Hello do you have different styles of trading for specific pairs .hope it doesn’t sound a stupid question as we both been trading a while just curious . They are certain pairs I’m more interested in ,also USD/EUR I don’t even look at the chart .
I have fixed trading pairs like EURUSD, GBPUSD & USDJPY! In addition, I have no plan on the exotic trading pairs!
chart analysis will be enough
Define trading styles. My strategies trading on different breakout levels at H1 chart. Others currency pairs ( and approach ) and gold are in preparation.
So, do you want to trade this pair, but you don’t know how to do it?
Which pairs are you trading consistenly profitable?
Hello this is my analysis, I hope you understand my chart, because I’m still a newbie.
Know the difference between commodity currencies and risk on and risk off currencies. One of the benefits to trading forex is the volatility between pairs and the ability to focus on only a few. When doing so be sure to choose liquid risk on and risk off pairs as well as a few commodity pairs.
Hopefully this helps. Also, not all currencies are created equal some are high priced and some are low priced. For instance I would rather make 100 pips on AUDUSD than 100PIPS XAUUSD. Make sense? Its like comparing Apple to Ford which stock would you rather make a $1 move on?
one word - diversify
ok, how is your win ratio in percentage?
50% win ratio with a 1:2 until 1:3 RiskRatio . I think some people must around 60-70%
Select a few pairs based on their trends. Start with major pairs and some crosses and test them. See how you trade them and choose the one you feel comfortable with. EUR/USD is more preferable to begin with.
Thanks for the reply,So your "purely a mechanical trader " ?Dose the set up always have to fit a criteria.I might close a trade on Friday afternoon GMT but do a short trade say late New York session, due to market conditions…Fridays after the “storms” I find at times are profitable times to trade… Through experience I’ve chosen not trade EUR/USD it even less predictable than the other pairs .Im not keen on trading the majors apart from USD/AUD
After reading some answers from friends here. I finally understand, I don’t need to directly analyze the existing 28 Leading pairs. I only have to start from 1-3 currency pairs first then add them as my skills increase and based on the results of the strategy, backtesting on the demo account.
Sorry bad English
50% with this RR is ok, higher win ratio (60%-70%) usually means that strategy has been created with negative RR ( 2:1. 3:1).
My EA’s are building from indicators with defined entry, exit point and money management, so this is a mechanical approach. Predictable behavior your strategy is depending on from how you are building and testing this strategy, not from currency pair.
Yes you have years experience as well as knowledge pips
There are a number of other factors that include defining entry exit points, technical analysis, stop-loss levels and fundamental analysis.
it is a fact, what is the purpose of your reply?