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If a forex trader is having no success or good success with their trading, this article will improve their pip totals. And these traders will redefine what successful trading means. Remembering that a currency pair is comprised of two separate currencies will open your eyes the correct way to conduct a market analysis and more pips will begin coming your way. We will examine these 8 currencies and a total of 28 pairs with the parallel and inverse methods.
Three examples of parallel or inverse groups of currency pairs are as follows. In the first group of pairs on the left, the common currency is the EUR Euro , in bold letters. It is the base currency. When the EUR is strengthening all of these pairs must all be moving up. The second group of pairs is the JPY pairs. If the JPY is strengthening all of the JPY pairs would have to be dropping since the JPY is not the base currency, it is the cross currency on the right side of the pair.
Now look at the third group of currency pairs, the NZD pairs. For the NZD to be strengthening the top 4 pairs would all have to be rising and the bottom 3 pairs would have to be falling. This seems strange at first to traders who have been stuck using standard technical indicators, but some traders see this graphic and a big light bulb starts flashing. They start to realize they have been missing something simple and powerful in their forex trading.
Use this same logic for 8 currencies and 28 pairs total. Forex analysis with parallel and inverse pairs will explain why currency pairs move and how fast, which is vital information to forex traders. Lets look at some simple examples. You have confirmed the movement with two pairs. We can show you how to confirm movements with up to 14 pairs for more confident trading.
The USD is completely out of the picture in this example as far as what was driving the driving movement of the market. Later in this article we will show you how to confirm the same trade or any trade with up to 14 pairs. These are two of the most basic examples. Simple techniques like this and conducting a forex analysis using parallel and inverse pairs will always get you into the pips and the main action of the market.
This is the same logic as the examples above, but this time we are using different pairs and currencies. This logical way to conduct a forex analysis works on any currencies or any pair. Once again, each currency pair has two individual currencies, by looking at currency pairs in the same groups of pairs, once currency at a time, you can quickly determine what is driving the movement.
Parallel and inverse pairs can also be used for much more accurate trend analysis than analyzing individual pairs on a stand alone basis. Then the pair stalls at support. This is an incredibly simple method of forex analysis, but completely ignored by almost all forex traders.
This is so simple but ignored by almost forex all traders. Now apply this exact logic to any one of 28 currency pairs comprised of the eight major currencies. Almost immediately you will start to understand why currency pairs move. You will also start to get many more pips out of your trading using the basic individual currency analysis method for trends.
This logic presents itself daily to forex traders but almost no forex traders notice. The forex technical analysis indicators and systems available now to forex traders do not take this simple individual currency analysis logic into account and these technical analysis systems are all fundamentally flawed.
The parallel and inverse method of forex analysis is superior to any technical analysis or any single pair analysis methods. You can analyze one currency pair with parallel and inverse pairs. You can also analyze one currency, and now you can analyze the entire forex market accurately. When we say total market analysis we are referring to the 8 most commonly traded currencies currencies and 28 pairs.
If traders do this every day, the trends of the market, oscillations, ranges, and consolidation cycles will jump out at you right off of your computer screen trend charts and into your lap. If a particular group of pairs are all behaving the same way the market becomes a heck of a lot easier to trade.
It is also very easy to spot choppiness or a more difficult market and you may consider not trading at all today, and with good reason. Also, if you are already in a trade, deciding to stay in the trade becomes much easier. Solid logic. For professional forex analysis traders can use our handy forex market analysis spreadsheet to analyze any pair or currency this way every day.
Check the link for more information about this professional analysis tool. You can fill out the spreadsheet for one currency on the H4, D1 and W1 time frames to check for consistent movement in one direction. In the example below you can see how it would work for the Swiss Franc CHF pairs, but the spreadsheet works the same way for 8 currencies and 28 pairs.
We'll now give you some Forex currency trading tips to help you decide which currency pairs to trade. With over countries in the world, you can find more than a handful of currencies to trade. However, these may not have the potential to deliver the best results. So, what is the best currency pair to trade? What do most traders trade? Which is worth trading and why? Keep on reading this article to find out the answers to these questions and more.
Before analysing the best trading pairs, it is better to enhance our knowledge of the most popular currencies that can be found in the world of Forex trading. They include:. Out of these currencies, you can find a few popular currency pairs. If you want to achieve success in Forex trading, you need to have an in-depth understanding of the different Forex pairs that you use to trade. If you select any of the options which we are going to discuss below, you will make trading much simpler for yourself, as lots of expert analytical advice and data is available on them.
Therefore, if you are a trader who does not like being in the position of taking too much risk, this might be one of your best options for trading Forex. All the Forex majors that can be found are equipped with tight spreads. It is perhaps better to avoid those pairs which have high spreads.
The recommended spread by the trading experts tends to be around pips. When it exceeds 6 pips, trading may become too expensive, which can lead to greater losses. Still, it doesn't mean that you should totally avoid anything which has a high spread. The best way to trade sensibly and effectively in this regard would be to exercise proper risk management within your trading to help minimise the risks of trading. As we saw above, the major Forex pairs consist of the most heavily traded currencies and all include the US dollar.
Minor Forex pairs, also known as cross currency pairs, are pairs that do not include the US dollar. These pairs have wider spreads and less liquidity than the major pairs, however, they still have sufficient liquidity for trading. Examples of minor pairs include:. Then there are the exotic currency pairs, which include the currencies from emerging economies. Exotic pairs are the least liquid and also tend to have the largest spreads. Examples of these exotic pairs include:.
If you're interested in trading these currencies but aren't ready to risk your funds yet on the live market, there's no better place to start than with a free access Admirals demo trading account. Instead of heading straight to the live markets and putting your capital at risk, you can avoid the risk altogether and simply practice until you are ready to transition to live trading.
Take control of your trading experience, click the banner below to open your demo account:. Just like any other skill, becoming successful at trading takes time and plenty of practice. To master this skill you need to have a lot of patience, discipline, but most of all you need to be passionate about the industry. Successful trading starts with having a trading plan that is based on either Technical or Fundamental analysis.
Technical analysis looks at price charts of a financial instrument, using technical indicators or price action to attempt to predict future movements in price. Whereas, fundamental analysis attempts to predict price movements based on macro economical data and news releases. There are many different ways you can learn currency trading online as there are a lot of different education providers.
To start learning for free with Admirals we suggest heading over to our "Forex Strategy" section in our Articles and Tutorials education portal to learn different trading strategies. It's time to briefly detail the Forex trading sessions along with the currency pairs I have just discussed. Understanding the Forex trading sessions will also strengthen your trading strategy. The Forex markets are open 24 hours a day during the week, except on holidays.
However, the market isn't dominated by one market. Instead, there is a global network of brokers and exchanges and brokers around the world. The Forex trading hours are based on the market opening hours of each participating country. Although a hour Forex market offers many opportunities for both individual and institutional traders , since it guarantees liquidity and a reliable opportunity to enter and exit trades at any possible time within the Forex trading hours, it still has its pitfalls for traders.
While you can trade different currencies anytime you wish, you can't monitor your position for long periods of time. This means that there are Forex trading times in which traders miss opportunities, or worse, there is a spike in market volatility that leads the spot to move against a position when you're not nearby. To reduce such risks, you have to learn when the markets are most likely to be volatile, and therefore decide what times are best for their individual trading strategy and style.
If you look at these hours, you may notice that there is a pattern that generally follows: as one major Forex market closes, there is another one that has opened. There are specific times in which the markets are more active and times when they are less active. All traders need to keep track of the different levels of activity throughout the trading sessions.
Next, I'm going to briefly discuss these periods and the times that traders generally consider the best and worst times to trade. When there is low liquidity, which usually occurs when markets open, and at around 12am, there is substantial risk for trading. Low liquidity can bring about higher volatility than traders see during common trading hours.
Professional traders don't recommend entering trades any time from am. These high-risk periods can put your account at risk. Typically, professional traders see the first three hours of a major trading session as having the best momentum, trend, and retracement. It is during these hours that traders seem to find the best opportunities. Do you want to learn more about trading hours?
You can find more in-depth information in our full article on this topic here:. Many factors can make or break you as a trader, such as having a clearly written trading plan and following it. This indicates that you know exactly what your entry and exit points are and that you know what you are looking for. Trading involves a lot of psychology and can be a lot harder to manage without a proper plan. The key is to minimise the psychological effect that our emotions might have on our performance.
Apart from the mental side, it is very important to have a broker and platform that you can trust. The MetaTrader trading platforms are widely regarding as some of the best Forex trading platforms. These platforms are the most used in the world and come equipped with a whole range of useful technical indicators to help with chart analysis.
Admirals offers free access to both the MetaTrader trading platforms. Aside from this, we offer other useful tools, such as the Trading Calculator. Since risk management is a key factor in trading and it's nearly impossible to calculate the correct lot size since every pair has a different pip value, the trading calculator can be a very important tool for a trader. Generally speaking, the best pair for you to trade is the one that you are most knowledgeable about. A useful way to keep track of economic announcements which might affect the value of a currency is with our currency exchange rate Forex trading calendar , where you can also find predictions and forecasts concerning announcements.
With a Forex trading calendar, you can find predictions about potential currency-related events that may influence the Forex markets. The dynamics of Forex trading is an interesting subject to study. As globalisation becomes a bigger, more pressing issue for most countries around the world, the fate of their currencies is closely interconnected.
Make sure you study the foreign exchange market extensively before investing.
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Technical analysis is the study of historical price action in order to identify patterns and determine probabilities of future movements in the market. Forex signals are cues to either buy or sell a currency pair at a specific point in time. They may be derived from technical or fundamental analysis and can. With so many options available, you're probably asking yourself – which currencies should I trade? A good rule of thumb for traders new to the market is to.