By: Terry Allen
The more information and understanding that you can gain about a currency pair will considerably increase your chances of trading it successfully. You are recommended to monitor at least the following parameters for each Forex currency pair that you intend to activate:
1. The intrinsic characteristics of both currencies.
2. The average range and size of the daily movements of the currency pair.
3. Their Resistance and Support levels.
4. The Trading Price Alerts identifying possible entries and exits of all new trades.
5. Important events of any statistical tools that you wish to use
e.g. Crossovers of Stochastic K and D.
As you can see, this is a lot of information to track 24 hours a day for just one currency pair and that you will require significant amounts of mental focus and discipline to achieve this task successful. If, however, you plan to be more ambitious and trade more than one currency pair at a time, then you may need the help of other suitably skilled people, a very powerful computer system and/or trustworthy automated software to perform this task to the standard necessary for you to achieve profits.
If your resources are limited, then your best course of action is to keep your trading as simple as possible. For this reason, many Forex novices commence their career by focusing on the EURUSD. As this pair is the most traded in the world, there are large amounts of analytical information and advice readily available 24 hours a day that are produced by global Forex experts.
Just trading one currency pair at a time can be both mentally tiring and extremely time-consuming with the resources that you may have at hand i.e. just yourself and a standard PC. Forex trading can be an intense activity requiring very large levels of mental concentration.
On your own, you will have little chance of working on this activity 24 hours a day for any great length of time. You will just start to make more costly mistakes. As such, you will need a technique that will allow you to switch your trading off, for whatever length of time required, without worrying that you will return to a crushed position. Later articles in this course will show you how to do this safely.
This article is part of a course intended to show you how to develop your own successful Forex Trading Strategy.
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FX BONUSES & PROMOTIONS
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Live Rates
| Symbol | Change | High | Low |
|---|
| EUR/USD | 0.0011 | 1.3283 | 1.3203 |
|---|---|---|---|
| AUD/USD | 0.0037 | 1.0777 | 1.0684 |
| EUR/GBP | 0.0004 | 0.8401 | 0.8373 |
| EUR/JPY | -0.03 | 103.17 | 102.48 |
| GBP/USD | 0.0006 | 1.5826 | 1.5761 |
| USD/CAD | 0 | 1.0015 | 0.9975 |
| USD/CHF | -0.0014 | 0.9159 | 0.9106 |
| USD/JPY | -0.05 | 77.77 | 77.57 |
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