Not yet bro, still on the safer road!
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Which currency are you trading? - EUR/USD/AUD/JPY?
- Thread starter shriekpurser
- Start date
EURUSD is still the way to go
I took a chance to trade exotic pair and it turned out fine I suppose. Simply identified the overall trend of the pair. It was bullish so went long.I have, I experimented with SGD as I was getting lower spreads with fxview so I thought of experimenting. But I suppose completely different strategies are needed for trading exotic pairs. They move so little that your regular plans won’t do. And from the very beginning when I started trading with Oanda, I have been scalping. So waiting is hard on me
Go with EUR USD for initial monthsFor a beginner venturing into live forex trades, which currency is safe to trade?
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.
USD/CHF is too choppy for my taste. USD/JPY isn't bad, but bid and ask quotes often seem to be more sluggish than with EUR/USD and GDP/USD. It is tradable though, and occasionally I will use it. Any major pair is good to enter if it gets into a strong trend, or if you are trading a longer time frame, but for routine intraday trades, I prefer EUR/USD or GBP/USD. I also like the Loonie. When I get a signal, I like to switch to the 1 minute chart to make my actual entry. I often enter with a mini lot and see whether the price reacts to it or brushes it off. If the price reacts, I keep scaling in with mini's every time the price returns to moving in my direction. If the price movement is strong enough to ignore my entries, then I enter with the full amount I want to use.
Do you combine intraday with other strategies?
Sometimes I trade a multiple day (or longer) trend, but I find it is much safer to enter those with about tenth of what I would use in an intraday trade, and then as the trend continues, I will increase my position, but I will never increase it more than 50% for each X number of pips it advances. That's why I like forex. You can fine tune your position sizes.
I day trade exotic pairs. Since they’re less liquid, the small movements throughout the day offered a good opportunity to make some money.
Trading exotics is just so scary with the way they constantly MOVE.
Agreed but since only a small number of banks trade exotics, there’s no other trader to reverse it. I did demo trading before though and my brokers, eToro and fxview gave me good options in exotic currencies.Trading exotics is just so scary with the way they constantly MOVE.