You guys, What kind of currencies mainly do you trade?
Mainly EURUSD and XAUUSD. Sometimes other pairs.
at most times I trade JPY/USD
Any reason for such kind of basic question ? Bit surprised here :rolleyes:
Major currency pairs:
EUR/USD
GBP/USD
USD/JPY
USD/CHF
USD/CAD
AUD/USD
I trade mostly in major currency pairs… But not fixed so… It depends… Which session is open and data release, liquidity etc.
EUR/USD is my favorite one…
Majors and yen pairs
Also gold, silver and usdzar
EUR/USD mainly and other major pairs. I am trying to avoid crosses or exotic pairs for now due to the spread but I will keep an open mind to try them eventually…
At the moment, not EUR/USD because it lacks conviction (trend), in my humble(!) opinion…
I am building set-ups (entry orders) for USD/JPY, USD/CAD, EUR/JPY, and GBP/USD, as well as AUD/USD and AUD/NZD…
I am trying NOT to trade anything that does not have a strong ascending/descending channel or support… I think that limiting oneself to the Majors offers plenty of opportunities and, as PipNRoll said, it limits expensive spreads… However, nothing is ever the same in Forex, and it is good to keep an open mind, as there may always be pairs that one has not considered which, at some point in time, offer us strong trends or other opportunities (depending on your trading style)…
The analysts at DailyFX.com, whose newsletters I receive regularly, are of this line of thought, which is that you may have “favourite” pairs but you should also keep an open mind and review all pairs out on the market, on a regular basis, because if your “chosen” pair decides to go ranging and you have no interest/skill in trading ranges, you could profit more from leaving your “favourite” pair alone at that moment in time and look at what other pairs are doing… I think that a “maximum” number of pairs could be useful, if you do not do trading full-time, I suppose…
Just my tuppence (=two pence) worth of “wisdom”
Happy trading.
I mainly trade EUR/USD
I trade AUD/USD, AUD/JPY, NZD/JPY and EUR/AUD as I am more attuned with these pairs.
I trade them plus 3 more eur/gbp,eur/jpy, and gbp/jpy. All of these pairs are high liquidity and most of them have decent spreads.