Currency pairs

Hello, Forex pros and newbies. Have a questions about currencies.
Do you trade with several currency pairs or concentrate on one or couple ones?

I usually focus on two, maximum three currency pairs at a time, though the exact currency pairs occasionally change. I don’t watch less because some of them aren’t suitable, at least to me, to trade at all times, and I don’t watch more because I would miss things if I were to watch too many pairs at the same time.

i cover 26 pairs, at any one time through out the week. i can have anywhere from 1 to 26 orders open

i prefer trading in major pairs like EURUSD and USDJPY but mostly restricted to 4-5 pairs at a point.

I only trade multi-day and through orders placed after the London close. This means I can view the charts of multiple pairs and always find an opportunity each evening, though I stick with the major pairs as the £ per pip cost to the stop-loss is then affordable. Many long-term trends in forex have evaporated in recent months so recently I find sometimes I am in a longer term (5-15 days?) position in a pair but also taking a shorter term (2-4 days?) trade in the same pair in the opposite direction as price bounces around.

Once the trade is open, I use orders to exit so I’m not tied to the screen.

How do you manage to keep track of them all? I admit I lose track if I have more than five positions open.

Don’t you use any fundamental analysis while trading them? Or… do you use technical only?

As I`m new in all of this, I would appreciate any kind of help :slight_smile: What are the best currencie pairs to trade, by your opinion? And why do you prefer that currencie pairs?

You can have 26 open orders!?

How do you account for overlapping positions and their implications for your total risk? For example, if you get simultaneous signals to go long EUR/USD and short USD/JPY, you ended up double short USD. Or if you were long EUR/USD and long USD/JPY you’d effectively be long EUR/JPY with perhaps a small residual USD exposure left over.

I mostly trade USDJPY, AUDUSD and EURNZD-great liquidity and spreads on them, but sometimes news can lead to me opening trades on USDINR or AUDJPY-when I can be confident enough

I am trading these pairs, AUD/JPY, AUD/USD, GBP/USD, EUR/JPY, EUR/AUD, EUR/USD. EUR/CAD . you can find out candlestick signals and pretty good volatile

years of practise…lol… serioulsy its not difficult

Perhaps you can share your experience with others here, explaining how you do it…with all your experience. That is the idea of this forum, after all?

i am sure with all your experience you could put your 2 cents in as well,
but in the mean time

how to follow multiple open orders,

1- get professionally trained in "order flow management"
2- get professionally trained in "time management"
3- get professionally trained in “project management”
*the above should take you 6 years full time if your good longer if not
5- then open your own business and run that for a minimum of 5 years
6-bringing us roughly too 11 years to complete, if your fast.
7- after you have completed the above successfully you would have gained the experience and knowledge you require to track multiple open orders.

simple once you have done the above…lol

Wow - you sound over qualified for this sir

I can get how an own business is connected to the 26 pairs

I suppose it’s a good analogy, useful too with transferable skills; but not essential for success in respect to that it must be done. At the end of the day everything here is open to interpretation, and it’s the qualuty of the interpreting that makes the difference.

Generally speaking, some pairs can be better than others. For Example , EUR/USD is pretty volatile and prone to random spikes , at least in my experience . USD/CAD , on the other hand , moves pretty smoothly. That said , it also depend on your strategy and what that strategy requires to be successful.

Well, I have updated my trading skill gradually and frankly when I opened my demo then I added only EUR/USD and GBP/USD trading pair, but right now I am active on Forex, CFDs, Indices and Metals! I have added new trading instruments in my live trading chart gradually in order to my trading performance! Whatever, I seem novice traders need to work with limited number of trading instrument!

It very much depends on your timeframe and your trading strategy. You’ll find more opportunities in the short term and so if you’re an intraday trader you can focus on fewer pairs (possibly even one). Interday you can afford to take on more positions and the opportunities will be fewer.

In terms of your strategy you should do your backtesting and determine what kind of pairs your strategy works on and try not to take on too many correlated positions. I look at 4-5 pairs and only open or close trades around the New York close (5pm EST, I’ve been working on this since the spreads are very high at this time)