You want to trade gold, you’ve installed MetaTrader 5, and every tutorial assumes you already know what a lot is. This is how to trade gold on MT5 the way I’d do it if I started again today: on a demo account, one small trade at a time, with the numbers worked out before you click. At the end, I’ll show you how to let a free EA trade it for you.
One thing first: gold moves fast and leverage cuts both ways. Everything below happens on demo until you’ve seen what a losing streak feels like. This isn’t financial advice.
What you need before you start
- MetaTrader 5 on a computer. The mobile app can trade, but it can’t run an EA. More on that below.
- A broker that offers XAUUSD (gold against the US dollar) on MT5. Almost all of them do, but the conditions change from one to another.
- Thirty minutes and the patience to place your first trades on demo.
Step 1: open a demo account in MT5
In MetaTrader 5, go to File, then Open an Account. Search for your broker, choose a demo account and fill in the form. Pick a balance close to what you’d really trade with. A $100,000 demo teaches you nothing about a $1,000 account, because every loss looks tiny.
The broker matters more for gold than for most symbols: spreads, the number of decimals and the leverage you get on XAUUSD all depend on it. The one whose gold data I use for my own tests is Axi. Affiliate link; I may earn a commission if you open an account through it.
Step 2: find XAUUSD and read its specification
Open the Market Watch window (Ctrl+M). If you don’t see XAUUSD, right-click, choose Symbols, search for “XAU” and show it. Some brokers call it GOLD or add a suffix like XAUUSD.r.
Now right-click it and open Specification. Three lines matter:
- Contract size. At most brokers one lot of gold is 100 ounces, so 0.01 lots is one ounce. Check yours, because some use a different size.
- Digits. Usually two decimals (4,136.25). That’s how your stop distance is measured.
- Trading hours. Gold trades almost 24 hours on weekdays, with a short daily break.
With 100 ounces per lot, the maths is simple: at 0.01 lots, every $1 gold moves is $1 on your account.
Step 3: work out the lot size before the trade
This is where beginners lose money on gold, before the trade even starts. Two numbers, and they’re not the same thing.
Your risk is the stop distance times the ounces you hold. A stop $10 away at 0.01 lots risks $10. The same stop at 0.10 lots risks $100. Decide the money first, then the lot.
Your margin is what the broker holds while the trade is open: price times ounces, divided by leverage. With gold around $4,100 an ounce, as it traded in October 2026, one ounce at 1:20 needs about $205. At 1:500 it needs about $8. Leverage changes the margin, not the risk. A $10 stop is still $10, whatever the leverage.
That 1:20 matters if you live in the EU: it’s the maximum for gold on a retail account with an EU-regulated broker. On a small account, a few open trades can use most of your margin. I went through the account sizes in how much money you need to trade gold with an EA.
Step 4: pick your hours
Gold doesn’t move the same all day. It’s usually busiest when London and New York overlap, and quietest late in the US session and overnight, when spreads also tend to widen. Big US data releases can move it several dollars in seconds. I explained why timing matters so much in session-based gold trading.
Step 5: place your first trade, with a stop
- Open an XAUUSD chart and press F9 (New Order).
- Set Volume to 0.01.
- Fill in Stop Loss and Take Profit as prices, before you send the order.
- Click Buy or Sell, then check the trade in the Trade tab of the Toolbox (Ctrl+T).
Never open a gold trade without a stop loss. A position with no exit can turn a normal pullback into most of your account, and gold has plenty of normal pullbacks. You can drag the stop and target on the chart afterwards, but have them there from the first second.
Step 6: write down 20 trades before you judge anything
For each trade, note the time, direction, stop, target, result and one line on why you took it. Twenty trades won’t prove a strategy, but they’ll show you your own mistakes: moving stops, trading the news by accident, sizing up after a loss. That log is worth more than any indicator.
Can you trade gold on MT5 mobile?
Yes, manually. In the app, add XAUUSD under Quotes, tap it, choose Trade and set the volume, stop loss and take profit the same way. It’s fine for checking positions and managing a trade on the move.
What the app can’t do is run an Expert Advisor. EAs only run on MetaTrader for desktop, so if you want one trading while your computer is off, it has to run on a VPS. I use ForexVPS for that. Affiliate link.
Step 7: let an EA trade gold for you
Once you’ve placed trades by hand, an EA makes more sense, because you know what it’s doing. The steps in MT5 are always the same:
- Download the EA file (.ex5).
- In MT5, go to File, Open Data Folder, then MQL5, Experts, and paste it there.
- In the Navigator (Ctrl+N), right-click Expert Advisors and choose Refresh.
- Drag the EA onto the chart it was built for, tick “Allow Algo Trading” and press OK.
- Make sure the Algo Trading button in the toolbar is on.
If you want one to practise with, mine is free: the DoIt Gold Portfolio Module. It’s the XAUUSD H1 strategy from my portfolio EA, with an automatic stop loss and take profit on every trade, and daily loss and drawdown guards at account level. At 0.01 lots its average stop is around $18, and its worst historical losing streak around $138. That’s why I’d run it with $1,000 or more, or on a cent account. With $200 at 0.01 lots, a normal losing streak looks like a disaster; that’s the account being too small for gold, not the EA failing.
What to expect in the first days, and what not to touch, is in your first week on demo with the free gold EA. And before you trust any gold EA with real money, mine included, run these checks.
How much of your money should one gold bot carry? I answer that with a real example in Gold Trading Robot for MT5: One Bot, All Your Money?
From demo to real money
Move to a real account when three things are true: you’ve seen a losing streak on demo, your rules didn’t change during it, and the lot size you’ll use risks money you can lose without changing how you trade. Start with the smallest real size, not the size you used on demo.
Where you open it depends on where you live. On a small account, the EU’s 1:20 on gold can be the real limit; brokers’ international entities offer more leverage, with less investor protection than an EU-regulated one. One option there, if you’re eligible, is IC Trading. Affiliate link. If you’d rather trade allocated capital than your own, read the rules first: Axi Select, for example, only allows a third-party EA for generating signals, with trades placed manually.
I test gold EAs, mine and other people’s, and I share what breaks. Join the DoItTrading newsletter to get the next one.
How to trade gold on MT5: the short version
- Open a demo in MT5 with a balance close to your real one.
- Show XAUUSD in Market Watch and read its contract size, digits and hours.
- Decide the money you’ll risk, then the lot: stop distance times ounces.
- Trade when gold is active, and stay out of the big US data releases until you know them.
- Every trade with a stop loss and a take profit, from the first second.
- Log 20 trades before you judge anything.
- If you automate, run the EA on demo first, on a computer or a VPS, never on the phone.
Trading gold with leverage involves a high risk of loss. Demo results don’t guarantee real results. This is not financial advice.
Frequently Asked Questions
How do I trade gold on MT5 for the first time?
Open a demo account in MT5, find XAUUSD in Market Watch and read its specification, decide how much money you’ll risk, then press F9, set the volume and place the trade with a stop loss and take profit. Do your first trades on demo.
What does 0.01 lots of gold mean?
At brokers where one lot is 100 ounces, 0.01 lots is one ounce, so every $1 gold moves is $1 on your account. Check the contract size in the symbol’s specification, because some brokers use a different size.
How much money do I need to trade gold on MT5?
It depends on your stop and your leverage. With gold around $4,100, one ounce needs about $205 of margin at 1:20 and about $8 at 1:500, but the risk is the stop distance times the ounces. For the free gold EA at 0.01 lots, I suggest $1,000 or more, or a cent account.
Can I trade gold on MT5 mobile?
Yes, manually: add XAUUSD under Quotes and trade it with a stop loss and take profit. The mobile app can’t run an EA, so an automated strategy needs MT5 on a computer or a VPS.
What is the best time to trade gold?
Gold is usually most active when the London and New York sessions overlap, and quieter late in the US session and overnight, when spreads also tend to be wider. Big US data releases can move it sharply in seconds.
Is XAUUSD the same as gold?
Yes. XAUUSD is gold priced in US dollars. Some brokers list it as GOLD or with a suffix, but it’s the same market.
