3 Steps to Choosing Best Currency Pairs to Trade in Forex 👍
How many Forex pairs should you trade or watch? PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE! Best currency pairs to trade in forex – a quick guide. Trading too many currency pairs is a bad idea. There are so many currency pairs out there – and some exotic ones too. The main currency pairs are EUR/USD, GBP/USD, USD/JPY, AUD/USD and USD/CHF. Besides these of course there are plenty of others. Let’s say I say I’m going to specialise on the USD/CHF and I’m a believer of specialisation, however when you get tied to a specific pair like USD/CHF you must trade it all the time. You trade it when its trending or choppy and even when its not moving and this can be very challenging as the market conditions. Most traders are either good at trading breakouts or volatility expansion or mean reversion but not all. The opposite end is to consider all currency pairs but then you have so much to look at that you will end up losing focus and this is dangerous as well. So most of the times it is better to limit yourself to 5 to 7 currency pairs. It is far easing to keep in tune with a restricted list – what are the major resistance and support levels, what are the catalysts that might impact them?