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Which currency are you trading? - EUR/USD/AUD/JPY?
- Thread starter shriekpurser
- Start date
See now that’s each the trader’s preference. I however would steer clear of the Canadian Dollar and a few other crosses like GBPAUD, EURAUD, and GBPNZD.So, what currency pairs would you avoid if you were a beginner?
I myself used Fview for currency trading and started with 6 pairs on MT4. There were a few hiccups initially but then I invested a good amount of my time on analyzing the markets. Using multiple brokers too now for further diversification. Some good ones being IG, IB and CMC Markets.Diversification can also be in the way of different markets. I am using many different accounts for my different investment types. Like for CFDs I have my trading account with Octafx, got some investment in digital currency with etoro and for currency trading I’ve been using fxview and xtb.
@Evrardmakon As of now I’m focusing on EURUSD. I’m just trading 4 hours and the daily charts. Even though there are only 5 daily candles and 30 4-hours candles per week, I’m happy to go this way and see how the setup comes.
What do you have to say about GBP/USD, USD/JPY, and USD/CHF? I suppose these pairs make good options for London session since they have the tightest spread and are extremely appealing if you ask me.Well, sure there is usually a positive correlation between these 2 pairs that each include the euro because the euro is correlated perfectly with itself. For example, if the euro is rising against the yen and falling against the dollar (that is, the correlation has gone inverse), then the dollar must be rising against the yen even faster than the euro is--in which case, you are better off to trade USDJPY rather than EURJPY. But since the USD will not always be rising against the JPY as fast or faster than the euro, in fact not always rising against the JPY at all, there will on average be a positive correlation between these two pairs (or any two pairs) that each include the euro.
I’ve been trading GBP/USD because of the overlap between the London and New York markets.What do you have to say about GBP/USD, USD/JPY, and USD/CHF? I suppose these pairs make good options for London session since they have the tightest spread and are extremely appealing if you ask me.
I’ve been trading so far EUR/USD but your currency pair sounds lucrative. So what should be the ideal trading time for GBP/USD?I’ve been trading GBP/USD because of the overlap between the London and New York markets.
You can try out 0600-1600. You can potentially make profit and cover spreads and commission costs.I’ve been trading so far EUR/USD but your currency pair sounds lucrative. So what should be the ideal trading time for GBP/USD?
Don’t you think the best time to trade this pair is between 8 and 10 or 12 and 3 in the afternoon?You can try out 0600-1600. You can potentially make profit and cover spreads and commission costs.
You’re right. The biggest moves of the day are witnessed during this time-frame which is directly linked to better profits. Also, the spreads and commissions will have the least impact as compared to the potential profitsDon’t you think the best time to trade this pair is between 8 and 10 or 12 and 3 in the afternoon?