Hello Guys, Can you give a tips or basic method to screen your forex pair to trade? Or do you have fixed pair you always trade?
Hi, I build strategies on several pairs and stick to them. Regards Greg
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which pair is more appropriate for you, it depends on your trading condition , if love doing scalping should choose the pair which has most competitive lowest trading spread’s.
I trade with standard major pairs including GBPJPY and EURJPY., for now, I rely on indicators for screening but often get fakeouts, and sometimes in the middle of the trading process 20-35 pips the pair returns and finally get a stop loss.
Do you have suggest easy pair for beginners with no sudden spike, it scared me?
Which time frame do you trade?
H1 for entry and H4 for see the trend, support and resistance level.
ok, can you send print screen a couple of your trades?
Its rare to find a serious successful trader who uses technical indicators to generate entry signals.
Maybe they can be useful as confirmation or as “stay out” signals.
any kind of trading strategies can be useless if there is no perfect money management.
Without good strategy, the best money management don’t help you.
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Go for major pairs. They are liquid and less complex. EUR/USD and USD/JPY are good pairs to get started with.
Of course, I have a fixed trading pairs list on my live trading! Before selecting any new trading pair, I always check the result on demo, if I get a consistent return, only then I add this pair on my live!
You can use any pairs on demo; but don’t add any new trading pair so directly on your real account! Besides, try to understand it’s winning ratios based on your system!
What do you want? Trade history or chart analysis?
So what does it take to be a successful trader besides using technical analysis?
Do they have a data recap regarding the fundamental condition of a currency?
So, first you test a pair on a demo account. If it turns out that you can make regular profits, will you add the pair to your watchlist?
Does each currency pair have its own analysis technique?
I gauge the strength of a currency in a very simple way using the 28 leading pair charts. for each currency in the pair I give the base currency 1 bullish point if price is above the 50EMA and the counter currency 1 bearish point.
Each currency features in 7 charts. The currencies may score between 7-0 and 0-7, 7-0 being the strongest v’s the other major currencies and 0-7 obviously being the weakest.
The international banks identify which is the strongest currency for us because they have enough money collectively to move price. The price charts are their finger-prints. I let them do all the fundamental analysis and economics.
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