Podcast:

How do you know the best Forex pairs to trade?

In this video:

00:25 – A common issue – what to trade, which direction and when to trade

00:54 - Unnecessary risk and confusion

01:15 – Trade with the daily direction

01:50 – Eliminate the common problems

02:20 – Free information posted daily on my website for you to use

02:50 – A trade example

04:30 – Client makes +8.51% on a live account this week

04:53 – The value of investing in yourself

05:30 – The ultimate goal is to make money from your trading

How do you know which currency pairs to trade, what time frame to trade, when to trade and which direction? So let's talk about those problems and more right now.

Hi Forex Traders, Andrew Mitchem here, today is Friday the 1st of April.

A common issue – what to trade, which direction and when to trade

And a very common problem that so many people share with me is that they have such an issue with their trading of having a lack of understanding really, they are not sure which currency pairs to trade, when they should be looking at their charts, which pairs to look at, what direction the trade is likely to move in, which time frame to trade. There is quite a lot of issues going on there.

Unnecessary risk and confusion

All of those things cause a lot of confusion. They cause most people to probably take to many trades, over trade and therefore what that is doing is it's causing unnecessary risk on your trading account. Now we know the issue, let's see how we can address that.

For me I have like most things in my trading quite a simple solution to this issue.

Trade with the daily direction

What I do I tend to try and take my trades within a day in the direction in the direction that I see the longer time frame charts moving. To help people with that I post on my website, free of charge, each day the likely strengths and weaknesses of different currencies and also different pairs for each day and that is valid from 5:00 PM New York time through to 5:00 PM New York time the following day, so for 24 hour time frame.

Eliminate the common problems

What it helps you to do is to take trades using your own strategy on the time frame charts that suit you and to only take trades that are in that likely overall direction. What that does is eliminate a lot of bad trades setups and eliminates a whole lot of issues around confidence, about loss, money, whatever it might be, it helps to eliminate a lot of those current problems within your trading.

Free information posted daily on my website for you to use

I analyse the strength and weakness of all the currencies and all the currency pairs every day and so I suggest to do is have a look on my website every single day, just log into my website and get that free information. Of course for my clients they receive a whole heap more than that, they receive specific trades with the reasons for taking the trades, the directions, the exact entry point and exit point etc. that's for clients, they pay for that information and it helps them to trade all different time frame charts within that day. If you are not a client then just log into my website and have a look under the latest daily directions because it really will help you.

A trade example

As an example let's say the British pound, US dollar. They let's say were to sell off, I'm looking for short positions ideally on the British pound, US dollar. I do that by looking at the British pound and I'm seeing lot's of weakness throughout the British pound against the US, against the Yen, against the Frank, the Kiwi, the Aussie, Canadian, etc,. At the same time let's say I'm seeing strength in the US and I'm seeing strength in th...