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Which Currency Pairs are Your Favorites?

Which Currency Pairs are Your Favorites?

Thomas Long, Course Instructor

Perhaps it is because a certain pair gave them their first winning trade or because of where they once vacationed.  But to answer this question, you should be checking out the report available on your FX Trading Station II platform.  This is where you can find all of the trades you have made since you opened your account.  I realize that for some this will cause some pain, but you should analyze yourself as a trader as often as you analyze the markets.  After you open up your report and see all of your trades, start checking out how your trades in the majors performed.  This is the pairs that include the USD.  Next check your trades that included the JPY as one of the currencies.  Then check the other exotics, which are the other pairs that do not include the USD.  Check your winning percentage and how much you made versus how much you lost.  Do the majors offer you acceptable results?  How about the JPY pairs?  When you trade against the carry, how were your results?  How about the other exotics?  I have found that my best trades are in the majors and in the direction of the carry in the JPY pairs.  So guess what?  I do not trade the other exotics or against the carry…no matter what is happening.  Some time in the future, the interest rate environment may change which will cause a change in preferred pairs for me.  However, for now these are the only trades I will take as they have proven to be profitable for me.  They are indeed my favorites for that reason alone.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.