Been a long time since I updated this blog. This post is dedicated to beginners in Forex Trading. When I said major pairs, what I mean are the EUR/USD, GBP/USD, and USD/JPY. Now, the dollar-yen pair is quite special and interesting pair as the New York and Tokyo trading hours NEVER overlaps, this leads to possible high probability trades during certain condition but let's leave that for another day.
For beginners, it is a good thing to just focus on the major pairs. There is a few reasons for this. First is the availability of data, analysis and banks commentary on the happening in this 3 countries which is US, UK, and Japan. You can only trade if you know what is happening such as what the market movers are (stocks, bond, interest rates).
Secondly, these three pairs are volatile enough most of the time. Those tasty pips only gonna add up if the market is moving up or down, not sideways.
Thirdly, focusing on just a few pairs can do you good. Remember that we are human with very limited abilities. Learn a few pairs well, they all behaves differently from each other. By really getting familiar with a pair very well. You will develop subconscious mindset which will improve your trading. For example, you will know what is the best time to trade the pair, how it react to news, and the range of movement during the day.
Well. That's all I can whip up on this pocket pc while being sleepy. Happy trading for the week to come. May you become pips magnet as well as chicks magnet with all the moneys you generate.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment