Scalping Gold Markets: Strategies and Trends with John Meli

Sep 21, 2023

John Meli, a currency trader with Money on the Floor, shares his insights on scalping gold markets. Topics covered include the potential of gold trading, the importance of patience and understanding market patterns, and the significance of price action over indicators. The podcast also discusses effective strategies, trade exit strategies, and the value of developing relationships in trading.

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Introduction

00:00 • 2min

Trading Strategies and Trends in the Gold Market

02:19 • 12min

Effective Strategies and Understanding Market Dynamics

14:11 • 3min

The Importance of Learning How to Trade and Knowing When to Exit

17:03 • 2min

Looking for Trades and Developing Relationships

19:10 • 7min

Scalping Gold Markets: Strategies and Trends

26:35 • 3min

Let’s welcome John Meli, a currency trader with Money on the Floor, as he joins us (almost two years to the day), after his first appearance on the How To Trade It podcast!

John Meli was a volunteer firefighter, martial arts enthusiast, and plummer, before starting his own general contracting business. However, when the recession of 2008 hit, John knew he needed to pivot and find a new way to support his family. It was then that he discovered the stock market.

As one of Casey’s early students, John began to excel, and now, many years later, is a seasoned prop firm trader and trading coach. In this episode of How To Trade It, John shares some practical and personal advice on scalping Gold. You don’t want to miss it!

Why Trade Gold

John explains why he is passionate about trading Gold.
Gold offers the potential to make more money than other pairs.
The importance of going with the trend and staying patient.
Gold is always moving, making it an exciting instrument to trade.
The challenge lies in not getting manipulated by Gold's price movements.

John Meli's Keys to Successful Gold Trading

Patience is crucial; wait for the right setup.
Be prepared to exit a trade, if the market shows signs of moving against you.
Understanding Gold's patterns, such as M's and W's, and its tendency to trend.
Recognizing key support and resistance levels (structure).
The significance of knowing where you are in the market at all times.
Emphasizing the importance of price action over relying solely on indicators.

Connect with John Meli

Grab your copy of the Complete Trading System This book teaches you how to build a trading system from the ground up and how to become profitable in the markets.

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