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How do you choose what to trade?

  • #21
  • May 6, 2016 6:07am May 6, 2016 6:07am
I believe that there are certain periods of activity of different pairs. Asian, American, European session. Each of the different periods, characterized by volatility for different currencies. But I, for example, trade on dollar pairs, dollar feel good. The American session.
Where is my mind?
  • #22
  • May 6, 2016 8:49am May 6, 2016 8:49am
I trading majors. Most of all I like European and US session. But there is no single answer. We must look at the market, few charts, the market itself will tell which pair to choose for enter. All only on your trading strategies.
Looking for partners
  • #23
  • May 6, 2016 8:52am May 6, 2016 8:52am
I choose majors vs. the weak pairs
  • #24
  • May 8, 2016 2:25am May 8, 2016 2:25am
I use information from current news, current pair performance and technical analysis, to rank the currencies.. Once that is established, I figure out strong and weak pairs for each currency starting with the strongest. For some time GBP has dominated the number one position followed by EUR. At the other end AUD has remained at the button next to NZD.

Next, I apply the basic rule of (High Ranking/Lower Ranking) = Long trade = Buy, and Lower Ranking/Higher Ranking) = short trade = Sell. For GBP, GBP/AUD = Buy = Strong Pairing, while for EUR, EUR/GBP = Sell = Weak pairing. For USD, GBP/USD = Buy = Weak pairing, while AUD/USD = Sell = Strong pairing. Finally, I balance the volumes of strong and weak pairs for each currency. How many pairs in each portfolio will depend on the total useable margin and leverage approved by broker to avoid margin call. Inbox me with replies here or at
Mecrandie
  • #25
  • May 8, 2016 12:51pm May 8, 2016 12:51pm
Analyze Your Sentiments

Sentiment
AUD Rates
AUD/JPY - Sell
AUD/USD - Sell
CAD Rates
CAD/JPY - Sell
CHF Rates
CNY Rates
EUR Rates
EUR/CHF - Buy
EUR/GBP - Sell
EUR/JPY - Buy
EUR/SEK - Buy
EUR/USD - Buy
GBP Rates
GBP/CHF - Buy
GBP/JPY - Buy
GBP/USD - Buy
JPY Rates
NZD Rates
NZD/JPY - Sell
NZD/USD - Sell
USD Rates
USD/BRL - Buy
USD/CAD - Sell
USD/CHF - Buy
USD/JPY - Sell

Your sentiments are your personal forcasts. Analyze those that are not flagged with your indicators for confirmation and trade placement.
Mecrandie
  • #26
  • May 8, 2016 4:25pm May 8, 2016 4:25pm
Quoting ohyeah
I'm trying to find out if people pick a single pair(s) and only trade that pair exclusively or, do you decide to trade a particular pair on a certain day, etc. If you pick a particular pair to trade on a certain day, please give a reason or two about why or how you pick that pair to trade
Hi!

How many asset?
I think it's something you have to find out yourself. You have a defined method (or you should have) and while trading this method you will see what suits you. So I believe that you have to find out what is "comfortable" for you. I like to have 3-5 trades as a daytrader, however I realized that with my method there are simply not as many trades on a single asset. (i.e.: on a shit day I started forcing the trades) --> I now follow 6 assets, and usually pick 3-4 to go into the day, and now i feel good about it. However if you have a strategy where you trade 100+ on a single asset, then trading multiple assets (leading to 200-300 trades) can be hard.

The main thing is that you should not care about what people say. Just because Mike trades 50 assets on the Daily TF, that doesn't mean that you have to trade 50 on the 1m timeframe...

Which asset to trade?
Personally when I picked the assets I had the following criteria:
- Volatile asset (the more the asset moves on avg. / day, the more money usually you can make... = when it chops/ranges/doesn't move that much you simply won't make high RRs.
- Spread (the lower the better, especially for daytrading)

Hope this helps.
Tom
  • #27
  • May 8, 2016 4:37pm May 8, 2016 4:37pm
Quoting Ph03n1x
{quote} Hi! How many asset? I think it's something you have to find out yourself. You have a defined method (or you should have) and while trading this method you will see what suits you. So I believe that you have to find out what is "comfortable" for you. I like to have 3-5 trades as a daytrader, however I realized that with my method there are simply not as many trades on a single asset. (i.e.: on a shit day I started forcing the trades) --> I now follow 6 assets, and usually pick 3-4 to go into the day, and now i feel good about it. However...
Thanks a lot Ph03n1x and others for your posts. It was helpful to learn how other people do things. It was enough to answer my question and again, thanks for taking the time to post your methods.
  • #28
  • May 9, 2016 4:39am May 9, 2016 4:39am
I like the currency associated with the Asian session. The reasons are different. It is convenient to trade at the time, I feel the market is easier to predict the movement. The high degree of organization of the movement. It is easy to identify the trend.
  • #29
  • Jun 15, 2016 1:12am Jun 15, 2016 1:12am
I like London session for trading . I analyze market first before trading see at what side I should open positions . I plan for risk taking try to choose appropriate risk so that I can avoid loss. As much risk we take there are chances of high loss if we are fail to handle this risk properly.
  • #30
  • Jun 15, 2016 1:29am Jun 15, 2016 1:29am
Quoting ohyeah
I'm trying to find out if people pick a single pair(s) and only trade that pair exclusively or, do you decide to trade a particular pair on a certain day, etc. If you pick a particular pair to trade on a certain day, please give a reason or two about why or how you pick that pair to trade
I believe we cannot just focus on one pair. the currency market is so sensitive to the fundamental news that one news affect other relative pairs as well.
So what you can do is look for the big news of the day in the morning and trade according to the the news as to which news will affect which pair(s) the most and then enter your trades considering the market movement, the fundamental effect and last but not least your technical analysis which will help you enter and exit a trade effectively
  • #31
  • Aug 5, 2021 11:00pm Aug 5, 2021 11:00pm
This is probably the most importat question there is. I believe I found a solution to this, after many years later
  • #32
  • Aug 5, 2021 11:27pm Aug 5, 2021 11:27pm
I choose through a general analysis of all major currency pairs and other trading instruments. Of these, I trade for which there is a signal to open trades.
  • #33
  • Aug 5, 2021 11:30pm Aug 5, 2021 11:30pm
Quoting RichClaws
I choose through a general analysis of all major currency pairs and other trading instruments. Of these, I trade for which there is a signal to open trades.
Yeah I guess this is how most people trade all pairs. The key is, a way to determine the best pairs.
  • #34
  • Aug 6, 2021 1:53am Aug 6, 2021 1:53am
There are two completely different approaches. One is to choose the best pairs to trade for the day, the other is to let the signals produced tell you which pair to trade as the day is developing. What I'm trying to figure out is the harder problem, which is how to choose the best pairs to trade at the start of the session.
  • #35
  • Aug 6, 2021 2:00am Aug 6, 2021 2:00am
I think in terms of pairs and assets that respect technicals more than others and have a reasonable amount of volatility.

KP
Do your homework, follow the footprints of smart money
  • #36
  • Aug 6, 2021 2:23am Aug 6, 2021 2:23am
Quoting KeenPips
I think in terms of pairs and assets that respect technicals more than others and have a reasonable amount of volatility. KP
That's interesting that some pairs respect technicals more than others. On my end, all pairs respect the technicals, even BTCUSD.
  • #37
  • Aug 8, 2021 11:57pm Aug 8, 2021 11:57pm
Quoting ohyeah
{quote} Yeah I guess this is how most people trade all pairs. The key is, a way to determine the best pairs.
The key is determine the best levels for the best pair at the best moment )
  • #38
  • Aug 9, 2021 12:49am Aug 9, 2021 12:49am
Quoting RichClaws
{quote} The key is determine the best levels for the best pair at the best moment )
Fibonacci is a magical tool for determining levels for entries, exits, etc. I am sure many will disagree but they haven't found a creative way to use this amazing tool.
  • #39
  • Aug 9, 2021 11:29pm Aug 9, 2021 11:29pm
Quoting ohyeah
{quote} Fibonacci is a magical tool for determining levels for entries, exits, etc. I am sure many will disagree but they haven't found a creative way to use this amazing tool.
I agree with you about Fibonacci. I use it myself.
  • #40
  • Aug 9, 2021 11:55pm Aug 9, 2021 11:55pm
Quoting RichClaws
{quote} I agree with you about Fibonacci. I use it myself.
Everything needed to build a system that works was already in MT4, but people love to make things difficult. It's human nature. I ran around in circles for a few years too.
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