Allpips is a popular online trading platform that gives traders access to many markets such as commodities. With Allpips, traders can speculate on price movements in gold and silver if trading commodities. This guide will explain how to get started using the Allpips platform to trade these commodity markets and start earning today.
Opening an Account
The first step is to open an account on the Allpips website. Click the “Open Account” button and fill out the registration form with your details. When your account is open, you can make trading accounts within your original account to orginize your different trades since Allpips offers you many markets to trade in. You will need to verify your identity and deposit the amount you are going to start with to fund your account. Allpips supports deposits from bank wire transfers, debit/credit cards, and e-wallets. Once your deposit clears, your account will be activated for live trading.
Charting and Markets
After making a trading account for commodity trading and funding it you can now start trading. You will find a tab on the top that allows you to choose which market you are going to trade in. In our case, you can choose to trade gold or silver. Once choosing the platform displays live price action over multiple time frames from 1-minute to monthly. The charts use candlestick bars to display the price but they can be changed to your preferring.
Placing Trades
To place a trade, first select the contract you want to trade from the top tab. Then by clicking on the buy/sell buttons found in the top left, you can instantly buy or sell, this is called a one-click trade.
You can also click on the green new order button to open a trade. Once opened many options are available adjust the trade as you see accordingly. First, you choose the instrument you are going to trade in our example gold. Next, you can decide if you want the trade to be a market or a pending trade. Allpips also offers you the ability to put stop losses and take profits on trades. Once all this has been done and the lot size has been picked you can choose to buy or sell your position.
Adjusting and Closing Trades
If needed, you can modify open orders before they are filled. Click the pencil icon to edit order parameters like price, stop loss, etc. To close a position, select it and click close. Alternatively, right-click the trade in the open list and choose close. All pips will execute the closest stop, limit, or market order to close the position immediately. Review account statements to track profit/loss over time.
Analysis Tools
Allpips offers additional built-in features to help traders make the best decisions when trading commodities. Technical indicators are available on charts to identify trends and trading signals. Some of these indicators are moving averages, Bollinger bands, and more.
You can use economic calendars that display upcoming market-moving macro news and events. Commodity reports that summarize supply/demand fundamentals. Trading ideas from strategists suggest new opportunities. You can also enable chart patterns, alerts, and tools like crosshairs to better identify areas of support/resistance. Any step you take to further improve your understanding of the market will give you the best results possible.
Leverage and Margin
Allpips provides leverage so you can control larger contract volumes using a smaller amount of capital. Leverage is a double-edged sword that can cause both profits and losses at an amplified rate. Start with a lower leverage of 25x or 50x when trading and practice risk management by always setting stop losses. Margin calls occur if your account equity falls below maintenance levels. Pay attention to leverage limits which vary for each commodity and contract type on Allpips.
Analysis and Strategy
To trade successfully, develop a methodology for analyzing charts, analyzing news/inventory data, and forming a view on expected price movements. Popular approaches include technical strategies like trend trading, breakouts, and range strategies. Fundamental analysis of supply/demand balances and macro factors also provides an edge. Backtest trading ideas on historical charts before putting real capital at risk on Allpips. Risk management using stop losses is also critical for long-term survival in volatile commodity markets.
Conclusion
Allpips, which offers narrow spreads, worldwide regulatory monitoring, and noteworthy software, is a great choice for trading commodities. Spend some time practicing on a demo account before making actual deals. Given the potential for quick, significant changes in commodity prices, maintain discipline in your trading approach and risk management. Traders of all expertise levels have the opportunity to profit from short-term swings in commodity values with the help of Allpips’ tools and experience.
