Hi, I am really confused regarding choosing the pairs, I’ve been jumping on multiple pairs analyzing them and before the entry I just switch pairs to find potential entries and I look for the pairs and by the time I come back, the setup has already played out.
My question is I want to narrow down my focus to few pairs which have a smooth price action, I don’t like gold as a beginner as it is all choppy, Can you please list a couple of forex pairs or Indices or both, Thank YOU!
Don’t think of what’s the best pair to trade. Go through all the pair and choose one. There’ll be one that suits your needs and your strategy.
I just trade two pairs: US30 & NDX. Sometimes Silver and WTI.
But you could be backtesting US30 or NAS or EU and that would be your best CFD or FX Pair. But all depends on you.
When I started everyone recommended me to trade EU because was the most easy pair to trade; I could not trade it, was so boring to me… so I started looking at Gold and I loved it. Then I discovered WTI and was just trading it after three months of backtesting. And now, just US30 & NDX
The currency pair to trade that is both the simplest and most steady is EUR/USD. Due to its low spreads and high liquidity, this currency combination is among the most popular ones among newbies
I thought the idea was to start with an open mind on Demo and try all the pairs ,maybe some commodities and indices too.Then make your own conclusions through testing.
That’s good, the analytical approach. Its not good enough to go for the biggest market and trust that your strategy will work best there.
It might be wise for anyone to demo trade pairs with contrasting characteristics, e.g. the most volatile and the least volatile, to see which one runs the strategy better.