Start with the fundamentals, then put them to work with the free calculators.
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Start with the contract, not the chart. Learn that one standard lot of XAU/USD is 100 oz, that a pip is 0.01, and that your risk per trade is set by lot size and stop distance. Then practise on a demo account until position sizing is automatic, because sizing mistakes cost beginners more than bad predictions do.
You need enough to keep risk per trade small relative to your balance, and that figure depends on your stop distance and lot size rather than a fixed minimum. At 1:200, a 0.10-lot position uses about $85.50 margin, but margin is not your risk: your loss is set by where the price goes against you.
One pip on XAU/USD is 0.01, and one standard lot is 100 oz, so a pip on a full lot is about US$1.00 before currency conversion. Scale that by your lot size: 0.10 lots gives roughly US$0.10 per pip. Our pip value calculator does the conversion into Australian dollars for you.
Leverage lets you control a position larger than your deposit, and 1:200 is the maximum available to Australian clients here, not a setting to aim for. It magnifies losses exactly as it magnifies gains. Use the smallest size that expresses your idea, and let the margin calculator show you what each lot size actually ties up.
Learn risk management first, because it determines whether you survive long enough to improve at analysis. Set a fixed percentage risk per trade, place a stop before entry, and record every trade. Technical analysis then has a fair test, since your results reflect the method rather than oversized positions wiping out the account.
