Where can the uninformed learn this? Any good resources other than “Google it”? Thanks!
I look at 27 pairs daily for an entry. When my entry presents itself I take the trade. After having journaled all my trades I have had a higher success rate with non USD pairs. If I see a strong set up on a USD pair I often will take it if it feels right but I have had more failed trades with USD pairs.
Also, if you believe in institutions manipulating currencies the USD would be much more likely to have institutional involvement as that is where the majority of Spot forex money lies. (Stop loss hunting as an example.) That type of thinking may seem too conspiracy theory like and very well maybe.
Ultimately I have just seen more success with non USD pairs.
Well, if your data and trade performance backs it up, to each their own. The gains is what we’re all lookin for, right?
Do you record only the trades you take, or also the ones you don’t?
Absolutely! All about getting and maintaining a positive P/L long term!
So far just from back testing and journaling. That is a good idea though to track potential trades even if I don’t take them. Thanks for that idea!
What’s your journal look like, if you don’t mind me asking? Just the raw trade details/numbers, or do you record though process and how you were feeling, what you were anticipating, where things could go right/wrong?
Seeking the best pairs to trade suggests readers of the his thread are intra-day traders or maybe even call themselves scalpers.
Stop doing this. Intra-day trading attracts the majority of new traders as it appears easy and low risk, and these guys often are time-rich and capital-poor. It is maybe the single most important reason for the very poor success rate amongst traders. Don’t go intra-day until you are profitable longer-term.