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I'm currently watching EUR/USD, GBP/USD, USD/JPY...
What other currency pairs do recommend watching? and Why?
Is watching 10 currency pairs too much?
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
Can you help answer these questions from other members on NexusFi?
It's true some like to watch (including Peter Sellers in "Being There").
Personally I prefer to make money. Before trading the field I'd advise learning one pair to start with (in my experience doesn't matter which but I'd choose my account currency as the quote currency if actively trading, for reasons that will become apparent to you) to study currency movements. Same advice I give my kids.
Well, the reason for this thread, I was considering preparing myself for this... click here.
What do ya think?
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
You can watch as many as you like but the goal is to win a bet that price will go from point A to point B without it going too far against you proving you wrong . Therefore the best ones are the pairs that have enough range either intraday , daily , weekly or whichever timeframe you trade . Depending on your goals you need the price to move up and down enough to meet them .
EURUSD is a good bang for the buck and its what I trade firstly because it offers >100 pips volatility most days and liquidity is very high .
depends on the timeframe you are trading... if trading 1 minute, then yes, that would be too much ... if trading hour bars, then I dont see why not .. as @sam028 stated, correlation is something you should look for to protect yourself against... something moving on the same direction will just means double the trouble..
Yes, I've been simulating Eur/Usd during the evenings with some success...a separate journal...which lead me to branch out to watch Gbp/Usd and Usd/Jpy.
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
As stated before, I started evening trading just the Eur/Usd, but when I branched out to GBP/Usd and USD/Jpy, I spot/swing the three pairs using the daily.
So I got to thinking that since some pairs trade at different time zones, I can trade more pairs at different times...it would be more of a Swing trade using the daily for entry and exits.
I was looking at the additional pairs, what do you think.
In addition to the 3 pairs mentioned above:
Gby/Jpy
Aud/Usd
Usd/Chf
Eur/Gbp
So maybe 7 is enough?
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."