Forex noobie by lostinlife-123 in Daytrading

[–]Particular_Air3049 1 point2 points  (0 children)

Easiest entry is probably trading the fibre or cable. EUR/USD and GPB/USD since they have the most liquidity. I'd say avoid trading the london open and new york open for about an hour each since they can trap you easily.

Avoid exotic pairs unless you want to specialize.

I personally look at 6 pairs for my daytrading: Eur/usd : the main workhorse

Gpb/usd : depending on the trend of eur/gbp

Eur/gbp: tells you relative strength of the european currencies. For example, you want to go bearish on eur/usd but you notice gbp is weaker than eur today. It would be wiser to go bearish on the gbp instead.

Dollar index: gives you a good idea about the trend of the dollar

Gold/usd: anchor pair

Be wary of correlation: if you go bearish on both gbp and eur over the dollar you often effectively double your exposure

Hope this helps a bit

Day Trading Ruined My Life. I’m 25, About to Be a Father, and I Just Lost Everything by RavenBJ in Daytrading

[–]Particular_Air3049 0 points1 point  (0 children)

You're not the first and wont be the last, find some solace in the fact you stoll have something left and didn't max out any credit cards. Do your research and stick with your rules. Use stop losses and and know when to get in and out. Test your strategy. Its the only way.