If you compare each pair on a long-term chart you’ll see how most are correlated. There are really only 4 or 5 pairs that don’t move together, I have narrowed it down to 4. Get to know those pairs and how they move.
Nice but could you please tell me/us which pairs you have in mind. It will help a lot thanks.
Sure, but keep in mind I have my own personal reasons for these specific pairs which might not fit your strategy.
EURUSD - It was down to EURUSD and AUDUSD, they move very similar. I chose this pair because I also wanted AUDNZD and didn’t want 2 AUD’s.
USDCAD - I live in Canada and the company I work for does 85% of its business with customers in the US, so I follow this pair anyways. Plus, I find it ranges a bit more which works well with my Supply/Demand strategy.
AUDNZD - A lot of people don’t like this pair because these are both commodity pairs and don’t trend for more than a few days at a time. But, like USDCAD, that works well with my SD strategy.
CADJPY - I wanted a JPY pair so I chose this one because it uses very little margin. Any JPY pair would work, except CHFJPY which tends to range a lot more.
I also trade:
Oil, Gold, Soybeans and SPX500.
Hope this helps. Good luck.
Thank you… my favorit is audnzd because of the short trendy swings and it loves in a slow pace I like and it’s good for beginners.
You say start trading on a daily chart.
But, isn’t that more suitable for bigger accounts? I mean I don’t plan to start with 10K, so trading daily would be awful for risk/management.
If I start with 1k (that’s my plan) I can’t give enough room for the order and also have good risk management.
I would first trade with Demo account then step into Live forex market.
No, I trade the Daily with a small Account. Even though the average daily range for a currency pair will be much higher than the average hourly or four-hour range, the only thing that a trader needs to do in this case is to reduce the position size to adjust for the potentially larger stop loss. And thus, by doing so you will in effect, reduce your effective leverage which will, in turn, reduce your overall risk exposure in the market.
Again keep in mind that the primary job of a trader is risk management above all else. And one way that we can reduce risk is by reducing our leverage. What I am trying to say according to my own experience, when I was starting out I overtraded most of the time I could not separate bad set ups from good ones until I was advised to trade the daily chart for a while it more reliable, You’re more relaxed and make better trading decisions, You can focus on the process and become a consistently profitable trader, fast.
Yes, you are right. Scalping requires a short time frame. But I usually prefer a long time frame. It is possible to trade with patience in a long time frame.
I think after gaining experience in demo trading then one should join live trading. I joined Live Trading after practicing the demo for a long time.
I’d start journaling my trades right away instead of wishy washily trading.
monthly down to five or ten minutes ,
Just say no to scalping. Too much stress!
You can learn everything gradually with experience, what more important when you are a beginner is how consistent you are with your learning.
I would still study first before trading.
I learned it’s a rigged game, and there is no point in playing unless you go work at HSBC, or JP Morgan, or some other big bank where you can cheat with impunity.
Everyone is here to make money. But before we can do that, we need to clear our basics. Our basic knowledge paves the way to our success. So, you first learn and then decide what different you want to do.
Yes, demos can surely be great for beginners; they can practice and learn as per their convenience and comfort level before putting their own money on the line.
Demos are okay to begin with but it the platform you are trading on also matters. Since every broker offers a different interface and set-up, it is better to trade on reputed platforms only and it’s best to start with Mt4 cause it’s the simplest. Also, you wanna make sure there’s not too much difference between the demo and live accounts of a given platform. All this is coming from a personal bad experience.
Hope you found a better broker now eventually!
I’m juggling between a few platforms right now actually. I prefer trading on multiple platforms and I actually like MT5 as well. These days, I’m trading with Fxtm and Turnkeyforex. In both case, it’s only been a few weeks since I’ve gone live and so far so good.
To take things slowly and always do a top-down analysis