Top 5 currency pairs to trade and 8 success tips

Top 5 currency pairs to trade December 4, 2010 financialth.com Edit Leave a comment

These are my best currency pairs in trading.

1. AUD/USD

2. EUR/USD

3. GBP/USD

4. AUD/CHF

5. AUD/EUR.

NOTE CAREFULLY THAT ALL THESE PAIRS ARE CORRELATED TO EACH OTHER. IF ONE OF THEM FALLS THE OTHERS WILL ALSO FALL. JUST CONTROL YOUR POSITION SIZES (SMALL POSITION SIZE), AND TOTAL EXPOSURE TO ENABLE YOU TEST THEIR VARIES SUPPORT LEVELS.

Top 8 trading tips for a success December 4, 2010 financialth.com Edit Leave a comment Trading success tips.

1. The trend is your friend. Do not try to trade against it because the odds of success are slim.

2. Trade small positions sizes with wide stops, away from the support line. If you do not like the idea of small positions size then, just add another capital and trade it as separate capital. Just like fund managers who trade capitals of many individuals.

3. Risk a maximum of 10% for all total open positions. That way, you will have some money left to test the next support line.

4. Always draw your support and resistance lines, from the weekly chart and continues them to the daily chart. This enables you to see the long term trend.

5. Do not fall in to the temptations of making your money overnight. The price has to move upwards before we even make money, so give your trades enough time and you will be smiling to the bank.

6. Correlation, do not forget these one, it is very important. It prevents you from doubling or cancelling of your trades.

7. Do not use so many indicators, because it will confuse you. SUPPORT AND RESISTANCE LINES, SMALL POSITION SIZES, A STOP A WAY FROM SUPPORT LINE AND PATIENCE WILL LEAD YOU TO THE BANK SMILING.

8. There is no holy grail. Just follow the above ideas and see what will happen to your account.