FOREX....The best pair to trade and why?
 

I'm looking into forex and downloaded the software for a practice account at forex.com...I just downloaded it and after a long day, I don't have the mental capacity to try to absorb the basics of it right now beyond the video tutorials...

Anyway, if you trade forex, which pair do you like and why?

I'm thinking I'll do the Euro/Dollar since I would at least know what's going on here in the US...

My second pick is the Dollar/Yen but I have no reasonings why I picked it.

i only trade the yen pairs and right now i am only trading the usd/jpy since oct..

if you want to learn forex, start at babypips.com and learn all you can as well as try testing some of the more popular metatrader indicators..

I don't want to give any advice and have you lose your bankroll.

I will tell you this, I spent almost 3 months doing the offline practice trading before I jumped into a real money account.

http://babypips.com

I read into the basics of it a looong time ago but never got serious. Definitely should play around on practice account(s) for some months to a year first though. 2c

Your better off trading stocks, they are down 60%...buy low...sell high.

If you want something safe with steady returns try, DWS Strategic Government Securities A (KUSAX) and reinvest all divideds :thumbsup http://finance.yahoo.com/q?s=KUSAX Someone recently showed me their statements, an investment of like 25k was now 80k after like 20 years.

Yeah I'm in preschool at babypips and I have a practice account with no real money in it.

Also, why are you trading the yen? Do you need to know anything more than basic Japanese economics to trade it?

ain't genetics a bitch?

Ain't yo mama a bitch?

I basically trade all the major pairs, as long as the spreads stay low. Just study the charts and play each one at the right time.

Forex is a lot more fun than trading stocks. It takes very little money to make a lot of money!

Yesterday was my first full day in Micro Forex. I'm just playing with chump change for now, to learn more of the basics. Yesterday i lost my first $100. Deposited another $100 and turned it into $400. Then got greedy and dropped it back down to $95. So i pretty much wasted 8 hours of trading.

Todays looking pretty good so far, i'll try to be more patient, play smaller orders, and try not to get greedy.

Learn to read charts before you even get in the Forex game...

>> Deposited another $100 and turned it into $400 <<

WTF what exactly did you do to make and lose 400% at forex in less than 8 hours???

Go with an ECN broker:2 cents:

maybe i should try

are you getting any interest with your broker (rollover)?

Going long on a high interest pair at one broker that pays interest and short with another one that doesn't pay interest - does that still work? With the nice leverage you could be collecting a few hundred bucks per month .. at least on theory, some dudes say the paying interest broker will can your account... just curious.

Be careful and dont risk money you can not afford to lose.

forex 4 lyfe

We are automating our trading. Smaller profits over a bunch of trades. That takes the emotions out of it. Emotions about wanting to make that little bit extra are what screw people.

Did you buy the software yourself or did you customize your own? And if you bought it, where?

I hate spreads

interesting way to make some coin!

Are you doing any money yet in live????? What trading method r u using?

Is Forex like the new thing the way day trading was in the late 90's?

Not saying it can't make money, it just reminds me of how all my friends were daytraders back then but I never saw them with any money.

But I think trading is like a being a stripper. The most you ever made in one day is what you tell people you make everyday.

Awww, a very wise man.

I don't have the mind for long term analysis and conclusions, so I'm still searching for a technical system that works reasonably well. I did find one that was moving ahead slowly (eg a lot of losses, but still a net gain) but then it turned and I lost interest. :D

If you watch USD/JPY and you're quick you can do small trades which might make you a few bucks each time. It often shoots one way then corrects itself a few seconds later.

I am a thread killer

After doing pretty good, I emptied my account... I'm good at doubling my account, but even better at losing it all. I'll try agian after playing the demo's some more.

A few tips and thoughts:
1) Don't base your trades off of the 1 min charts. They're too volatile, and usually change direction instantly. I consider myself a half decent chart reader and some of those momentum moves were rediculous.
2) Next go around i think i will mainly play the 5 min - 15 min charts, for they're a lot more reliable. I'll make sure to have enough money in my account to handle the 1 minute chart swings, otherwise the margin calls will just destroy your account balance.
3) Learn to hedge or atleast set stop limits. Don't chase your losses, it will usually result in bigger losses. If your good with chart reading, your picks will usually be winners. The important part is knowing how to lose - set your stop limits to kill trades once they go against the chart or break resistance/support levels - and move onto the next trade.
4) Don't get too confident. My first day i made 15 profitable picks in a row and then lost it all going big. Set some trading rules and stick to them.
5) Don't rush into trades. Make sure to study the indicators. Only buy if it passes all of your tests.

Holy wreckless trading Batman...