I know that Senior LuckScout followers are surprised, because they know what currency pairs we trade and we are not dependent on any special pair. I am always asked what currency pair is the best to trade. This is the question that forex traders ask a lot on forums and discussion boards, and unfortunately I always see some unprofessional answers to this question that mislead the novice traders.
Choosing a proper currency pair depends on the trading style you want to have. If you want to be a day trader, then you have no option but choosing one single currency pair to stick to. As a day trader, you will have to focus on the shorter time frames, and so the positions you take will not last more than a few to few hours. Therefore, you will not be able to catch the big movements, and so you have to trade a currency pair that has a low spread and proper liquidity.
It is the most favorite currency pair for day traders. Although its spread is normally higher than the other major currency pairs, but as it moves in a large scale, its high spread can not be any problem. It is a good currency pair for day trading. This is all about choosing the best currency pair if you want to become a day trader.
Currency pair is not a problem if a trader wants to become a day trader. It is the day trading itself which is the main problem. We have already talked about this a lot on LuckScout. There are some articles on LuckScout that explain about the hassles that day trading has.
You can refer to those articles and think more if you want to become a day trader. Here I just tell you one thing. I have never seen any consistently profitable day trader. One in a thousand day traders can make some profit for a limited time, but none of them can become consistently profitable. You have to trade the long time frames, like daily, weekly and monthly, and you will have to hold your positions for several days or even weeks.
As you are not going to locate a trade setup on the long time fames every day, then you will have to check several currency pairs every day. Here on LuckScout, we follow a trading system which is based on the candlesticks patterns and Bollinger Bands. Sometimes we also use technical analysis to support the validity and strength of the trade setups we locate.
This trading system was not invented by us. Indeed, it has been used by professional and experienced traders for decades. We have learned how to use it in the safest and easiest possible way. It has been working for us for years and we are so happy with it. The most important advantage of this system is that it is strong and reliable, and at the same time simple and very easy to use. We have made it as simple as possible.
We have learned that, only trading the long time frames can be profitable in long term. Therefore, we use our trading system to check the long time frames of several currency pairs every day. We trade the daily, weekly and monthly charts. You have to check the daily time frame once every day when the daily candlestick is closed and the new one is opened. The weekly time frame has to be checked every weekend, and the monthly time frame at the end of each month when the new monthly candlestick opens.
Here is the best currency pairs you can trade as a swing trader who follows our trading system:. I was not used to trade some of the above currency pairs, but as some of the LuckScout followers asked me to analyze them, they are now added to my platform.
What do you think? LOL Thanks again for what you are doing. You went long at the close of a big bullish candlestick right below a strong resistance level on the weekly chart. That is too risky. At least if you had taken the position when the Hi Chris I am new to…signed up with some org that claim would mentor me…but nothing happened. I have an IB account. Please start from here: Find gold, click on it and then click Properties button. It looks like a valid reaction to a valid line so far.
It meant that the line was not valid and had to be adjusted. Hello Chris, Regarding day traders, Kamel calls himself a day trader though he uses the daily chart. I like the simplicity of his technique and am tempted to try it, but am a little nervous after your comments about day trading!
Obviously he usually tries to set his target so it would be hit on the day, but I assume that his positions would often run for more than a day before the target is hit. Sorry for getting into detail on this term, just looking for clarification! Maybe he has used that title for his post to attract the attention of the day traders, and then let them know that working with the short time frames is wrong.
The cpanel that I reply the comments through, shows the location of each commenter. You should use Google analytics http: If you dont know how to setup, I can do it for you but you need to give me access.
However its very easy, take few minutes. Just forgot to mention. Use free one, dont get paid one. Free one is more than enough unless you are in marketing business. I know that some people visit the site and read the articles. Absolutely no problem, but since earlier you mentioned going facebook, I assumed you wanted to market your site which is not bad. Just wanted to share similar tools.
How many trades do you have running at a time or do you trade all the set ups. Thank you for the great analysis! This was my best trade so far.
Thank you so much for it. I use your method of trading i. Opening two positions, setting second to breakeven when 1st hit 3x SL target. I know good trade setup sometime hit these big target but it is not that common. Do you change your target to 1: If we want to do it, we will lose the discipline and will do it for all the positions. Not all the trade setups are supposed to hit the target right away. This is what I do personally. Please start from this article and read all the related articles carefully first: I watch over 40 pairs just for the practice it gives me but also teaches me discipline , not to be tempted in 4 weeks not seen a set up in any of the exotic pairs!
Chris they seem very good spreads! My W1 is showing an inside bar for last week. I think I will wait to see where the current weekly candle closes. If it closes above or below that IB, I think that will be a better indication of direction.
Hi Chris, good day to you. I travelled around China for a month many years ago, its a beautiful country that makes you feel like you have gone back in time, except for for the modern areas of course. Hope you are having an enjoyable trip. What do you use it for and how can you tell if a pair is OS or OB? Please see the examples I have in my articles and you will see what I mean.
Please start from this article: I was also wondering why this site has not search form. I will have to ask my friend to add it. Thank you for reminding me. You can use Google as a workaround like this. In this case it will only search on this site. Im still in early phase of demo trading but i do take it seriously. Oh hey how about a post about tricks and short cuts on platforms? Just a thought I know they all have manuals but who reads them lol I need to i just realized you can drag and drop your sl and tp on mt4 pretty cool.
There are four pairs in my own list that i look at for daily candle trading , that are not on your list: Would you recommend to stay away from those pairs?
You can trade them too. Actually I am going to add them to my platform because LuckScout followers ask about them all the time. So I have to add them to the platform. What Is The Best Way?More...