I'm brand new and have a few questions pl

Beginner Questions
1

Hi guys,

I’m brand new to this forum and am currently testing out my FX strategy which is going ok.

I have a few questions if any generous soul feels like contributing please:

  1. Suggestion for the best reading resource on Elliott Wave and using Fib ext/retracements please? I have a bit of knowledge on this but would like something relevant to FX if possible. I do have a Science degree but want useful and not too high tech pl.

  2. I’ve been advised that GBP/JPY most volatile pair and best for intra day trading. Do you agree?

  3. Do most successful FX traders focus on just one or two pairs or cover the lot?

Thanks for any help given

2

Hi Trade
many traders try to harness the wild beast GBPJPY , and get burnt. I would not suggest this pair for a novice trader. The number of pair you trade will depend on your strategy. Some traders concentrate on one or two pairs others on many. You have to do what your strategy allows but be wary of overtrading
best regards
Dave

3

High Probability Trading Strategies by Robert Miner.

Great book. :slight_smile:

4

which pairs are easiest for beginners to trade?

5

Hi Doc
pairs all have different characteristics which you should spend time learning. The best pairs depend on your trading style but I would suggest that the majors are a good starting point
best regards
Dave

6

stick to on of the majors

eurusd, gbpusd, usdjpy usdcad etc

7

  1. Jamie Saettele at DailyFX.com does a lot of Elliott Wave analysis on the major pairs. Take a look at the technicals section.

  2. The GBP pairs in general are some of the most volatile: GBP/JPY, GBP/CHF, GBP/AUD, GBP/NZD (spreads will get wider as you go down the list)

8

Personally I trade only two pairs EU & GU. There is a corrolation between the two but GU is generally more volatile.

I only trade two pairs because I like to have 1h, 4h and day up on each pair with chart size two to a monitor.

The advantage to keeping the number of pairs traded small is that you really do get a good feel for whats going on and are better able to research each and track daily news.

9

Thanks everyone. All useful info. Cheers.