Hi
I know that there are a ouple of pairs that are regulary traded , dollar , EURO , cable ETC
But, lets say the main pairs are a bit flat , youve done your fundemetals and you hear another pair is moving a bit
Is there any reason that we cant trade other pairs ?
The reason is ive done this whilst Demo trading and done OK
Forex Wales:confused:
Nobody is going to reprimand you if you decide to camp other pairs. You do need to be careful though, since some pairs move quite differently from what you’re used to, for example eurchf.
It’s safer for you to trade the pairs that you’re comfortable with. After all, that’s your comfort zone. You know how the pairs react to certain news, how they move, how they behave when they get to their respective support/resistance zones. You could always trade other pairs but it’s recommended that you trade with smaller lots with tighter stops since you’re stepping out of your comfort zone. Once out of your comfort zone, the probability of making mistakes is quite high.
the spread outside of the major or commonly traded pairs is often prohibitive for a trade intraday. Should you only focus on large timeframes, then i think it is less a problem, if the move is sufficient. I dont like to trade pairs with more than 3 pips spreads though, only GBPJPY occasionally, if the set up is strong…