Hello All:
I’m working my way thru Babypips school which by the way is fantastic.
I am also ready a couple of books on topic.
I’m about a three days away from completing and have already been getting familiar with how MT4 works.
Throughout my reading I keep seeing the advice to focus on a couple of pairs, at least initially.
Based in the UK I inherently have an interest in GBP pairs. I’ll be doing back testing on my first couple of trade plans, then demo account etc…
Anyone have a good way of identifying which GBP pairs might be good to start off with?
Cheers :59:
If you are a newbie you might be interested in GBPUSD, i really don’t trade that one becuase i like exotics but you might have fun with that one.
That’s certainly a good one, what would you say about GBPJPY as another? I was watching this one recently and seems to have some interesting moves!
Out of interest which exotics do you trade and why?
Thanks
I trade precisely that one. And i like it because it fits in my definition of exotic, it is not a common pair but is more volatile and can serve both as fundamental and technical. But it is not good for daytrading, 5 pips spreads is quite comen for this pair. But if you handle with swing or position trading you can trade this one with no trouble.
ok thanks. I’m not yet sure which trading style I will go for at the moment. The nature of my work is 50% at home but then 50% travelling. I feel split between Day Trading and Swing, or maybe switch between both as required.
Thanks for the tip, I hadn’t yet appreciated the GBPJPY spreads!
GBP/AUD, GBP/CAD and GBP/CHF… A setup is a setup.
Watch GBP/USD, EUR/USD, and EUR/GBP.
Trade whichever pair makes the most technical sense to you on the day.
Yes, you can go for GBP/JPY, GBP/AUD as well.
Thanks all