UAE Traders are Going Nuts for Gold
How is it that one of the most ancient commodities in the world is still so important in the modern economy? And how can you potentially use that fact for your benefit?
The lost city of El Dorado, the tomb of King Tutankhamun, Blackbeard’s treasure… Throughout history, gold has been synonymous with wealth and exploration. From the earliest days of human civilisation, gold was a source of envy, beauty, riches and conflict. And yet, unlike the kingdoms and empires that fought over the precious metals for millennia, gold has not disappeared or lost its importance over the years. In fact, over the past year, it has regained the spotlight, showing dramatic price increases, and today, people don’t need to get on ships or explore catacombs to find gold - they can buy it directly through their smartphones.
The Digital UAE Gold Rush
Until just a few hundred years ago, owning gold was a luxury reserved for royalty and aristocrats. However, today’s technology has made it much more accessible. In fact, anyone with a smartphone and just a little startup capital (as little as $200) can own a piece of gold. But it’s not just about owning the precious metal. Technology gives us the tools to analyse markets, get real-time price alerts, manage risks and trade on the go. It is no wonder, then, that so many citizens of the UAE have become more interested in gold and have been trading and investing in it. Another modern development that has lowered the entry barriers into this market is the ability to practise gold trading with a demo account, such as the one offered by popular social trading platform, eToro.
Can you really make $11,650 overnight?
The short answer is: no. You may have come across an online ad offering instant profits with gold trading. Much like the pot of gold at the end of a rainbow, this is no more than a fairy tale. These are usually scams from fake or unregulated providers. You should only trust the real performance of real people. Therefore, it is much more advisable to follow the lead of successful traders and not to believe the “get-rich-quick” schemes. Real investors invest in a calculated, responsible way. With eToro’s social trading solutions, you can find a successful trader whom you trust, with real stats and real gains (and losses), and copy their every move.
Looking Past Gold
As popular as gold is today, one constant in financial markets is that nothing’s constant. Trends change rapidly and today’s hottest asset could be tomorrow’s old news. Therefore, it could be wise to look at a variety of financial assets, across multiple categories, such as commodities, currencies, indices, stocks and more. On eToro, you can gain exposure to all these markets and explore exciting investment opportunities such as oil, Bitcoin, XRP, NSDQ100 and numerous others. As mentioned before, you can start by practising with a free demo account and later, allocate some of your funds to copy leading traders.
Minimise Your Risk
There’s no doubt that all trading involves risk.However, there are measures you can use to reduce this risk when trading and investing online.
There’s no doubt that all trading involves risk.However, there are measures you can use to reduce this risk when trading and investing online. Here are a few tips:
- Only invest in regulated brands: Brands such as eToro, that operate under strict regulations, are legally required to provide you with risk warnings and various safeguards - so make sure the platform you choose is regulated by a well-known international regulator.
- Learn to use the right tools: There are various ways to manage and monitor your risks, such as setting a Stop Loss order that will close the trade if a certain amount is lost. On eToro, each trader receives a unique Risk Score that enables them to see just how much of a risk they are taking with their online trading behaviour.
- Trade with your head, not your heart: The fine line between trading and gambling has to do with remaining cool and calculated. Learn how to trade, study the markets, choose a strategy and stick with it. Don’t let dreams of fast riches or “gut feelings” get in the way of calm, logical trading.
- Practise first: Use the eToro demo account to experiment with the platform before making your first deposit. Learn how to open and close a trade,
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