I've been trading gold on MT4 for years, and I've seen too many traders blow up because they didn't understand the basics. Let's fix that.
First, pick a broker that offers XAUUSD with tight spreads and reliable execution. In Southeast Asia, EBC, IC Markets, and XM are popular choices. EBC offers raw spreads from $0.0 with a commission, IC Markets has competitive spreads, and XM is beginner-friendly with fixed spreads. Test their demo accounts to see which suits your style.
Once you have an MT4 account, open the Market Watch window (Ctrl+M) and right-click to show all symbols. Find XAUUSD and drag it to your chart. You'll see the contract size is typically 100 ounces per lot. That means a 1-lot position moves $100 per $1 move in gold. For most retail traders, 0.01 lots (1 ounce) is a safer starting point.
Before you place a trade, check the spread. Gold spreads widen during news and rollover (around 23:00-00:00 server time). I've seen spreads jump from 20 points to over 100 points during volatile events. Avoid trading during major news unless you're experienced.
Use a stop loss. Always. Gold can move $20-$30 in minutes. If you're trading 0.01 lots, a $10 move against you is $10 loss. That's manageable. But if you trade 1 lot, a $10 move is $1000 loss. Position sizing is key.
Calculate your lot size based on risk. For example, if you have a $1000 account and want to risk 2% ($20) per trade, and your stop loss is $5 away (50 points), then you can trade 0.04 lots (since $5 move on 0.01 lot = $0.50, so $20/$0.50 = 40 micro lots = 0.04 lots). Use a position size calculator to avoid mistakes.
MT4 indicators can help. I use a 50-period moving average to identify trend direction and a 14-period RSI to spot overbought/oversold conditions. But don't overload your chart. Price action is more important.
Set up alerts for key price levels. Right-click on the chart, select Trading -> Alerts. You can get notified when gold hits a certain price. This helps you stay disciplined and not stare at screens all day.
Keep a trading journal. Record your entries, exits, and reasons. After 20 trades, review what worked. You'll see patterns in your mistakes.
Finally, practice on a demo account until you're consistent. Gold is volatile; it's not a get-rich-quick market. Start small, focus on risk management, and gradually increase size as you gain experience.