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Need advice: best currency pairs for day trading

  • #1
  • First Post: Jan 7, 2015 6:07pm Jan 7, 2015 6:07pm
Hello To All,

Please I need your advice, firstly I want to know does exist any list here of all existing pairs can be trade in the Forex, secondly which pairs are the best to trade for the day trading and making small pips for example 5 or may be 10.

Please help

Thanks And Regards,
Moti
  • #2
  • Jan 7, 2015 9:01pm Jan 7, 2015 9:01pm
Start with the Pairs that you understand most. For example, if you live in Canada and follow both American and Canadian news, the USDCAD pair might be a good one for you to trade while the SGDJPY might be a better choice for someone who lives in Asia and better understand the market dynamics between Singapore and Japan. Rather than looking for the best "Pair" stick to the ones you understand most.
  • #3
  • Jan 8, 2015 4:04am Jan 8, 2015 4:04am
Quoting deklin
Start with the Pairs that you understand most. For example, if you live in Canada and follow both American and Canadian news, the USDCAD pair might be a good one for you to trade while the SGDJPY might be a better choice for someone who lives in Asia and better understand the market dynamics between Singapore and Japan. Rather than looking for the best "Pair" stick to the ones you understand most.
Thank you for your reply deklin, what pair would be the good to trade since I live in the Europe, and I do believe your advice that (Rather than looking for the best "Pair" stick to the ones you understand most.)

Regards,
Moti
  • #4
  • Jan 9, 2015 5:27am Jan 9, 2015 5:27am
Quoting Motiram
{quote} Thank you for your reply deklin, what pair would be the good to trade since I live in the Europe, and I do believe your advice that (Rather than looking for the best "Pair" stick to the ones you understand most.) Regards, Moti
As you should trade the ones 'you understand the most' (implying that you have experience in the markets and watched several pairs for a period of time in order to check the price and volatility, I believe you should try a volatile pair. Because you're living in Europe (as I am), you could try EUR/USD or GBP/USD. They're pretty easy to understand and probably the hours will suit you too.
  • #5
  • Jan 9, 2015 5:58am Jan 9, 2015 5:58am
Hey buddy Moti, hope you're fine.

Just trade the USD majors as well as E/J, G/J. Just place an order in favor of the trend and 5-10 pips can be easily taken with any system you follow. That's the smallest movement on any H1 or H4 chart.

Happy pipping.
Success - It's not always what you see
  • #6
  • Jan 9, 2015 6:18am Jan 9, 2015 6:18am
The best thing to trade is the u.s stocks on daily timeframe. Forex pairs are too volatile on daily time frames.
  • #7
  • Jan 11, 2015 7:42am Jan 11, 2015 7:42am
Quoting pinktrade
{quote} As you should trade the ones 'you understand the most' (implying that you have experience in the markets and watched several pairs for a period of time in order to check the price and volatility, I believe you should try a volatile pair. Because you're living in Europe (as I am), you could try EUR/USD or GBP/USD. They're pretty easy to understand and probably the hours will suit you too.
Thank you pinktrade I will try the both pair you have suggest EUR/USD & GBP/USD please can you help on which time frame and which hours are the best to trade these pairs since you are trading so I will check on the spot time and recommended timeframe.
Regards,
Moti
  • #8
  • Jan 11, 2015 8:13am Jan 11, 2015 8:13am
Quoting SakibFX
Hey buddy Moti, hope you're fine. Just trade the USD majors as well as E/J, G/J. Just place an order in favor of the trend and 5-10 pips can be easily taken with any system you follow. That's the smallest movement on any H1 or H4 chart. Happy pipping.
Thank you mate SakibFX I am fine but under pressure because it is to loss in Forex rather earning need free time and sound backup to start I can see there is only questions but answer is more negatives then positive until you find one good system and pairs to follow time to time I have observed it is very much variable. I will try your pairs you suggest major USD and as well as EUR/JPY, GBP/JPY time frame you have said H1 or H4 now question remain what will be the spot time please suggest will be very helpful since do not get much time to get involved in Forex and I think this is a (-) point

Unfortunately gainer has to gain losers money and other truth is no body want to loss?

I wish Happy piping to every one.

Regards,
Moti
  • #9
  • Jan 11, 2015 8:16am Jan 11, 2015 8:16am
Quoting chuna1985
The best thing to trade is the u.s stocks on daily timeframe. Forex pairs are too volatile on daily time frames.
Thank you chuna1985 got new advice from you I have not knowledge about U.S stocks please would you tell me where could I be informed
Regards,
Moti
  • #10
  • Jan 11, 2015 10:41am Jan 11, 2015 10:41am
Don't worry mate, losing is part of this game. You just need to keep it minimized and learn the reasons behind those losses. It pays back you know

I've been losing for about 2 years now only to get hold of it and build confidence. Now I'm learning how to lose less and hope to learn how to make profits later on. I can actually feel now that it's kinda working. I also have a full time job which usually keeps me back from trading.

Regarding strategies, 1st of all I'd suggest you to watch price action, closely, on all TF, and against all factors including market open/close hours, news release, prior to news release, correlated currencies, moving averages, and any other indicator you go through. Then you should be able to build or decide your own system of trading depending on what type of trader you are - short/long term, day/swing trader, scalper etc. In addition, study and keep up to date with fundamentals, at least before placing a trade.

Believe me or not, once you're matured enough, only a single moving average can make you highly profitable. The main point is you stick to your own rules, strictly!

To me, first 2-3 hours of London and NY session are best for trading. Any TF is good for placing orders from M5 to D1; depends on how you want to exit or take profits. Bigger TF define trend and are good for entries but that trend may or may not continue! So, smaller TF should be carefully watched as they are the first to visually encounter any event taking place that's positive/negative for the orders you placed.

Best of luck!
Success - It's not always what you see
  • #11
  • Jan 11, 2015 11:10am Jan 11, 2015 11:10am
Quoting Motiram
Hello To All, Please I need your advice, firstly I want to know does exist any list here of all existing pairs can be trade in the Forex, secondly which pairs are the best to trade for the day trading and making small pips for example 5 or may be 10. Please help Thanks And Regards, Moti
You are asking a nearly impossible question to answer. Without knowing someone's trading style, account size, account currency, etc, there is no way to give you a definitive best pair. If you want stability in price movement I suggest the major currency pairs. If you are looking for more volatility then non-majors (also known as exotic) pairs. Of course each pair has its own spread which is somewhat correlated with its volatility. You will have to know and make calculations on the average spread and average daily price range in order to find the pair that suits you best.
  • #12
  • Jan 11, 2015 11:10am Jan 11, 2015 11:10am
Quoting Motiram
Hello To All, Please I need your advice, firstly I want to know does exist any list here of all existing pairs can be trade in the Forex, secondly which pairs are the best to trade for the day trading and making small pips for example 5 or may be 10. Please help Thanks And Regards, Moti
EU
  • #13
  • Jan 13, 2015 4:21am Jan 13, 2015 4:21am
Quoting Motiram
{quote} Thank you pinktrade I will try the both pair you have suggest EUR/USD & GBP/USD please can you help on which time frame and which hours are the best to trade these pairs since you are trading so I will check on the spot time and recommended timeframe. Regards, Moti
If I had to give a general advice to someone as to which hours are best to trade, I would say to trade during US and London open times and stay away from Asian sessions. As you are living in Europe, that should not be very hard for you, unless you are having a day job keeping you to trade in those sessions.

As I have quite the experience with Forex trading, I know that it doesn;t necessarily respect those sessions always. What does this mean? You will expect high volatility and nice trends and you will get killed in ranging low volatility market.

Contrary to expected and advertised everywhere, you should really know the markets well before trading live - this means trading any kind of market conditions.

My advice to you - learn to differentiate the trend from ranging market! Not easy as it may sound but it's a must.
  • #14
  • Last Post: Mar 30, 2015 8:10am Mar 30, 2015 8:10am
Quoting Motiram
{quote} Thank you chuna1985 got new advice from you I have not knowledge about U.S stocks please would you tell me where could I be informed Regards, Moti
Sorry for late answer, Im not always here. You can find Forex Brokers that offer stock trading for buy and sell.

Instaforex is my Broker and they support the stock trading.
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