Hi guys. I’m rookie. I decided to try trading. Could anybody recommend the best pair of currencies for beginners, more reliable? What I have pay attention on?
TY
Hi TY,
I would say that it kind of depends on how you trade or would like to trade. ie. the time you have available etc etc.
Overall though, I would say there is one thing which basically applies to most traders and that is, volume is good, volitility is bad. So… I would say that USD major pairs are probably your best bet [no pun intended!]. Stay away from exotic pairs and more importantly, be very very patient… it takes time to learn.
Kind regards,
Josh
[B]This NZD/CAD trade from the 27/05/2012 has just closed at a 431 pip profit. [some of you may have had more]
REMEMBER, these are only old trades, no new trades will be posted up on this thread.[/B]
Dean, mark and mickael, I have replied to your emails.
Ive just been reading through other peoples threads and im yet to find one that seems to be profitable!?!?
A few seem to have very high view counts and replies, but sooner or late accounts seem to be margin called repeatedly!?!?
Im not interested in naming names with regard to whos not making money, but who else is actually proven to be making money overall/longterm?
Thanks
Anyone?
Who else is actually proven to be making money overall/longterm?
I do find it very strange that people seem to trust others for Absolutley no reason, without any proof of ‘expertise’ etc.
This isnt aimed at any single individual, it’s just a general comment on how I think it’s really quite damaging that newbies will trust long, high view count threads that have zero merit. It’s hard enough learning to trade, don’t make it harder by trusting people that don’t deserve it.
Not wrong Josh. I read lots of threads and trading ideas, and it’s great that people share their ideas, but I’ve learned not to duplicate the trade unless 1) I understand what they’re talking about, 2) I agree with them!
To answer your question on profitability - no, I’m afraid I’m running a loss, although I’ve not been ‘live’ for very long so early days 
I had a couple of big losses which I should’ve cut dead a lot sooner than I did, and looking back the trades didn’t fit my entry requirements anyway! So why did I take them? cos I followed someone else’s suggestion!!!
I consider it a cost of learning. Building my account back up now with the help of some well calculated long term positions, and building in correlation like you suggested, so “this time next year rodney…”! (if you’re not british, google that!)
…we’ll be millionaires! Big Only fools and horses fan. 
Yes, I agree sharing ideas etc is great and babypips is invaluable, it really is. However, I think that a lot of newbies think that there is a short cut or some sort of crystal ball/‘holy grail’ [as this section of the forum is called] to be found on forums like this. There isn’t.
There is no substitute for hard work and patience.[B] There is no quick fix.[/B] It is a skill like any other that has to be learnt over time. It takes literally thousands and thousands of hours to get to a point where you are constantly profitable with a proven system and as a result can give up work and become a professional trader.
With regards to your trading Nick, losses do happen, that’s totally normal. As long as you system is proven and risk management is properly followed you should be fine. The problem comes when people start to trade live without a proven system thinking that for some magical reason that all the previous losses and months or years of losing money with some how turn into profit if they just take that leap and go live. Basically doing it out of frustration, impatience and a blind hope that the market will be good to them… it wont. lol.
I have replied to you email Mauricio.
Hows things been this week nick? Any better for you?
Thanks for showing interest Josh.
Definately better.
Now taking less trades in consideration of past experience along with some pointers you’ve given me (and I have a job that gets in the way), so this weeks trades are few, but my bag of pips this week looks like this:
AUDCAD win +50
EURUSD loss -13
EURJPY win +149
this is about 4% account profit.
and still open from a couple of weeks back:
EURAUD currently at +348pips - my target on this is the year low at 1.60. Maybe a bit optomistic so I’m trailing it at a sensible distance.
Hi Nick,
Glad to hear that, well done.
That was a good week, just keep doing that and you can say goodbye to that job that keeps getting in the way!
With regards to the EUR/AUD longterm trade, I am in it also, doing an almost identicle trade! Well picked [I hope. lol].
Shorting the EUR/AUD like you and I are, should mean that you have taken into consideration the EUR/CAD longterm, as they are quite highly correlated and if you had entered a short at a similiar time as the EUR/AUD you would have about double the pips!
Overall, very good Nick! Your learning fast.
hello everyone. New to this thread. Would like to join the party…am i late ?
Hi Pipstages,
Your not too late. Please feel free to ask any questions.
Regards.
Josh
I don’t see nay signal’s in here. Where can i find em ?
Josh
Yes and no to EURCAD.
Yes it was a correlation I considered but no I didn’t take it. Main reason was looking at the AUDCAD chart which is enjoying a strong uptrend so suggested EURCAD hasn’t got much downward pressure.
Because of this I’m trying to day trade on AUDCAD long using a rsi cross but I keep missing the entry signals cos I’m flat out at work!
Hi Nick,
Do you mean the EUR/AUD? Because the AUD/CAD isn’t correlated against the EUR/CAD longterm.
Either way, its good that you are taking correlation into account. Most newbie over look correlation and pay the price.
Anyone trading more than one currnecy pair at a time should check its correlation for each trade.
With regards to the AUD/CAD, I would expect this to continue its uptrend in the short term, probably past 1.0500, but once above that there is serious resistance and its may pullback some 500 pips or so. However long term the bias is up, so if it can break that area of support and continue momentum, then it may continue on to the 1.0750 area.
No, I meant what I said, just maybe can’t explain my thinking properly… sorry!
Looking at the last 6 months, AUDCAD appears reasonably well correlated inversly to EURAUD, which suggests both EUR and CAD are weak against the AUD. So this makes me question whether EURCAD has any significant trend - and this is confirmed because when I WOULD have entered EURCAD (Oct 18) I’d have had to endure a 280 pip drawdown, and even now it’s only 100 pips in profit. - edit: reading that back to myself, it seems all I needed to do was time the entry better.
I’ve calcuted near-term AUDCAD resistance to be around 1.0480, so if the uptrend gets rejected off this price then that may be a time to revisit EURCAD short. My consideration is a lot about that falling resistence line off the Feb and August highs.
I do hope that makes more sense, otherwise it’s back to the drawing board for me!!!
I do see what you are saying.
There are good correlation calculators, which are pretty accurate that will give more precise data than what you get from just looking at the charts [see below]
Forex Correlation Calculator | Forex Correlation | Correlation Calculator
Forex Correlation
They are just 2 examples, there are lots of others, im not affiliated in anyway to either.
With regards to the AUD/CAD resistance, I see why you say that and im not saying your wrong, but bare in mind which levels are most important and carry most weight/momentum. The AUD has been going up against the CAD pretty steadily since the crash, a trend like this isn’t easily stopped.
Again, however, im not saying your incorrect, rather that if a level as low as that is strongly respected price does fall, then I would expect it to pass the last significant low, ie I would only expect a large sideways range, not a longterm down trend. This is where correlation comes in, what do other correlated pairs suggest etc.
Certainly not back to the drawing board for you, your heading in the right direction for sure.