A Good Gold Broker is one of the keys to your successful trading career.
Besides a good trading strategy and risk management, to trade gold successfully you should select a good execution and lowest spread gold broker to save trading cost and increase your profit.
Spread and Trading Cost
You may spend up to 10000 USD a year for trading cost if you select a wrong gold broker. For example: a 20 pips spread gold broker will charge you 20 USD for opening a long or short order and another 20 USD for closing/taking profit that order, so you will pay a total 40 USD per order.
|Number of Orders||Total Cost||Trading Fee|
|1 Order per Day||$40 x 1||$40 per Day|
|22 Orders per Month||$40 x 22||$880 per Month|
|22 x (12 months) Orders per Year||$40 x 22 x 12||$10,560 per Year|
Trade execution is important to your trading strategy and psychology, some gold brokers use bad execution practices to stop out your long/short order which make you lose confidence in your trading strategy and lower your trading profit.