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Introduction to spot gold

The local London precious metals market, the most important over-the-counter (OTC) market for gold and silver, is not " Loco London" is the perfect choice. Both precious metals are physically settled in London. The local London gold and silver markets are supported by the London Bullion Market Association (LBMA), but trading does not operate on an exchange basis, and only gold traders with offices in London can become LBMA members.

The scope of "Local London" trading was originally limited to London gold dealers, but now local London gold and silver trading can be conducted freely in many places. Professional traders in Asia are mainly concentrated in Hong Kong, Tokyo, Sydney, Australia and Singapore; in Europe, in addition to London, Zurich and Frankfurt markets are the main places for local London gold and silver trading; in the United States, New York's Local London gold trading is the most frequent.

All the centers listed above mainly use US dollars as the buying and selling quotation and trading unit. Local London gold and silver are physically settled in London and settled in US dollars in New York within two trading days after the transaction is completed. Although the local London gold market is a spot market, settlement can be extended through special credit arrangements to customers (deferred settlement). This arrangement generally involves gold and US dollar lending, as well as concepts such as initial and variation margin, and Gold futures operate similarly, and this mechanism has since been further developed to form a local London deferred settlement market for precious metals, distinct from the interbank spot market in which only manufacturers, traders and producers can participate. The functions of the local London precious metals deferred settlement market cover many aspects, including hedging, investment hedging and speculation.

No different from a typical over-the-counter market, there is no physical exchange in the local London market, and transactions are mainly conducted through one-to-one bilateral credit arrangements between traders. In addition, unlike exchanges, local London trading does not have specific contract quantities or trading rules, but trading and settlement are completed through well-constructed channels. Finally, transactions are mainly conducted over the phone or through electronic trading systems specially designed for professional traders. Both methods require direct contact between both parties, making it more difficult for investors to obtain the most advantageous buying and selling prices in real time.

In fact, spot gold has dropped from US$278.00 per ounce since the beginning of 2002, supported by multiple factors including international producers reducing gold hedging, the decline of the US dollar, weak stock markets and unstable regional political situations. It rose steadily and successfully broke through the $300 mark on March 28, rising to the highest level of $331.00, with a cumulative increase of 19%!

In order to seize the investment opportunities of the gold bull market, investors can already Through our company's electronic trading system, you can invest in the gold market in the simplest and fastest way.

The basic advantages of investing in spot gold

“Gold and silver are naturally not currencies, currencies are naturally gold and silver.” Marx’s famous saying highlights the value preservation of precious metals represented by gold. , value-added effect. Historical experience also shows that in an inflationary environment, gold is an investment product that “rises with inflation”. Compared with other investment products, gold financial management is increasingly popular among investors because of its unique charm. There are eight basic advantages to investing in spot gold:

First: Gold has a long-term value-preserving function and can resist currency value changes and price increases caused by inflation.

Second: Any regional stock market may be manipulated, but gold is a global market with transparent information and is not subject to human manipulation, which can provide great protection for small and medium-sized investors.

Third: Gold has strong liquidity. There is no need to worry about buyers taking orders in any region. It is easy to buy and sell, and there is no need to worry about funds being locked up. Gold prices fluctuate greatly, and quotations are made in accordance with international practices based on international gold market conditions. Due to the impact of various international political and economic factors, as well as various emergencies, the price of gold is often subject to violent fluctuations. You can use this price difference to conduct real gold trading

Fourth: Stocks only You can make profits by buying low and selling high. Gold trading has a short-selling mechanism and can invest in both directions. If the market reverses after entering the market with a long order, you can close the long order, go short on the backhand, and make money whether the market goes up or down.

Fifth: Gold is traded on margin, using the "leverage" principle to make big gains with small gains, lowering the transaction threshold. Compared with investment methods such as stocks, the amount required to invest in gold is smaller, but the profit potential is increased several times. Compared with foreign exchange futures, gold has a single variety, simple analysis, and easy to master. For example, the standard of 1 lot of gold is 100 ounces * the current price is about 800 US dollars, the total contract value is 80,000 US dollars, and investors only need to use 1,000 US dollars to buy or sell 1 contract.

Sixth: In addition to low handling fees, gold investment costs are not subject to any form of tax, making it one of the investment projects with the lightest tax burden.

Seventh: 24-hour trading makes it convenient for office workers to trade at night, and the most active trading time is also at night, so trading hours are very flexible.

Eighth: From the K-line chart, gold has entered the second round of the bull market, and now is a better time for gold financial management. Whichever market is good, go to that market, and don't step on the landmines that are high in the market. If you are looking forward to an investment that is both safe and profitable, then gold trading is your ideal choice.

Factors affecting gold prices

Most of the changes in gold prices are affected by the supply and demand relationship of gold itself. Therefore, as an investor with his own investment principles, he should try his best to understand any factors that affect the supply of gold, so as to further understand the dynamics of other investors in the market, predict the trend of gold prices, and achieve a reasonable investment goal. Purpose. The main factors include the following aspects:

(1) US dollar trend

Although the US dollar is not as stable as gold, it is much more liquid than gold. Therefore, the US dollar is considered the first type of money, and gold is the second type. When the international political situation is tense and uncertain, people will buy gold because they expect the price of gold to rise. But the currency that most people keep in their hands is the real dollar. If a country needs to purchase weapons or other supplies from other countries during times of war, it will sell off its gold in exchange for U.S. dollars. Therefore, the U.S. dollar may not rise during periods of political instability, but it also depends on the trend of the U.S. dollar. Simply put, if the US dollar is strong, gold will be weak; if gold is strong, the US dollar will be weak.

U.S. Dollar Index Trend Chart in the Past Two Years

Usually when investors save to protect their capital, they will give up the U.S. dollar when withdrawing gold, and they will give up gold when withdrawing U.S. dollars. Although gold itself is not legal tender, it always has its value and will not depreciate into scrap metal. If the U.S. dollar is strong, there is a high chance that investment in the U.S. dollar will appreciate, and people will naturally chase the U.S. dollar. Conversely, when the U.S. dollar weakens in the foreign exchange market, the price of gold becomes stronger.

(2) Periods of war and political turmoil

During periods of war and political turmoil, economic development will be greatly restricted. Any local currency may lose value due to inflation. At this time, the importance of gold comes into full play. Since gold has recognized characteristics and is an internationally recognized trading medium, at this moment, people will target gold. The rush to buy gold will inevitably cause the price of gold to rise.

But there are also other factors that impose different constraints. For example, between 1989 and 1992, there were many political turmoils and sporadic wars in the world, but the price of gold did not rise as a result. The reason is that at that time, everyone held US dollars and abandoned gold. Therefore, investors cannot mechanically apply war factors to predict gold prices. They must also consider other factors such as the US dollar.

(3) World Financial Crisis

If a world-class bank fails, how will the gold price react?

In fact, this situation arises because of the emergence of crisis. People will naturally keep money in their own hands, and there will be a large number of bank runs or bankruptcies. The situation is just like the recent economic crisis in Argentina. People across the country have to exchange U.S. dollars from banks. However, in order to retain the last investment opportunities, the country has banned the exchange of U.S. dollars. As a result, constant riots have occurred and the country has fallen into panic.

When the financial systems of major Western countries such as the United States become unstable, world funds will invest in gold. The demand for gold will increase, and the price of gold will rise. At this time, gold played the role of a financial refuge. Only when the financial system is stable, investors' confidence in gold will be greatly reduced, and they will sell gold, causing the price of gold to fall.

4) Inflation

We know that the purchasing power of a country's currency is determined based on the price index. When a country's prices are stable, the purchasing power of its currency becomes more stable. On the contrary, the higher the inflation rate, the weaker the purchasing power of the currency, and the less attractive the currency becomes. If the price index in the United States and major regions of the world remains stable, holding cash will not depreciate and generate interest income, which will inevitably become the first choice of investors.

On the contrary, if inflation is severe, holding cash is not guaranteed at all, and the interest collected cannot keep up with the surge in prices. People will buy gold because the theoretical price of gold will rise with inflation. The higher the inflation in major Western countries, the greater the need to use gold as a store of value, and the higher the world gold price will be. Among them, the inflation rate in the United States is most likely to affect the movement of gold. In some smaller countries, such as Chile and Uruguay, the annual inflation can reach up to 400 times, but it has no impact on the price of gold.

(5) Oil Price

Gold itself is a store of value under inflation and is inseparable from US inflation. Rising oil prices mean inflation will follow, and so will the price of gold.

(6) Local interest rate

Investing in gold will not earn interest, and the profit from its investment depends entirely on the increase in price. When interest rates are low, investing in gold will have certain benefits. However, when interest rates rise, charging interest will be more attractive, and the investment value of interest-free gold will decline. Since the opportunity cost of gold investment is relatively large, It would be more stable and reliable than placing it in a bank to collect interest. Especially when interest rates in the United States rise, a large amount of U.S. dollars will be absorbed, and the price of gold is bound to suffer.

Interest rates are closely related to gold. If the interest rate in your country is high, you should consider whether it is worth losing interest income to buy gold.

(7) Economic conditions

The economy is booming and people live a worry-free life, which will naturally enhance people’s desire to invest. The private sector’s ability to purchase gold for value preservation or decoration will be greatly increased, and the gold price You will also get some support. On the contrary, people are in dire straits. During the economic depression, people cannot even meet the basic guarantees of food and clothing. How can there be interest in investing in gold? The price of gold is bound to fall. Economic conditions are also a factor in gold price fluctuations.

(8) Gold supply and demand relationship

The price of gold is based on the supply and demand relationship. If the production of gold increases significantly, the price of gold will be affected and fall back. However, if production stops increasing due to reasons such as a prolonged strike by miners, the price of gold will appreciate when demand exceeds supply. In addition, the application of new gold mining technologies and the discovery of new mines have increased the supply of gold, which will of course lead to a fall in gold prices. The habit of investing in gold may also appear in a place. For example, the gold investment craze in Japan has greatly increased demand and also led to rising prices.

There are many aspects to the basic analysis of gold trends. When we use these factors, we should consider the intensity of their respective effects. Find the priority and impact time period of each factor to make the best investment decision.

How to calculate profit and loss

Formula for calculating profit and loss:

[(selling price – buying price) X contract unit X number of lots] minus (+/-) interest = Profit/Loss

For example: Mr. Li bought 5 contracts to open a position at the price of 810 US dollars/ounce (note: the commission was deducted when opening the position), and then Mr. Li’s gold price rose to 825 US dollars/ounce on the same day. Close the position at this price.

Mr. Li’s profit and loss calculation: [(USD 825 – USD 810) She sold 5 contracts to open a position at the price of US$/ounce (note: commissions were deducted when opening the position), and then Ms. Liu closed her position when the gold price dropped to US$820/ounce that day.

Ms. Liu’s profit and loss calculation: [(USD 845 – USD 820) X 100 X 5] = USD 12,500 (profit)

(Note: The above transaction examples are for reference only. Changes with different prices)

Daily interest income and expenditure calculation formula:

(Closing settlement price Expenses

(Note: Interest is charged for selling gold, and interest is paid for buying gold)

Example of interest income and expenses: Trading and selling 5 lots of spot gold against the US dollar contract, and January 1 The position was held for one month from the end of the month to the end of the month before it was closed on January 31. The closing settlement price was US$810/ounce, and the annual interest rate was 4.0%.

Calculation of interest income: (USD 810 X 100) X 4.0% Different prices and interest rates change. Lijiaan Company charges customers a fixed fee of US$10/lot/day and pays clients US$5/lot/day)

Gold investment risk control

(1) Risk characteristics of the gold investment market

a. Extensiveness of investment risks

In the gold investment market, from investment research, market analysis, investment plans, investment decisions, risk control, funds Management, account security, risks caused by force majeure factors, etc., exist in almost every aspect of gold investment, so they are widespread.

b. The objectivity of investment risks

The objectivity of investment risks will not disappear due to the subjective wishes of investors. Investment risks are caused by uncertain factors, and these uncertain factors exist objectively. Individual investors do not control all investment links, and they cannot predict changes in factors that will affect gold prices in the future. Therefore, investment exists objectively.

c. The impact of investment risks

You must be aware of investment risks when entering the investment market. Because in the investment market, returns and risks always coexist. But most people first consider risks from a negative perspective, and even think that if there are risks, losses will occur. It is precisely because risks have negative and negative uncertainties that many people dare not face them and cannot objectively view and face the investment market, so they hesitate to move forward.

d. Relativity and variability of investment risks

The risks of gold investment are relative to the investment varieties selected by investors. The results of investing in spot gold and London gold are Completely different. The former has low risk but low return; while the latter has high risk but high return. Therefore, risks cannot be generalized and are highly relative. At the same time, the variability of investment risks is also very high. As the factors that affect gold prices change, they will affect investors' funds in terms of profits or losses, and there may be repeated changes in profits and losses. Investment risks will increase and decrease based on the profits and losses of client funds, but this risk will not disappear completely.

e. Investment risks have a certain degree of predictability

Gold price fluctuations are affected by other factors, such as: the trend of crude oil and the US dollar, changes in geopolitical factors, etc., will The analysis of these factors affects the fluctuation of gold prices and has certain predictability for gold investment operations. Objective and rational analysis will provide certain guidance for investment operations.

(2) The necessity of risk management

If there is no awareness of risk management in the investment market, funds will be in crisis and profit opportunities will be lost. Mainly reflected in the following aspects.

I can reduce the risk rate of investment

Using risk management, you can allocate funds reasonably and effectively, reduce losses to a minimum, minimize risks, and create more profits. Chance. In order to achieve the purpose of reducing investment risks.

II helps maintain a good investment mentality

This is crucial. In the process of capital operation, it is inevitable that mistakes will cause capital losses. If risks can be reasonably controlled, it will help maintain a good investment mentality when losses occur, reduce blind operations in panic, and reduce the possibility of continuous losses.

(3) Implementation of risk management

Ⅰ Formulate reasonable operation plans and programs based on the capital situation

Before the operation, make reasonable plans based on the amount of funds. Control the proportion of capital operations, leaving room for maneuver and opportunities for losses caused by incorrect operations.

Ⅱ Customize an appropriate operating style according to time conditions

Each investor has different operating time. If you have enough time to watch the market and have certain technical analysis skills, you can obtain more profit opportunities through short-term operations; if you only have very little time to pay attention to the market, it is not suitable for short-term operations. You need to carefully find a more reliable intervention point with a longer trend and hold it in the long term. When the cumulative profit is large, you can exit and cash out.

Ⅲ Establish a good investment mentality

You must have a good mentality to do anything, and investment is no exception. When you have a calm mind, your thinking is often clearer. Only when you can objectively view and analyze market fluctuations can you operate rationally.

Ⅳ Establish operating discipline and strictly implement it

The market is changing every moment, and the ups and downs of the market will make investors have a fluke and greedy mentality. If there is no establishment of Due to operating discipline, book profits and losses can only fluctuate with market changes. Without timely stop-profit settlement, there will be no actual results. The initial profit may also turn into a loss, which will lead to a disordered operating mentality, affect objective and ideal analytical thinking, and ultimately lead to failure step by step. Therefore, it is very important to establish operational disciplines and strictly enforce them.

Several common psychological misunderstandings of gold investors

Maintaining a healthy investment psychology is the key for investors to win in the investment market. Maintaining a healthy investment psychology is a necessary condition for investors to gain a correct understanding and correct practice of the market. Good psychological quality can enable investors to exert stronger thinking ability and higher efficiency, make timely, objective and accurate analysis and judgment on changes in fundamentals and technical aspects, formulate more scientific and reasonable operating strategies and Strictly enforce. Otherwise, losses in the book amount due to market reversal will cause strong interference and damage to investors' analytical thinking and operations, making investors' thinking and feelings narrow and rigid, at a loss, and difficult to maintain a rational and objective attitude to adapt to the ever-changing situation. The market conditions have led to repeated errors in judgment and chaotic operation steps.

All investment processes can be divided into three links: market awareness, market analysis and actual operations. The specific investment process is a process of repeated cycles and continuous improvement from understanding and analysis to practice, and then from practice to learning. Investors generally make mistakes due to thinking and mentality when entering the investment market. They must go through the following stages, which can also be said to be the process of investor growth:

The first stage is pain. During this period, investors often enter the market in a hurry without fully understanding the market and without the ability to analyze it. That is, they skip the understanding stage and directly enter the practice stage. This is very dangerous. Many new investors enter the market here. Continuous operational errors at this stage caused huge losses in the book, which was very sad. Unfortunately, this situation is often unavoidable.

In the second stage of learning, after the first stage, investors realized the importance of analysis through repeated failures and mistakes, temporarily slowed down or simply stopped operations, and began to Strengthen your knowledge and arm yourself, and try to improve your analytical skills through books, consultations and other channels in order to change the situation of frequent losses in the past.

The third stage is the confusion period. When investors go through the learning stage, they are full of confidence and believe that with analytical skills, they can dominate the market and show off their skills. At this time, if investors apply the knowledge they just learned intact, they will certainly gain something, but their deliberate obsession with theoretical knowledge will cause investors to lose their instinct of flexibility. Once you make a mistake, you will have a narrow chance of life and death, and there will be a situation of small wins and big losses, but the result will often still end in failure. After learning, losses still occurred, which made investors confused and at a loss.

In the fourth stage of decision-making, if you still lose money after studying, you will begin to doubt the market or feel that this investment market environment is not suitable for you. But he was unwilling to leave the market with a loss and decided to make a final attempt to verify his doubts.

In the fifth stage of maturity, investors who have gone through the decision-making period will only have two outcomes. One is to completely lose confidence in the market and give up completely; the other is to feel the inherent laws and trajectories of the market after experiencing various trials, and the operating situation gradually improves, and the confidence continues to increase. Be able to effectively apply theoretical analysis to practice and continue to figure it out in practice, thereby forming your own perfect investment philosophy and operating mentality. Entering the mature stage, the return on investment will also continue to increase.

Investors will have various psychological misunderstandings during actual operations, which will lead to operational errors and serious losses of account funds. Therefore, it is crucial to understand and overcome pathological investment psychological misunderstandings. Below we analyze several common psychological misunderstandings.

① Blindly following the trend

The gold market is affected by many complex factors, among which investors’ following psychology has a great impact on the market. Investors with this mentality are afraid of falling behind when they see others buying or selling one after another, so they also buy or sell in a hurry. This is what we usually call "chasing the rise and killing the fall." Under the influence of the psychology of following the trend, once some unexpected event occurs, such as a terrorist attack, the price of gold will be unbalanced in the market power due to the operation of groups to follow the trend, which will lead to violent price fluctuations. This will often attract those who are making trouble in the gold market. People with bad intentions will often be swallowed up by these people and regret later. Therefore, investors must establish their own awareness of buying and selling gold and cannot follow the will of others.

②Undecided

Investors with this kind of investment mentality originally made plans and considered investment strategies before buying and selling gold, but when they are influenced by the "herd mentality" of others, "The influence of "When entering the gold market, you are often unable to form a good investment portfolio. If there is any trouble, you cannot implement your own investment plan.

For example, investors have discovered in advance that the price of gold they hold is high, which is the time to sell a certain currency, and they have also made a decision to sell gold. But on the spot, when he heard other people's comments that were different from his own, his decision to sell gold immediately changed, thus giving up a good opportunity to sell gold. Or, investors have seen in advance that the price of gold is low and it is a suitable time to buy, and have made an investment decision to take advantage of the low price. Similarly, when he came to the scene, he saw gold sellers huddled together and selling gold one after another. Seeing this scene, he backed down and gave up the decision to enter the market, thereby losing a good opportunity to make a fortune.

There is also a situation where you have no intention of entering the gold market beforehand. When you see many people entering the market, you can’t help but feel itchy and cannot withstand the temptation of this atmosphere, so you make a small move. Wise investment decisions. From this point of view, the indecision is mainly due to the inability to make judgments and missed opportunities at critical moments.

③Endless desires

It is natural for investors to want to obtain investment returns, but they should not be too greedy. Sometimes, investors fail due to excessive greed. Take advantage of everything and never give in. Such greedy speculators are not uncommon in the gold market. They don't want to control, and they can't control their greed. Whenever the price of gold rises, I always refuse to decisively sell the gold I hold. I always encourage myself in my heart: I must persist until the last moment of victory, and don't give up more profit opportunities! This often gives up an opportunity to sell gold. Whenever the price of gold falls, they are reluctant to buy it, always hoping that the price of gold will fall again. Although these investors have different forms of expression compared with investors chasing ups and downs, they have one thing in common, that is, they cannot control themselves. This kind of endless desire will actually make the profits that have already been obtained come to nothing. They only think of high returns in high risks, and rarely think of high risks in high returns.

Therefore, we can learn from the following motto: Both short and long positions can make money, but greed cannot. Therefore, I advise you not to be greedy and always envy the luck of others. You should believe in analysis, believe in your own judgment of the economic situation and the general trend, and act decisively. There is also a famous saying in the U.S. foreign exchange market: Both bulls and shorts can make a fortune in the Wall Street securities market, only the greedy are the exception.

④ Treat the financial market as a casino

Gold market investors with a gambling mentality always hope to make a fortune. They can't wait to seize an opportunity so that they can make a huge profit. Once they make a profit in the gold market investment, they will most likely be dazzled by the victory and raise their bets like gamblers. They can't wait to bet all their wealth and life on the gold market. Until you lose everything. When the gold market fails, they often risk their lives and invest all their funds in gold. Most of these people end up bankrupt.

So, the market is not a casino. Don’t be angry or dizzy. You must analyze risks and establish an investment plan. Especially when people with gambling behavior buy or sell a certain currency, they must first establish an investment capital ratio.

⑤Hesitation leads to missed opportunities

Some investors have already made investment plans and strategies in advance, but when they enter the real gold market, they are confused by the external environment. Around. For example, he decided in advance to buy gold immediately when the price continued to fall, but when he saw the market, everyone was selling, and he retracted his hand in buying gold. There are also people who have no plans to buy gold at all, but when everyone rushes to buy it, they can't resist the temptation.

There are also some people who have been waiting for cheaper and more substantial gold, and seem to think that all the current gold (even when the general trend is rising) is not worth buying. It should be cheaper before entering the market. As a result, the higher the price, the higher the price, and the longer you wait, the less likely you are to enter the market. As a result, the price of gold doubled several times, but he waited for the whole process in vain.

Mirror analysis of the situation and missing buying and selling opportunities are closely related. Investors often miss good opportunities precisely because they misjudge the situation. Changes in the political and economic situation often have an impact on the gold market. Therefore, when investing in the gold market, one should not only pay attention to the dynamics of the gold market, but also pay close attention to the local and international political and economic situations. Combine an estimate of the situation with a technical analysis of gold price trends. In this way, buy or sell signals can be captured in time. Take practical actions to buy when you need to buy and sell when you need to sell.

⑥Dare to lose but dare not win

Please remember that when entering the gold market, you should first be confident. Many investors buy gold, and after it rises for a period of time, they can't wait to sell it to make a profit. They believe that money is only safe if it is in their pockets. But they ignored the reasonable value of gold.

Generally speaking, the market price of gold may not fully reflect the true value of gold. Therefore, after some investors sell gold, the price of gold continues to rise. And it often shows that the price rise after the sale is greater than the rise before the sale. According to general international practice, it will also increase several times. Therefore, we cannot close when the market is good and sell when it rises. The decision to sell must be made based on the price-earnings ratio. However, some gold has risen excessively. Once bought, the currency price will definitely fall. The strange thing is that most investors will insist on holding on to this situation.

Many people invest in gold and often make very limited profits but lose a lot. One of the important reasons is the fear of winning.

⑦Unnecessary Panic

Affected by certain environmental factors and hearsay, some gold investors lose confidence in the future of the gold market and feel panicked, so they sell desperately. gold in hand. Many experiences in the gold market show that unnecessary panic is often a false alarm. But under normal circumstances, many selling trends are often deliberately set off by some large investors or other people. He released bad news and caused selling in order to lower the price of gold and then take the opportunity to buy, or cash out to transfer funds. If ordinary investors generate unnecessary panic and sell a large amount of gold they hold, they will definitely suffer losses.

So, as an investor, you must remain calm in the face of adverse news and carefully analyze the reliability of the news. If it proves true. It also depends on whether the impact of this news is long-lasting or temporary. If it is the latter, there is no need to sell the gold in hand.

⑧Indifference

After buying gold, some investors just ignore it and let it develop naturally. Sometimes they even entrust their relatives, friends or agents with full authority to operate, and rarely intervene themselves. This approach can still make some money when the gold market is in a general trend. If it is in a downward trend, it will inevitably lose everything.

Therefore, as long as you buy gold, you are a member of a certain gold market and should always pay attention to the dynamics of the gold market. If you care about your own gold, don't trust your relatives, friends or brokers too much, but trust yourself and have your own judgment and entrustment requirements.

⑨Don’t dare to lose

In the gold market, which is full of competition and risks, there are neither generals who always win, nor soldiers who always lose. The key is to adopt a flexible response strategy as the gold market changes. When the general trend of the gold market falls, don't be entangled by the losses, but make a decisive decision and reluctantly give up. Some investors always have the mentality of "dare not lose". When the price of gold rises and they make a profit, they are happy. Once the price of gold falls, we always hope that it will rise soon, without analyzing the general trend of gold at all, and some take it for granted. In fact, this is just self-deception. The one who suffers in the end is himself.