Hello, how should I choose what currencies I want to trade? Do I have to click through every single one every time to decide which are the best to trade that day?
I heard about currency strength indicators. Should I get one? If yes do you know any that are free for MT4?
Suggest you work your way thru pipschool, some of your questions can only be answered by yourself
I agree. Go through the school. Are u just looking for a EA to do it for u or do u want to trade yourself.
This depends on your strategy. Different traders can have very different opinions about this. I simultaneously trade 20 pairs with long term positions. Why? Because I don’t know today which of these pairs will produce the best price move over the coming months. If I choose some particular pair, it may give me nothing but a series of whipsaws while some other pair produces a move that would have been very profitable. So I diversify the pairs I trade and trade all the major currencies against one another and some exotics as well.
May the forx be with you.
-Adrian
Yep. I agree with Adrian. It is all about your strategy. I’ll tell you what I do.
I keep track of all the 8 Major Currencies. 28 different pairs. And I will only trade the ones trending high on the weekly time frame. So, that means I keep them for open for sometime, days to weeks.
It is smart to match which time frame you are determining trend (if that’s your angle), to how long you will keep them open for.
Of course this should all be spelled out in the strategy.
Read.
Get smart.
It’s gonna take some time.
Mike
As a beginner you can trade on or choose currencies that are highly liquid and mostly traded in forex .There are actually 8 currencies that most trader go for. And you can read more about these currencies so as to have more understanding.
If you look at fundamentals, you can choose to pair a strong currency with a weak one.
I strongly advice you to read some good education materials because seems you practically don’t have a clue about trading. And practice on demo account first, to avoid much losses on real account