{"id":163259,"date":"2020-01-14T13:16:42","date_gmt":"2020-01-14T18:16:42","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=163259"},"modified":"2022-09-01T12:42:16","modified_gmt":"2022-09-01T12:42:16","slug":"how-do-i-trade-gold-on-mt4","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/01\/how-do-i-trade-gold-on-mt4\/","title":{"rendered":"How Do I Trade Gold On MT4?"},"content":{"rendered":"<div id=\"inves-3596636072\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">January 14, 2020<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By <\/strong><a href=\"https:\/\/www.orbex.com\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Orbex<\/strong><\/a> &#8211; Trading gold on MetaTrader 4 is pretty easy, in terms of the practical procedure of entering and exiting the market.<\/p>\n<p>It\u2019s virtually identical to trading currencies, which is why a substantial amount of Forex traders also trade\/invest in gold from the comfort of their trading platform.<\/p>\n<p>There are details that vary from broker to broker, such as margin levels. Some FX brokers have different margin requirements for precious metals, for example.<\/p>\n<p>However, the basics of operating MT4 when trading gold are pretty much the same. Mind you, this is about how to open and close trades. Developing <a href=\"https:\/\/www.orbex.com\/blog\/en\/2019\/07\/why-trade-oil-gold-together\" target=\"_blank\" rel=\"noopener noreferrer\">a trading strategy for gold<\/a> is an entirely different (and much broader) subject!<\/p>\n<h2><strong>Options Available on the Platform<\/strong><\/h2>\n<p>Most Forex brokers offer two types of gold that you can trade: exchange and spot.<\/p>\n<p>What\u2019s the difference? In terms of price and how you trade, not much. But they do imply some differences in your strategy. They are:<\/p><div id=\"inves-3399746348\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<ul>\n<li>Spot (usually under the symbol GOLD), refers to the spot price of the metal on the commodity exchange. It\u2019s quoted in dollars, and often the price people mean when they are talking about the price of gold<\/li>\n<li>Exchange refers to a \u201ccross\u201d between gold and a currency, as if it were a currency pair. For example, XAU \u2013 the symbol for gold \u2013 quoted in euros (EUR) would be XAUEUR on your MT4 platform.<\/li>\n<\/ul>\n<p>Note that the spot price of gold and XAUUSD is basically the same thing, and your platform might have either GOLD or XAUUSD.<\/p>\n<h2><strong>Where is it?<\/strong><\/h2>\n<p>On the left hand of your MT4 screen, you should have a panel called \u201cMarket Watch\u201d which lists all the instruments your Forex broker offers. In this example, in the middle, you can see the GOLD:<\/p>\n<p><a href=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/01\/gold1301.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-163261\" src=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/01\/gold1301.png\" alt=\"\" width=\"249\" height=\"493\" srcset=\"https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold1301.png 249w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold1301-53x104.png 53w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold1301-76x150.png 76w\" sizes=\"auto, (max-width: 249px) 100vw, 249px\" \/><\/a><\/p>\n<p>Sometimes not all the instruments available are listed, just the \u201cmost frequent\u201d, and you might not see gold listed.<\/p>\n<p>In order to see all of the options on the platform, you want to right-click on the top where it says \u201csymbol\u201d and then \u201cshow all\u201d in the menu that appears like this:<\/p>\n<p><a href=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/01\/gold13012.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-163262\" src=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/01\/gold13012.png\" alt=\"\" width=\"253\" height=\"490\" srcset=\"https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13012.png 253w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13012-54x104.png 54w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13012-77x150.png 77w\" sizes=\"auto, (max-width: 253px) 100vw, 253px\" \/><\/a><\/p>\n<p>You can then scroll down until you find the version of gold you are looking for. Once you do, you\u2019re going to want to open a chart, which you do by right-clicking on the instrument (GOLD, XAUUSD, depending on the listing), and select \u201copen chart window\u201d like so:<\/p>\n<p><a href=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/01\/gold13013.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-163263\" src=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/01\/gold13013.png\" alt=\"\" width=\"252\" height=\"493\" srcset=\"https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13013.png 252w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13013-53x104.png 53w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13013-77x150.png 77w\" sizes=\"auto, (max-width: 252px) 100vw, 252px\" \/><\/a><\/p>\n<p>A window should appear in the main screen of your <a href=\"https:\/\/www.orbex.com\/blog\/en\/2019\/10\/why-is-metatrader-4-so-popular\" target=\"_blank\" rel=\"noopener noreferrer\">MT4 forex trading platform<\/a> which looks like this:<\/p>\n<p><a href=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/01\/gold13014.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-163264\" src=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/01\/gold13014.png\" alt=\"\" width=\"751\" height=\"410\" srcset=\"https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13014.png 751w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13014-160x87.png 160w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13014-150x82.png 150w\" sizes=\"auto, (max-width: 751px) 100vw, 751px\" \/><\/a><\/p>\n<p>You can customize your chart just like you would with any currency pair, with the FX indicators you like, and other tools for technical analysis you might want to use.<\/p>\n<h2><strong>Opening a Trade<\/strong><\/h2>\n<p>Once you\u2019ve done all the analysis you need to decide to enter the market, there are a couple of ways that you can trade on MT4. Note that these are all the same for currency trading.<\/p>\n<p>The first is by right-clicking on the chart itself, and from the menu that appears, select \u201ctrading\u201d and from there \u201cNew order\u201d:<\/p>\n<p><a href=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/01\/gold13015.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-163265\" src=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/01\/gold13015.png\" alt=\"\" width=\"747\" height=\"407\" srcset=\"https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13015.png 747w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13015-160x87.png 160w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13015-150x82.png 150w\" sizes=\"auto, (max-width: 747px) 100vw, 747px\" \/><\/a><\/p>\n<p>Alternatively, when you have the chart window you want to trade in open, you can press the F9 key on your keyboard, which will open up the trade panel:<\/p>\n<p><a href=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/01\/gold13016.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-163266\" src=\"https:\/\/www.countingpips.com\/wp-content\/uploads\/2020\/01\/gold13016.png\" alt=\"\" width=\"759\" height=\"374\" srcset=\"https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13016.png 759w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13016-160x79.png 160w, https:\/\/www.investmacro.com\/forex\/wp-content\/uploads\/2020\/01\/gold13016-150x74.png 150w\" sizes=\"auto, (max-width: 759px) 100vw, 759px\" \/><\/a><\/p>\n<p>Here you can choose the trade volume, set stop loss and take profit levels, whether you want to trade immediately or set a trade order for when the market reaches a certain level, etc.<\/p>\n<p>After that, just click \u201csell\u201d or \u201cbuy\u201d depending on what your signal is telling you.<\/p>\n<p>Bottom line, as you can see, trading gold on MT4 is just as easy as trading any currency pair you might already be used to.<\/p>\n<p><strong>By <\/strong><a href=\"https:\/\/www.orbex.com\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Orbex<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Orbex &#8211; Trading gold on MetaTrader 4 is pretty easy, in terms of the practical procedure of entering and exiting the market. It\u2019s virtually identical to trading currencies, which is why a substantial amount of Forex traders also trade\/invest in gold from the comfort of their trading platform. There are details that vary from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":139839,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-163259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-news"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/163259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=163259"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/163259\/revisions"}],"predecessor-version":[{"id":163267,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/163259\/revisions\/163267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media\/139839"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=163259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=163259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=163259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}