Common questions new traders ask me Pt1 Forex

There are questions that people ask me all the time and they are very good questions. The problem is that there is not an easy answer that suits everyone. All I can do is explain what works for me. I am going to try to go into the answers to these questions in some detail over the next few weeks.

What currency pairs do I trade? 

I trade the major currency pairs because they have the most liquidity. Some pairs can be better to trade than others at certain times. It depends on the market conditions and what is going on in the countries of these currencies.

FX:AUDUSD, - FX:USDCAD, - FX:EURAUD, - FX:EURCAD, - FX:EURNZD,

FX:USDCHF, - FX:AUDJPY, - FX:GBPCAD, - FX:GBPNZD, - FX:NZDJPY, 

FX:EURJPY, - FX:GBPUSD, - FX:AUDNZD, - FX:GBPJPY, - FX:NZDCAD,

FX:EURGBP, - FX:AUDCAD, - FX:NZDUSD, - FX:USDSEK, - FX:USDJPY,

FX:CADJPY, - FX:GBPAUD, - FX:EURUSD

I get the technical analysis from my time frame matching. If you don't know my trading method you can see it here. I start with the weekly chart to identify if there is a range or a trend in place. All about my stops and method are in the link. For the fundamental analysis I use a few select websites that I could not do without. These are:


For economic events such as central bank announcements I use FX Street economic calendar 

For an understanding of economic news and events I use Zero Hedge

For futures and news I use Finviz. When you see all of the charts in one place for stocks, bonds, currencies, commodities etc, you can get a lot of information at a glance. Even if you only trade forex, these other charts are very important to see the bigger picture.

Another good one is 4-Traders

MQL5 is quite good.

Daily FX is a good one for news.

I have learned a lot about the financial system from USA Watchdog

A lot of the forex brokers have terrible charts on their platform. You can use Trading View. There is also a great community of traders on there. You can get all the time frames that I use here which is important.

Trading forex is not difficult, it just takes time. There is no need to go overboard trying to over do it with analysis. As I always say. - If you can't understand what is going on just take a step back and wait until the conditions are clearer.

With trading forex, sometimes you have to soar like an eagle, sometimes you will be the donkey and just plod along and sometimes you will be the mouse, be quick to react and agile.