How to identify pairs

Hello, I’m a 4-month new forex trader and I’m a little bit confused to identify pairs each day trading. Cause I know that most of them said that stick with 1 or 2 pairs only but how to identify that which pair should good moving in separate days? How to pick pairs for Monday to Thursday?

So shall I just stick with 1/2 pairs only or shall I check every pair to find out the best entry? Please looking for advice or suggestion. Thank you so much in advance.

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You need to construct a journal of your trades each day, your mistakes, successes, and profit and losses. Then you’ll have a basic structure of what pairs work for you and what pairs to avoid.

Yes the best approach in my view is to restriction your attention to 2-3 pairs, not only in particular days but all the time. You may spend some time trying different ideas on different pairs, it is mostly a trials and errors process. Positive experience will help you to filter out best pairs for you, it means your blind approach was successful and you found something that works for you.

For example I love to trade volatility and swings in market sentiments after news, you may find for example that Gold’s reaction to NFP and other US reports are much stronger than in FX pairs like EURUSD that could be moved by an inch by the release. Hence I start to build trading ideas based on this property of Gold price movements

It all depends on your strategy. If you’re a scalper you want high volatility pairs like GU and Gold. If you have a ranging strategy ranging pairs like EURCHF etc would suit or if you’re looking for trending pairs one would be AUDNZD. You have to match the pairs to your strategy

Thank you @steve369 :heart:

Thank you @CraigForex2020 :heart:

Thank you @ontario :heart:

I have to understand which pair would be better for me. If the agreement is correct, it is possible to trade with any pair. For example, I trade with 1 pair.

Whichever pair you pick stick to one pair and I know im always repeating this but Demo Demo and demo some more :ok_hand:

You can also use our MarketMilk tool to monitor strong and weak currencies. From there, you can drill down and see which individual pairs are moving.

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Thanks for the reply @Pippo and Yea I follow that. Thank you :heart:

Sure I’ll do Thank you :heart:

The best way to find the right pair is to make sure that the pair you choose fits with the strategy you intend to trade. Many new traders make this mistake of not matching their pairs with their strategy.

It’s not a pair that’s important to a degree it’s the opportunity that you are looking for. For instance if you are trading consolidations looking for breakouts, Then you could go through 5, 10 or 15 pairs looking for that specific situation.

Thank you @Glastonburyk I’ll keep that in mind :heart:

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No worries bro