The right steps to trade gold safely, Among the majority of precious metals, the most common and safe option is gold, as it is generally purchased as a means to reduce risks, especially through the use of futures and derivatives contracts. Unlike other raw materials, savings has a greater impact on its price than its impact on its consumption, and in this article we explain the correct steps to trade gold safely.

What is gold trading?

A type of other types of trading through which speculation takes place on the gold metal, where the process of buying and selling takes place on these trades. Gold is often considered a safe trade in the long term, unlike trading in currencies, which are short-term trades, where it takes a period of time to wait. To reap profits, especially since gold prices fluctuate significantly from time to time, and many factors affect those prices, most notably the imposition of a tax by central banks, and we talk about the most important information about gold trading as follows:

• Gold can be used as a strong factor against financial pressures, such as deflation and inflation.
• These factors radically affect the price of gold, as well as the volume of demand for it, as its consumption constitutes two-thirds of the annual consumption of minerals.
• Economic news and political events play a fundamental role in the stability rates of gold prices, whether they rise or fall.
• Note that the price of gold is measured on the basis of its weight, and the most common method for weighing it is the troy weight, in which the troy ounce is approximately 31.10 grams.
• In the event that the price of gold rises, the price of the dollar decreases, so most investors use gold as a means of trading through which they balance their profits and other losses that they incur against the dollar.

See also: The best licensed trading companies in Dubai, XTB Company

The right steps to trade gold safely

Entering the world of free trading requires serious study of the matter, as a lot of losses may occur as a result of randomness in gold trading, so work with investment advice imposed by experts in the field of investment and trading, especially in global financial markets, and we review the correct steps to trade gold safely:

Choose a licensed broker

• Choosing the right broker contributes to reducing risk and protecting against fraud by approximately 90%.
• Likewise, licensed brokerage firms strive to improve the trading process, while adhering to the laws to which they are subject and established by the various capital markets authorities.
• Perhaps the most important trading company licensed to provide gold trading services is AvaTrade, knowing that it is a company regulated by ADGM – in the Abu Dhabi Global Market in the United Arab Emirates.

Also, find out how gold moves

• The investor must know how gold moves and how external factors may affect it, along with knowing how to read gold models, all of which facilitate the process of trading and speculation on this metal.
• It is worth noting, however, that brokerage firms provide many services such as stop-loss and profit-taking orders to control and manage trading in safe ways.

Also, read the forms and understand the history

• Trading in gold is a safe haven for many, due to its use in many crises. Through the trading market and its history, gold has proven to be the best among currencies.
• Therefore, understanding how it was moving, with how the financial market behaved in historical crises, and the role of gold in these crises will facilitate the way to know the right times to take safe and correct buying and selling decisions.

See also: The best licensed trading companies in Kuwait 2023

Gold trading platforms in Saudi Arabia

The customer must make sure of the trading company in Saudi Arabia so that it is able to protect your financial and personal data, as trading often takes place on the Internet, so the availability of security and reliability of the site or trading platforms is very important, and the best trading companies in Saudi Arabia must provide an essential feature, which is The trading platform must be installed on the mobile phone, according to the continuous changes in the forex market, which are difficult to access via a computer. The best gold trading platforms in Saudi Arabia are as follows:

• FXTM: The best all round broker offering high variable leverage, welcome bonus and fast execution.
• AVATrade: As it is subject to multiple oversight bodies, this makes it safe in addition to comfortable trading conditions
• FP-Markets: It is an advanced customer portal that allows them to track deals in real time
• Etoro: A pioneer in the field of social trading services, it has the latest technology and techniques.

See also: Advantages of trading in the cryptocurrency market

Online gold trading

When it comes to online gold trading, it is the best market for all kinds of different strategies especially when talking about day trading and swing trading, where gold is very popular, since the gold market does not close its doors to investors, as it is open 24 hours a day and this This makes it the most liquid market for trading, and gold can be traded via the Internet through the following methods:

Open a position to trade gold

• It is required to connect to the MT5 trading platform.
• Then click on the New Order shortcut located in the toolbar at the top right of MetaTrader
• Select Gold in the Symbols field and drag it onto the price chart.
• The size of your deal is chosen in the Lot tab.
• Click on the blue Buy by Market button.

Add gold to the MetaTrader Gold trading platform

• Open the Market Watch schedule
• Clicking the right mouse button
• Select the Symbols option.
• Select the Spot Metals category.
• Click on the GOLD icon
• Click on Show, then accept

Factors affecting the price of gold trading

Investing in gold works to enhance the performance of the investment portfolio, and gold is seen as a protection against inflation, when prices rise, the purchasing power of money and its value decrease, so investors tend to increase the demand for gold and this contributes to its high price, and technically it is possible to buy gold bars or Traded investment funds related to gold, and the most important factors that affect the price of gold trading are as follows:

• central banks
• Also, hedge against financial stress
• Jewelry and industrial demand
• Also, recycle gold jewelry
• War, invasion and national emergency play a prominent role in changing gold prices.

Ruling on trading gold

Some jurists emphasized the permissibility of selling gold, whether it is in exchange for silver or trading in gold and many currencies in circulation, but the matter depends on completing the deal before leaving the contract council. Al-Bara bin Azib and Zaid bin Arqam about the exchange, and they said: We were merchants at the time of the Prophet, may God’s prayers and peace be upon him, so we asked the Messenger of God, may God’s prayers and peace be upon him, about the exchange, and he said: If it is from hand to hand, then there is nothing wrong with it, and if it is for women, then it is not appropriate.

The right steps to trade gold safely, and in this article we explained the most important tips that must be taken before starting to trade gold metal, and achieve more profits, and we also dealt with the ruling on gold trading.