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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