First time poster. Looking for some tips and advice.
I’m 6 months in trading the forex markets and was hoping to get advice on the best way to trade the GBP pairs (specifically, GBPUSD, GBPAUD, and GBPJPY). Since I have a regular job, I normally don’t have time to check my charts on an hourly basis. How should I approach the GBP market: Scalp and avoid getting whipsawed out or Swing and hold the position for a longer term basis?
Thank you all for your help in advance!
I would also like to know the best way to trade GBP/USD in the ASIAN market time frame because it seems to defy market sentiment by being mostly contrarian every time I risk a trending trade.
My biggest loser out of all the 28 pairs - and GBP/JPY is close behind.
UGGGH.
Honestly, If you want to scalp, its important you spare time for it, else better do swing trading.
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If you have a full time job i would advise going for swing trading. You can do your analysis for a long term view and match your trade accordingly. You just need to manage your risk as your stop losses in pip value will be higher but that doesnt mean your percentage risk changes. So use a position size calculator to make sure no matter the pip amount your still risking only 1-2% max.
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GBP right now is being pulled and pushed about by rumours and tweets every day to do with Brexit. Its not going to follow normal TA like trends until this episode is over.
After that, remember that spreads are far wider and margin deeper on GBP/AUD than a GBP/major pair. GBP/JPY has a nickname - The Beast - this is because it is so volatile, maybe something to set aside for later until you have more experience with successful technique.
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Ah okay, I’d feel much more comfortable going the swing trade route. Scalping might be too risky as I keep getting whipped out of the trade during my day trading.
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I’ve noticed that about GBPJPY. I do much better with GBPUSD and GBPAUD than with GBPJPY.
Go for swing trading as scalping requires more regular concentration which you might not be able to spare with your job. I am only 21, studying college and everyday keep myself free for trading between 9 and 12, I scalp the hourly timeframe using turnkeyforex’s mt4, also admiral markets sometimes, and I have noticed that if I go away for sometime (desite using paid bots) I lose out on good timing.
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That’s true, right now I am working on understanding how the GBP pairs move, even though Brexit is something I should consider. But I do watch the Economic news reports on here before entering a trade.
Anyone currently trading with GBP pairs? Would like to know if scalping is better than swing or should I stick to scalping since I’m good at it?
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Right now I am staying away from long-term trading the GBP pairs as much as I can. They’re a mixed picture - though mostly bullish there are better opportunities from AUD, JPY, NZD and USD. GBP prices can bound around a lot due to rumours and news on Brexit - 12 days to go.
That could actually be very good (though challenging) for scalping if you’re decisive and agile.
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I noticed that about GBP this week when trading it. It seems to me that scalping it may be better. But I’ve actually had better success with AUD, JPY, and CHF (specifically EURCHF).
I think swing trading is better than scalping. Swing trading is more likely to be profitable.
If time’s an issue then definitely stay away from scalping. Swing trading would be better for you. Also, make use of EAs to set your entry and exit so you don’t have to actively monitor your position.
If you’re good at scalping, stick to it bro.
As you have a regular job and no time to watch charts, I would suggest you to go for swing trading so that you can hold the position for a longer term.
Swing trading can properly maintain 1: 2 risk rewards. It is very unfortunate if the risk cannot be maintained by swing trading.
I would suggest you to choose Swing trading, it is the best suited trading style for people who work during market hours. You can hold your positions longer than a single day.
Do you not find during this pandemic that swing trading long term EG 1 month has been hard as the market have not moved the same as before the out break?
I think that is the way with any strategy. Follow one strategy and stick with it till the end is the mantra I go by.
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