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Best Strategy To make $4000 monthly on XAUUSD

1. Scalping. It is rarely used to trade gold. In a few minutes, the price does not have enough time to gain a sufficient move to compensate for the spread and yield a profit comparable to the time spent. There are more profitable scalping trading instruments.

Forex scalping involves trading currencies with only a brief holding time, and executing multiple trades each day. Forex scalpers keep risk small in an attempt to capture small price movements for a profit. The small price movements can become significant amounts of money with leverage and large position sizes.
2. Swing trading. Trading on corrections is also really applied to XAUUSD, as the corrections are not deep. Here, trend following strategies are more suitable. However, you can combine swing trading and trend strategies in some cases.
Swing trading refers to a trading style that attempts to exploit short- to medium-term price movements in a security using favorable risk/reward metrics. Swing traders primarily rely on technical analysis to determine suitable entry and exit points, but they may also use fundamental analysis as an added filter.
3. Intraday trading. Gold day trading is one of the most common strategy types. Unlike currency pairs, which can many times jump up and down during a day, the gold industry slowly gains speed. However, gold features longer price fluctuations during a day at the moments of fundamental factors’ influence. Differently put, the range of the gold price intraday movements is greater than the currency pairs’ movements. The frequency of the XAUUSD price moves is lower.
What is meant by intraday trading?
Intraday trading – also known as day trading – refers to the purchasing and selling of stocks on the same day. The stock market is subject to fluctuations that leads to variation in stock prices throughout the day.

4. Medium- and long-term strategies. Positions can be held open for several days if there is a clear trend. But the profits of these strategies are diminished by swaps and exchange commission fees.

5. Technical Indicators strategies. They are trading strategies based on technical analysis. A combination of volatility and trend indicators with multiple timeframes analysis works well here. In an hourly timeframe, the length of the price movement in the intraday range is estimated. If the price is at the beginning of the movement and the trend is clear, you can open a position. You can also add oscillators as auxiliary tools

6. Price Action strategies. They mean trading based on chart patterns and graphic analysis. Since the movement of gold prices is smoother, compared with foreign exchange assets, resistance and support levels are more clearly traced in the chart. Trend exhaustion patterns are a triangle, flag, pennant, etc. Price action patterns trading can be combined with indicator strategies.

7. Trading based on fundamental analysis. The XAUUSD pair is responsive to fundamental market forces. Trading based on fundamentals suggests you find positively or negatively correlated assets. For example, optimism in the stock market means that investors will withdraw the money from gold assets and reinvest into more profitable assets. Negative GDP forecasts, inflation rise, for instance, push the gold price up. You can refer to the Market Sentiment indicator, showing the forecast of the majority.

8. Social trading. Active trading is not only constantly monitoring the price chart and looking for a signal. You can copy trading behavior and signals offered by experienced traders for a small commission fee. In terms of gold trading, you need to choose traders, who enter trades on the XAUUSD more often than other assets. You link your account to the trading account of such traders and signals are automatically copied to your account.

 

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