold.
I have always believed that traders can make money from the markets most easily by following trends and using fairly tight stop losses. In Forex, a method that has worked well over the years when trading USD currency pairs is to trade in the direction of the price over both the previous 3 and 6 months when it is not conflicted. Although Gold against USD is often considered just another currency pair, it tends to move more quickly and more strongly than Forex currency pairs. We can see this by looking at the results of a back test conducted using historical data from 1998 to 2014. In the test, Gold is bought or sold on a weekly basis and held for one week, depending upon whether the price at the weekly open was higher or lower than it was 6, 3 and 1 month previously.
The results are shown in the table below:
Back Test Analysis
There are two key points that are revealed by this back test of historical data:1. Short Gold is a problematic trade, statistically, and was not profitable on this momentum basis, regardless of the look back period used.
2. Long Gold was profitable on any look back period, but the best results per trade were achieved when the price was higher than it was 1 month, 3 months and 6 months previously, i.e. when momentum was extremely strong. This is unlike Forex currency pairs, which tend to get overbought when momentum is very strong.
If we apply this analysis to the current market situation regarding Gold, it can be seen that now is definitely a good time to trade Gold, as its price is above where it was 1 month, 3 months, and 6 months ago. This is the kind of market situation that produced the best results when applied to historical data.
Day Trading Gold
Day trading Gold can be very difficult on short time frames, and feels quite different to Forex although there are some similarities. The process of price discovery can be very difficult with Gold, as nobody really knows how much Gold banks are holding as bullion. Additionally, the spread in trading Gold is relatively higher than the major Forex pairs, so it costs you proportionately more to trade it. For these reasons, it is usually going to be much easier trading Gold on the H1 or H4 time frames.An interesting thing about Gold that has been noted is that there is a pronounced statistical tendency for the price of Gold to fall at around the time London opens for business, and to rise at around the time New York opens for business. Therefore the New York open could be the best time to trade Gold right now.
Source
Time to Trade Gold? | Trading Forex
Here is a fun fact: spot Gold has made a larger range in February 2016 than it did during any other month since August 2013, which is two and a half years ago. It seems as if volatility has returned to this market, and volatility means traders have a good chance to make some money!
Most Forex brokers offer trading in spot Gold, or even monthly Gold futures contracts, which are both essentially just as good as each other as a means to speculate on Gold. That means that whatever broker you use, the option to trade Gold is probably there for you if you want.
As life seems to be returning to the Gold market, let’s see if it is really time to trade Gold.
Gold’s Recent Record
Gold gives a special excitement to a lot of people when they buy it. If that describes you, then you should try to think about Gold less passionately. Think only about the price fluctuations, not the metal itself, try to imagine you are buying or selling something dull like aluminum! Unfortunately a lot of traders lose their heads over Gold and begin to trade emotionally rather than rationallySince the U.S. Dollar was completely taken off the gold standard in 1976, the precious metal has floated freely against the dollar. Gold has made two astonishing bullish trends against the U.S. dollar since then: firstly in the late 1970s, and then again from 2002 to 2011 when it rose from $275 per ounce to more than $1,900! Many economists believe that Gold functions as an alternative “store of value” to fiat currencies such as the U.S. dollar which are entirely debt-based, and is bound to rise in relative value during periods of currency debasement, such as is arguably occurring right now. If so, it might be time to trade Gold.
I have always believed that traders can make money from the markets most easily by following trends and using fairly tight stop losses. In Forex, a method that has worked well over the years when trading USD currency pairs is to trade in the direction of the price over both the previous 3 and 6 months when it is not conflicted. Although Gold against USD is often considered just another currency pair, it tends to move more quickly and more strongly than Forex currency pairs. We can see this by looking at the results of a back test conducted using historical data from 1998 to 2014. In the test, Gold is bought or sold on a weekly basis and held for one week, depending upon whether the price at the weekly open was higher or lower than it was 6, 3 and 1 month previously.
The results are shown in the table below:
Back Test Analysis
There are two key points that are revealed by this back test of historical data:1. Short Gold is a problematic trade, statistically, and was not profitable on this momentum basis, regardless of the look back period used.
2. Long Gold was profitable on any look back period, but the best results per trade were achieved when the price was higher than it was 1 month, 3 months and 6 months previously, i.e. when momentum was extremely strong. This is unlike Forex currency pairs, which tend to get overbought when momentum is very strong.
If we apply this analysis to the current market situation regarding Gold, it can be seen that now is definitely a good time to trade Gold, as its price is above where it was 1 month, 3 months, and 6 months ago. This is the kind of market situation that produced the best results when applied to historical data.
Day Trading Gold
Day trading Gold can be very difficult on short time frames, and feels quite different to Forex although there are some similarities. The process of price discovery can be very difficult with Gold, as nobody really knows how much Gold banks are holding as bullion. Additionally, the spread in trading Gold is relatively higher than the major Forex pairs, so it costs you proportionately more to trade it. For these reasons, it is usually going to be much easier trading Gold on the H1 or H4 time frames.An interesting thing about Gold that has been noted is that there is a pronounced statistical tendency for the price of Gold to fall at around the time London opens for business, and to rise at around the time New York opens for business. Therefore the New York open could be the best time to trade Gold right now.
Source
Time to Trade Gold? | Trading Forex
Here is a fun fact: spot Gold has made a larger range in February 2016 than it did during any other month since August 2013, which is two and a half years ago. It seems as if volatility has returned to this market, and volatility means traders have a good chance to make some money!
Most Forex brokers offer trading in spot Gold, or even monthly Gold futures contracts, which are both essentially just as good as each other as a means to speculate on Gold. That means that whatever broker you use, the option to trade Gold is probably there for you if you want.
As life seems to be returning to the Gold market, let’s see if it is really time to trade Gold.
Gold’s Recent Record
Gold gives a special excitement to a lot of people when they buy it. If that describes you, then you should try to think about Gold less passionately. Think only about the price fluctuations, not the metal itself, try to imagine you are buying or selling something dull like aluminum! Unfortunately a lot of traders lose their heads over Gold and begin to trade emotionally rather than rationallySince the U.S. Dollar was completely taken off the gold standard in 1976, the precious metal has floated freely against the dollar. Gold has made two astonishing bullish trends against the U.S. dollar since then: firstly in the late 1970s, and then again from 2002 to 2011 when it rose from $275 per ounce to more than $1,900! Many economists believe that Gold functions as an alternative “store of value” to fiat currencies such as the U.S. dollar which are entirely debt-based, and is bound to rise in relative value during periods of currency debasement, such as is arguably occurring right now. If so, it might be time to trade Gold.
I have always believed that traders can make money from the markets most easily by following trends and using fairly tight stop losses. In Forex, a method that has worked well over the years when trading USD currency pairs is to trade in the direction of the price over both the previous 3 and 6 months when it is not conflicted. Although Gold against USD is often considered just another currency pair, it tends to move more quickly and more strongly than Forex currency pairs. We can see this by looking at the results of a back test conducted using historical data from 1998 to 2014. In the test, Gold is bought or sold on a weekly basis and held for one week, depending upon whether the price at the weekly open was higher or lower than it was 6, 3 and 1 month previously.
The results are shown in the table below:
Back Test Analysis
There are two key points that are revealed by this back test of historical data:1. Short Gold is a problematic trade, statistically, and was not profitable on this momentum basis, regardless of the look back period used.
2. Long Gold was profitable on any look back period, but the best results per trade were achieved when the price was higher than it was 1 month, 3 months and 6 months previously, i.e. when momentum was extremely strong. This is unlike Forex currency pairs, which tend to get overbought when momentum is very strong.
If we apply this analysis to the current market situation regarding Gold, it can be seen that now is definitely a good time to trade Gold, as its price is above where it was 1 month, 3 months, and 6 months ago. This is the kind of market situation that produced the best results when applied to historical data.
Day Trading Gold
Day trading Gold can be very difficult on short time frames, and feels quite different to Forex although there are some similarities. The process of price discovery can be very difficult with Gold, as nobody really knows how much Gold banks are holding as bullion. Additionally, the spread in trading Gold is relatively higher than the major Forex pairs, so it costs you proportionately more to trade it. For these reasons, it is usually going to be much easier trading Gold on the H1 or H4 time frames.An interesting thing about Gold that has been noted is that there is a pronounced statistical tendency for the price of Gold to fall at around the time London opens for business, and to rise at around the time New York opens for business. Therefore the New York open could be the best time to trade Gold right now.
Source
Time to Trade Gold? | Trading Forex
Here is a fun fact: spot Gold has made a larger range in February 2016 than it did during any other month since August 2013, which is two and a half years ago. It seems as if volatility has returned to this market, and volatility means traders have a good chance to make some money!
Most Forex brokers offer trading in spot Gold, or even monthly Gold futures contracts, which are both essentially just as good as each other as a means to speculate on Gold. That means that whatever broker you use, the option to trade Gold is probably there for you if you want.
As life seems to be returning to the Gold market, let’s see if it is really time to trade Gold.
Gold’s Recent Record
Gold gives a special excitement to a lot of people when they buy it. If that describes you, then you should try to think about Gold less passionately. Think only about the price fluctuations, not the metal itself, try to imagine you are buying or selling something dull like aluminum! Unfortunately a lot of traders lose their heads over Gold and begin to trade emotionally rather than rationallySince the U.S. Dollar was completely taken off the gold standard in 1976, the precious metal has floated freely against the dollar. Gold has made two astonishing bullish trends against the U.S. dollar since then: firstly in the late 1970s, and then again from 2002 to 2011 when it rose from $275 per ounce to more than $1,900! Many economists believe that Gold functions as an alternative “store of value” to fiat currencies such as the U.S. dollar which are entirely debt-based, and is bound to rise in relative value during periods of currency debasement, such as is arguably occurring right now. If so, it might be time to trade Gold.
I have always believed that traders can make money from the markets most easily by following trends and using fairly tight stop losses. In Forex, a method that has worked well over the years when trading USD currency pairs is to trade in the direction of the price over both the previous 3 and 6 months when it is not conflicted. Although Gold against USD is often considered just another currency pair, it tends to move more quickly and more strongly than Forex currency pairs. We can see this by looking at the results of a back test conducted using historical data from 1998 to 2014. In the test, Gold is bought or sold on a weekly basis and held for one week, depending upon whether the price at the weekly open was higher or lower than it was 6, 3 and 1 month previously.
The results are shown in the table below:
Back Test Analysis
There are two key points that are revealed by this back test of historical data:1. Short Gold is a problematic trade, statistically, and was not profitable on this momentum basis, regardless of the look back period used.
2. Long Gold was profitable on any look back period, but the best results per trade were achieved when the price was higher than it was 1 month, 3 months and 6 months previously, i.e. when momentum was extremely strong. This is unlike Forex currency pairs, which tend to get overbought when momentum is very strong.
If we apply this analysis to the current market situation regarding Gold, it can be seen that now is definitely a good time to trade Gold, as its price is above where it was 1 month, 3 months, and 6 months ago. This is the kind of market situation that produced the best results when applied to historical data.
Day Trading Gold
Day trading Gold can be very difficult on short time frames, and feels quite different to Forex although there are some similarities. The process of price discovery can be very difficult with Gold, as nobody really knows how much Gold banks are holding as bullion. Additionally, the spread in trading Gold is relatively higher than the major Forex pairs, so it costs you proportionately more to trade it. For these reasons, it is usually going to be much easier trading Gold on the H1 or H4 time frames.An interesting thing about Gold that has been noted is that there is a pronounced statistical tendency for the price of Gold to fall at around the time London opens for business, and to rise at around the time New York opens for business. Therefore the New York open could be the best time to trade Gold right now.
Source
Time to Trade Gold? | Trading Forex
Here is a fun fact: spot Gold has made a larger range in February 2016 than it did during any other month since August 2013, which is two and a half years ago. It seems as if volatility has returned to this market, and volatility means traders have a good chance to make some money!
Most Forex brokers offer trading in spot Gold, or even monthly Gold futures contracts, which are both essentially just as good as each other as a means to speculate on Gold. That means that whatever broker you use, the option to trade Gold is probably there for you if you want.
As life seems to be returning to the Gold market, let’s see if it is really time to trade Gold.
Gold’s Recent Record
Gold gives a special excitement to a lot of people when they buy it. If that describes you, then you should try to think about Gold less passionately. Think only about the price fluctuations, not the metal itself, try to imagine you are buying or selling something dull like aluminum! Unfortunately a lot of traders lose their heads over Gold and begin to trade emotionally rather than rationallySince the U.S. Dollar was completely taken off the gold standard in 1976, the precious metal has floated freely against the dollar. Gold has made two astonishing bullish trends against the U.S. dollar since then: firstly in the late 1970s, and then again from 2002 to 2011 when it rose from $275 per ounce to more than $1,900! Many economists believe that Gold functions as an alternative “store of value” to fiat currencies such as the U.S. dollar which are entirely debt-based, and is bound to rise in relative value during periods of currency debasement, such as is arguably occurring right now. If so, it might be time to trade Gold.
I have always believed that traders can make money from the markets most easily by following trends and using fairly tight stop losses. In Forex, a method that has worked well over the years when trading USD currency pairs is to trade in the direction of the price over both the previous 3 and 6 months when it is not conflicted. Although Gold against USD is often considered just another currency pair, it tends to move more quickly and more strongly than Forex currency pairs. We can see this by looking at the results of a back test conducted using historical data from 1998 to 2014. In the test, Gold is bought or sold on a weekly basis and held for one week, depending upon whether the price at the weekly open was higher or lower than it was 6, 3 and 1 month previously.
The results are shown in the table below:
Back Test Analysis
There are two key points that are revealed by this back test of historical data:1. Short Gold is a problematic trade, statistically, and was not profitable on this momentum basis, regardless of the look back period used.
2. Long Gold was profitable on any look back period, but the best results per trade were achieved when the price was higher than it was 1 month, 3 months and 6 months previously, i.e. when momentum was extremely strong. This is unlike Forex currency pairs, which tend to get overbought when momentum is very strong.
If we apply this analysis to the current market situation regarding Gold, it can be seen that now is definitely a good time to trade Gold, as its price is above where it was 1 month, 3 months, and 6 months ago. This is the kind of market situation that produced the best results when applied to historical data.
Day Trading Gold
Day trading Gold can be very difficult on short time frames, and feels quite different to Forex although there are some similarities. The process of price discovery can be very difficult with Gold, as nobody really knows how much Gold banks are holding as bullion. Additionally, the spread in trading Gold is relatively higher than the major Forex pairs, so it costs you proportionately more to trade it. For these reasons, it is usually going to be much easier trading Gold on the H1 or H4 time frames.An interesting thing about Gold that has been noted is that there is a pronounced statistical tendency for the price of Gold to fall at around the time London opens for business, and to rise at around the time New York opens for business. Therefore the New York open could be the best time to trade Gold right now.
Source
HALAMAN SELANJUTNYA:
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