#581: How to Choose the Best Forex Pairs for Trading

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How to Choose the Best Forex Pairs for Trading

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#581: How to Choose the Best Forex Pairs for Trading

In this video:
00:22 – Forex pairs – what to choose?
01:37 – The best pair to trade is ……..
02:00 – Assessing Strength and Weakness.
03:13 – Fine tuning to pick the best setup available.
04:25 – 17 minutes Masterclass.
04:33 – Blueberry Markets as a Forex Broker offering a 50% credit bonus.
05:05 – Book a Call and speak with us.

As a forex trader, what are the best forex pairs that you can look at trading? Let’s talk about that a more. Right now.

Hey traders, Andrew here at The Forex Trading Coach with video and podcast number 581.

Forex pairs – what to choose?

What to talk about forex pairs as a trader you have a lot of pairs available and a lot of people, especially when they start. I get very confused with the different currency pairs. You standard main pairs you get you exotics, you get your minors, and more and more pairs now are available to us as traders.

So really the question is what is the best pair to trade? Well, a lot of people think you need to trade just the euro US dollar or just the US yen because their spreads are tight. And in the case of the EUR/USD, it tends to have the most movement or not some movement, but the most volume traded on it, per day in general.

And then other people look at pairs like the GBP/JPY because it moves a lot and they think they need to trade that. And then people look at pairs like the EUR/CHF, which doesn’t move a lot, and they think they can’t trade it. So that becomes a lot of confusion out there. Do you need, like the most liquid pair, the tighter spread. Do you need one that moves a lot? Do you need one that doesn’t move at all?

The best pair to trade is ……..

And so my answer is it depends. And I know I say that to a few things because it’s true. I don’t just trade the NZD/USD or against the JPY because I live in New Zealand. You shouldn’t do that either.

You shouldn’t have an emotional tie to a currency pair. What you should do is look through all the currency pairs. And the reason I say that there’s a few reasons.

Assessing Strength and Weakness.

Number one, you can assess strength and weakness very well. If you do that. As an example, rather than just looking at the EUR/USD, why don’t you look at also the EUR/JPY, the EUR/GBP, the EUR/AUD, EUR/NZD, EUR/CAD and make a full assessment.

So if for example you can do that and you see let’s say all of those pairs were moving up, that’s going to give you a fairly good indication that the Euro is very, very strong. But if you didn’t do that and you looked at just the EUR/USD and is moving up, you don’t know whether the strength in the Euro or whether that movement of the EUR/USD heading up is, is just because the US is extremely weak right now.

So you might be taking a by trade on the EUR/USD thinking the strength in the Euro, whereas it may just be the US weakness that’s pushing it up. And the Euro against other pairs may actually be dropping. So you’re not doing yourself any favors there. So to assess multiple currency pairs is going to be your best option.

Fine tuning to pick the best setup available.

The other thing that gives you is let’s say you see really good buy trades on the EUR/USD, the EUR/CAD, the EUR/AUD, the EUR/NZD, the EUR/CHF. Let’s say they’re all showing some fairly good setups at the same time. And by the way, I only trade on the close of a candle. Let’s say you see that what you really then should do is fine tune those setups and maybe pick 1 or 2 of the very best ones setups that give you a high probability chance of a success for trade setups that have round numbers in their favor.

On a buy trade that doesn’t need to break a previous swing high, things like that. So you can be really, really critical of setups and fine tuned to make sure that when you take your trades and there’s multiple trade showing at the same time, you can be selective and choose the highest quality trades. So that’s why I say you should be looking at multiple currency pairs.

And it’s very easy to do once you know what you’re doing. Once you understand candle patterns, you can very easy scans through multiple pairs very, very quickly on the close of a candle and identify the best quality setups.

17 minutes Masterclass.

If you like to know how we do that and how we can help you to do the same, have a look at my short on demand masterclass. There’s a link here,

Blueberry Markets as a Forex Broker offering a 50% credit bonus.

And if you’re out there looking for a fantastic broker right now, Blueberry Markets are offering a 50% credit bonus. There’s some terms and conditions countries like the US and Australia cannot, sign up for it unfortunately. But have a look at the link that I’m putting on here. If you, are interested in opening an account with blueberry markets or increasing your current account, size with blueberry markets, you’re going to the end of March to take advantage of their offer.

Again. I’ll put a link here, check that out for yourself and see the terms and conditions, etc.

Book a Call and speak with us.

if you’d like to book a call with us, I’m going to put a link here so you can, book a free consultation call with us to discuss about your trading and how we can help you to become a better trader again.

Have a look at that link here. This is Andrew Mitchem at The Forex Trading Coach. I see you this time next week. Bye for now.

Episode Title: #581: How to Choose the Best Forex Pairs for Trading

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Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Book a Call with Andrew or one of his team now

Click Here to Watch Prop Firm Masterclass