Traders have often asked us about different currency pairs in Forex. It is a good thing because your currency pair can tell if you are going to be successful in market or not. It is not very hard to tell when you can get news about Forex market from different websites. What is important for traders to know that if they can trade the market with any type of currency pairs which are foolproof? They will not lose their money and even if they lose, it will be a bare minimum. So, the million-dollar question is, is there any currency pair that really exists like that without our knowledge? That is what we are going to find out in this article.
Table of Contents
All currency pairs are same
It is sad for you to know that all the currency pairs in the Forex industry are moreover the same. If you think you can make the best amount of money than traders who are trading with minor currency pairs, you will find that you are making less amount of money than them. If you switch to minor currency pairs in the hope that you can avoid market volatility and beat the market, you will find that the market is not moving at all and you have no way to make money. Sounds like there are troubles in all ways. So, what is the traders are going to do? Do they have not any currency pairs that are better than the other pairs in Forex? Just look at the expert traders in the United Kingdom. To them all the currency pairs are same. Finding the good trading signals totally depends upon your technical analysis skills. For instance, the expert traders at Saxo are involved in options trading for a long period of time and they trade almost all major pairs. To them, quality of signal matters more than the name of the currency pairs.
If you think you can have that currency pair, you need to die and go to heaven because perfect pairs do not exist in Forex. If you are even trading with major and minor currency pairs, you will find that all of these currency pairs are same in Forex. Traders who are trading with minor currency pairs are also making money, traders with major currency pairs are also making money. The main difference is in their trading style and discipline. If you are a patient trader in Forex and you are disciplined, you will find that you can win most of your trades. We are saying most because winning all the trades is not possible in Forex, even for the professional and legendary traders. So, we hope you have found your answer that there are no foolproof currency pairs in this industry to trade.
Work on your trading system
You need to work hard to gain knowledge about the financial industry. Majority of the retail traders don’t give any importance to their depth of knowledge. But without having an in-depth knowledge of this industry it’s nearly impossible to make a consistent profit. Instead of using too many indicators and switching strategies, you need to create a simple trading system. Do your technical analysis in the higher time frame since it is one of the easiest ways to save yourself from the false spike. Your trading system should always look for high risk-reward trade setup since it is the only way to save yourself from losing your trading capital. Even a 1:2 risk-reward ratio can help you to become a profitable trade with a 50% winning system. Don’t think about your trading pair rather concentrate on the fundamentals of this market. Use your trading skills to decipher the price movement of the currency pair. Place your trade by using the price action signal and always try to ride to trend to maximize your profit.