The problem lots of new traders to FX have is that they are used to single security trading. Like Gold, Crude, S&P. Looking at a chart is really the best way to trade those markets. But in FX, every trade is a relative value trade. So being long one currency and short one currency presents additional challenges to just looking for a setup on a chart. I can teach an 8 year old to read a chart. But to look for the best chart on a currency pair is the challenge. You need to consider your premise.
For example.
USD.JPY.
Are you?
Bullish USD
Bullish JPY
Bearish USD
Bearish JPY
Then why did you pick that pair vs another pair?
Maybe USD.CHF is better. Or GBP.USD of CAD.JPY depending of which currency is in play. So the chart gives you limited information if you don’t pay attention to relative strength and weakness.
It’s why you might pick Short AUD.JPY when Equities are going up. You’re right about weak AUD but you can’t figure out why the pair is unchanged. Well it’s because the JPY is weak also. And you’d be much better short AUD.USD for example.
Just some thoughts for you to ponder. The pairings you trade make all the difference.
Think about a 50% Trader. Wins 10, loses 10. And on your winners you pick up an additional 10-15 pips by picking the right pair. Over a month, year , career, how much more profitable will you be?
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services to individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
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