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NIAL FULLER
Professional Trader, Author & Trading Coach

The Best Currency Pairs to Trade & Times to Trade Them? (Part 1)

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By in Forex Trading Strategies Last updated on | 159 Comments
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Banknotes of various countriesTwo common questions that I get from aspiring forex traders are: “which currency pairs are best to trade?” and “what are the best times to trade?”

This two-part article will first address the question “which currency pairs are best to trade?”, and next week we will address the question “what are the best times to trade?” You should use this two-part article series as a reference guide to answer any question you may have about which currency pairs to trade and what times to trade them. Enjoy.

Types of Currency Pairs:

There are three categories of currency pairs; majors, crosses, and exotics. The following points will explain which currency pair’s fall into these three categories and the advantages or disadvantages of each.

• Majors

The “major” forex currency pairs are the major countries that are paired with the U.S. dollar (the nicknames of the majors are in parenthesis). We are also including silver and gold in this list since they are quoted in U.S. dollars and we trade them regularly.

EUR/USD – Euro vs. the U.S. dollar (Fiber)
GBP/USD – British pound vs. the U.S. dollar (Sterling, Cable)
AUD/USD – Australia dollar vs. the U.S. dollar (Aussie)
NZD/USD – New Zealand dollar vs. the U.S. dollar (kiwi)
USD/JPY – U.S. dollar vs. the Japanese yen (the Yen)
USD/CHF – U.S. dollar vs. the Swiss franc (Swissie)
USD/CAD – U.S. dollar vs. the Canadian dollar (Loonie)
XAU/USD – Gold
XAG/USD – Silver

Now, there are some things we need to discuss about the “majors” before we move on to discuss the “crosses”.

First off, many of the major currency pairs are correlated in their price movement, meaning they move almost identical to one another. For example, the EURUSD and the GBPUSD tend to move in the same general direction (not exactly the same), the GPBUSD is typically a bit more volatile than the EURUSD, but if the EURUSD is in an obvious up or down trend you can safely assume the GBPUSD is in the same trend, thus we say they are positively correlated.

The USDCHF is negatively correlated to the EURUSD, so if the EURUSD is moving higher the USDCHF is most likely moving lower. You will find if you take a EURUSD chart and a USDCHF chart of the same time frame and hold one right side up and one upside down, they will look fairly similar, this is because they are negatively correlated.

So what does this correlation business mean to you? It means you need to be careful when making your trading decisions so as to not double up your risk or trade against a position you currently have open. For example, if you enter a long on the EURUSD and the GBPUSD, you are basically doubling your risk, and there is really no point in trading both at the same time, you might as well trade one or the other, if there is a similar price action setup on both, pick the pair that the setup looks more defined on.

Similarly, if you enter a long position on the EURUSD and a short on the USDCHF, you are essentially doubling your risk. I have found the USDCHF to be very choppy compared to the EURUSD and GBPUSD, and I rarely trade the USDCHF as a result, I aim my focus on the EURUSD and GBPUSD if I want to trade a European currency against the U.S. dollar. This is not to say you should never trade the USDCHF, but just be advised that in my experience the EURUSD and GBPUSD provide better price action trading opportunities.

The EURUSD is also the most widely traded pair, and therefore it carries the highest volume of all currency pairs, this also means it is the most liquid, which is another reason I prefer it over its correlated counter-parts. The EURUSD makes up about 27% of forex trading volume, next is the USDJPY at 13%, followed by the GBPUSD at 12% of the total forex trading volume

• Commodity currencies

A commodity currency is a name given to currencies of countries which depend heavily on the export of certain raw materials for income. The major currencies that are also considered “commodity currencies” are the Australian dollar, Canadian dollar, and New Zealand dollar.

Gold and silver are actual commodities, so they can also be considered “commodity currencies”, and once again they are traded in U.S. dollars, as we noted above.

My experience trading the commodity currencies is that the AUDUSD, NZDUSD, gold and silver, are the best to trade, I tend to avoid the USDCAD as I find it fires off many “false” trading signals, this may have something to do with it being heavily influenced by the price of crude oil. Whatever the reason, I typically avoid trading the USCAD and advise my students do the same, perhaps at a point in the future the USDCAD will “behave” more logically, but at the current time I tend to avoid it like the plague.

• Crosses

The “crosses” are those pairs that are not paired vs. the U.S. dollar such as:

AUD/CAD – Australian dollar vs. the Canadian dollar
AUD/CHF – Australian dollar vs. the Swiss franc
AUD/JPY – Australian dollar vs. the Japanese yen
AUD/NZD – Aussie dollar vs. the New Zealand dollar
CAD/JPY – Canadian dollar vs. the Japanese yen
CHF/JPY – Swiss franc vs. the Japanese yen
EUR/AUD – Euro vs. the Australian dollar
EUR/CAD – Euro vs. the Canadian dollar
EUR/CHF – Euro vs. the Swiss franc
EUR/GBP – Euro vs. the British pound
EUR/JPY – Euro vs. the Japanese yen
EUR/NZD – Euro vs. the New Zealand dollar
GBP/AUD – British pound vs. the Australian dollar
GBP/CHF – British pound vs. the Swiss franc
GBP/JPY – British pound vs. the Japanese yen
NZD/JPY – New Zealand dollar vs. the Japanese yen

Now, I am not advising traders trade all of these crosses, there is certainly a short-list of the crosses that I trade and that I recommend all my students trade. That short-list looks like this: AUD/JPY, EUR/JPY, GBP/JPY, and NZD/JPY.

These four cross pairs are the most widely followed and make a nice addition to the major pairs mentioned above. Keep reading and I will condense all of this down at the end and show you how to make a concise “watch list” of currency pairs that you can follow on your forex trading journey.

• Exotics

The “exotics” are those pairs that consist of developing and emerging economies rather than developed and already industrialized economies like the majors. Here is a list of some of the more commonly traded exotics:

USD/TRY – U.S. dollar vs. the Turkish lira
EUR/TRY – Euro vs. the Turkish lira
USD/ZAR – U.S. dollar vs. the South African rand
USD/MXN – U.S. dollar vs. the Mexican peso
USD/BRL – U.S. dollar vs. the Brazilian real

The exotic currency pairs are not the best place to start as an aspiring forex trader, I still do not trade them and there are reasons why. The exotics are much less liquid than the majors and even the crosses. This means there is more risk built into the exotics, this makes them more prone to “slippage” and it also means they have wider spreads than the majors and the crosses.

(Note for total newbie’s; the “spread” is the price you pay your broker for “making the market” for you, it is the difference between the bid and the ask price, you automatically pay this every time you enter a trade, it can be very low on the majors, sometimes only 1 pip, the exotics can have very high spreads that are usually well over 10 pips. Essentially, the spread means you are negative on a trade from the beginning, so you must overcome the spread to get into profit, no sense in purposely putting yourself in the hole 15 or 20 pips by trading the exotics when you can trade the majors and only be 1 or 3 pips negative. Put the odds in your favor)

The exotics can also be much more volatile and thus less reliable than the majors and crosses, due to the thin liquidity in the exotic pairs they can move quite quickly and “jump around” or “slip” much more often than the majors or crosses. There simply is no real reason to worry about or trade the exotics, the majors and crosses provide you with more than enough price action trading opportunities to have a successful trading career. Traders who attempt to trade the exotics often get caught up in analysis-paralysis and are likely guilty of over-trading, they are certainly more susceptible to over-trading. Bottom line; ignore the exotics.

Create your own forex currency pair watch-list:

Now let’s condense this entire article down into some useful information that you can apply immediately to your forex trading routine.

Metatrader 4 has many little nuances that a lot of traders are unaware of. One of them is how to create a “market watch list” of the currency pairs you want to follow. You can also create a “pop up” price list that allows you to get a quick view of the current price quotes of all the pairs you follow, you can adjust the size of this pop up list and it will stay that way so every time you hit F10 you can see all the currencies you follow in large text. Here are the instructions to create a market watch list and a pop up price list in MT4:

Screen shot of my market watch list:

1) Click on “view” at the very top of your screen.

2) Click on “market watch” within the “view” menu

3) You should see a screen appear with some or all of the currency pairs available, and probably gold and silver.

4) Now, right click anywhere in the “market watch” window, you should see a menu appear with various options.

5) This is where you can pick and choose which currency pairs you follow. You will need to first select a currency pair if you want to hide it, then right click and select “hide”, it will now disappear from your market view menu. (note; if you have an open trade you cannot hide the quote of the currency pair from the trade you are in)

6) To reverse this just lick “show all” and all the currency pairs will pop back up.

7) You can also just click on “symbols” and then go through and hide or show which ever currency pairs you want.

8) Once you get your watch list set go to “sets” and save it. You can save multiple watch lists if you want.

9) Hit F10 and a pop-up price menu of your currently opened watch list will appear. This is a handy little short cut that you can use to check the prices of all the instruments on your watch list very quickly so that you don’t have to have the watch list window open all the time.

Now, the pairs that I recommend you include in your watch list are the following: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, XAGUSD, and XAUUSD.

This gives you 10 different currency pairs to follow, more than enough to trade with. You really should pick your favorite 4 or 5 of these and follow them very closely and master one forex trading strategy at a time, once you progress you can add all 10 currency pairs to your watch list.

Remember to stay patient and avoid over-analyzing, over-trading, and over-leveraging. Stick to these core currency pairs and master my price action trading strategies and you will be well on your way to becoming a successful Forex trader. Stay tuned for next week’s follow-up to this article where we will discuss the best times to trade the Forex market.

Please Proceed To Part 2 of this Article Here >Best Times To Trade Forex Currency Pairs

About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. Checkout Nial's Professional Forex Course here.
  1. Ivan Orozco October 26, 2017 at 7:07 am

    Very useful information that will permit me increase the trading knowledge I need. The concept of doubling the risk is something I was not aware of.
    Thanks.

    Reply
  2. carter GH September 29, 2017 at 7:46 am

    HELPFUL,,, thnks so much

    Reply
  3. Nkau August 14, 2017 at 6:23 am

    Wow!very impressive man.

    Reply
  4. kissade August 8, 2017 at 12:12 am

    Wow excellent.
    For the first time I understand what a SPREAD is
    Thanks

    Reply
  5. zafar July 22, 2017 at 8:50 pm

    It really really helpful artical . God bless you man

    Reply
  6. yunus sheik June 22, 2017 at 11:37 pm

    Fantastic explanation you are a star. Very beneficial.God bless You my friend.

    Reply
  7. mitulramesh bhai patel June 15, 2017 at 5:48 pm

    Learning about market

    Reply
  8. zanele February 22, 2017 at 3:29 am

    Thank you very much I learn’t a lot today

    Reply
  9. mthobisi nyoka January 22, 2017 at 4:44 pm

    this will defiantly help me alot thanks a million

    Reply
  10. Ray Mahole January 18, 2017 at 4:38 pm

    thanx a million, i think this will help

    Reply
  11. Amos December 6, 2016 at 9:19 am

    Thanks, very much , my little knowledge has exploded

    Amos
    Cameroon

    Reply
  12. logiciel medecin November 17, 2016 at 2:09 pm

    Thanks for some other informative blog. Where else could I am getting that type
    of information written in such an ideal approach?
    I’ve a mission that I am simply now running on, and I have been on the look out for such info.

    Reply
  13. Moses April 16, 2016 at 5:01 am

    Hi Niail, this is another great post from you. You have tremendously helped me on my journey. I just need to make a suggestion, that you recommend a maximum of 2 Pairs for beginners and especially people who find it difficult to multi-task, from my experience trading more than 2 Pairs makes me over trade and lose focus, which can negatively affect your account. Please include that as a warning. Thanks and keep doing the good job.

    Reply
  14. Gh Ghanim April 13, 2016 at 6:34 am

    Thank you very much , very nice

    Reply
  15. Osamah althaher February 27, 2016 at 5:26 pm

    Thank you very much ..
    Again ..thank you

    Reply
  16. gvbt January 7, 2016 at 7:54 am

    heck yes! Stay away from USD TRY for shorter term stuff is my advice!!! If you dont you’ll soon learn why…

    I was having an amazing day until I placed a trade with that pair. Still well into profit… but its taken the icing well off the cake!!!!!! the price jumped for a split second way above the candles and took out my stop… the candles don’t even come close to that point!

    Reply
  17. Eddie Booker June 4, 2015 at 5:10 am

    Nail, great and to the point. Is there anyway you can give me an idea of the best times or sessions to trade your recommended pairs in.

    Reply
  18. ILIARO January 13, 2015 at 4:06 pm

    your article is simply the best I had come across on the internet regarding the subject matter and I truly wanna say a huge thank you for giving away information this vital for free Mr Nial.

    Reply
  19. Seyi December 6, 2014 at 11:21 pm

    Sir,you are a blessing the information is direct and simple to understand

    Reply
  20. saiby alphonse October 31, 2014 at 7:32 am

    thanks nial… no bullshit , straight to the point, great article, great help!

    Reply
  21. Pat Sheridan August 26, 2014 at 12:01 am

    Hi Nial, I have just discovered your site and it looks really good. It is a straight talking no bull communications vehicle and I am impressed. I
    Best Wishes and thank you, I will be checking out your site on a regular basis.
    Ireland

    Reply
  22. Avinash Kumar May 14, 2014 at 8:47 pm

    thankyou sir, for providing such type of valuable information for the beginners.

    Reply
  23. reza February 15, 2014 at 5:01 am

    That’s a nice way of breaking down the currencies, well done. Thank you.

    Reply
  24. Priscilla Ileoba December 9, 2013 at 9:17 am

    I have learnt a lot in a short while. Thanks so much

    Reply
  25. Kate November 13, 2013 at 1:35 am

    Thank you Nial, I’ve organized my currencies in order. Very helpful.

    Reply
  26. Joni from Finland September 20, 2013 at 6:04 am

    I also think that whipsawing pairs can be traded profitably i have seen guy posting on youtube how he trades usd/Thb pair profitably. But i dont like whipsawings at all… more reliable trend is always better for me

    Reply
  27. Amira August 8, 2013 at 9:20 pm

    Thank you very much for the useful information.
    Now I’m at least looking only at 10 currency pairs with well organized chart area.
    I really thank you for all your help.

    Reply
    • peter o August 18, 2013 at 11:09 pm

      First ! Thank you for sharing your expertise !! So I trade EUR/USD and NOT GBP/USD in order not to duplicate . Or vies versa . What is a good pair to trade when I go long either one of the above to trade short in order to catch opportunity at the same time. I only trade 2 pairs at one time. Thank you in anticipation of your advice !!

      Reply
  28. sean August 2, 2013 at 12:13 am

    I studyed what was on here for three days I put £100 in to the market on the 4th day and had a 50% profit it in one hour amazing lol thanks for this I hope to do it for life

    Reply
  29. Shahid Shamsi June 6, 2013 at 7:08 pm

    Thank you very much, your article is really one of best in providing practical information and knowledge.
    My best regards

    Reply
  30. Stefaan May 17, 2013 at 12:10 am

    Thanks, now i have an idea where to start.

    Reply
  31. obinwelego May 12, 2013 at 5:51 am

    I LEARNT SOMETHING GREAT TODAY…
    KUDOS TO YOU FOR THIS PUBLICATION…
    GREEN PIPS ALL THE WAY TO YOU …

    SINCERELY YOURS
    APPLE TRADING CONSULTANT
    NIGERIA

    Reply
  32. Leon April 10, 2013 at 6:25 pm

    I almost to be profitable trader because of you Nail. Thank you so much.

    Reply
  33. prince February 11, 2013 at 6:51 am

    this site is one off the best, i like this article. thank you

    Reply
  34. lawson February 6, 2013 at 6:20 am

    LOVE WHAT I SEE I HAVE I READ SO FAR

    Reply
  35. yn6789 December 23, 2012 at 3:01 am

    Excellent article for newbie, but what are sysmbols for xagusd and xauusd in US?

    Reply
    • Amira August 8, 2013 at 9:19 pm

      XAG Silver
      XAU Gold
      USD US dollar

      Reply
  36. Leah December 5, 2012 at 9:03 pm

    I’m very grateful for this article & more that I’ve read.
    I’m new working on my demo a/c and I didnt know which currency to trade.
    The articles are very enlightening!

    Reply
  37. Kumar November 14, 2012 at 1:55 am

    Hello Sir,
    Please tell me positively correlated for NZDUSD & EURJPY

    Thank you

    Reply
  38. Shivani November 8, 2012 at 12:13 pm

    Thanks Nial, a very useful article for traders and especially the beginners.

    Reply
  39. bob November 1, 2012 at 7:12 am

    Brilliant! Could you help me with risk management? I currently will have a stop loss of 5% of what my current capital is. I think that is fine. But i would like to know what would be a good percentage to take profit. thank you again

    Reply
  40. Norman October 20, 2012 at 9:24 am

    Hi Nial, thanks again for sharing your valuable infor, really appreciated!

    Reply
  41. Cyria September 2, 2012 at 6:59 pm

    Thank you so much “Nail” everything you said is true, I’ve witnessed through my past experience in the market expecially the movement of some currency pairs like USDCAD. Thank you once m!ore remain blessed

    Reply
  42. Bigfrancis July 30, 2012 at 4:20 pm

    This is a good one, Nial. I have been stuck to just gold and Eur/usd. I’ll try some other pairs too.

    Reply
  43. Michal May 31, 2012 at 2:10 am

    Great article Nial, very useful especially for beginners. Having said that I can not find the silver and gold. I will have to go through the manual I guess :). Once again thanks

    Michal

    Reply
  44. TasosK May 27, 2012 at 2:27 am

    Hi Nial,

    Great article, very practical and applicable.

    If you could specify the correlation between EURUSD and the pairs you suggest (i.e. GBP/USD, AUD/USD, NZD/USD, USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, XAGUSD, and XAUUSD), so that we may be able to mitigate the risks, would be quite useful.

    Thanks.

    Tasos

    Reply
  45. Mariano Jc May 26, 2012 at 6:22 pm

    Thank you.

    Reply
  46. AK Dude April 7, 2012 at 1:14 pm

    Thanks! Great page for beginners! Liking what I’m seeing so far :)

    Reply
  47. Zic January 15, 2012 at 6:51 am

    Thank you more than expected. This is one of the best site i visited since i started my journey into the world unlimited money.

    Reply
  48. odukoya olufemi September 26, 2011 at 8:13 am

    thank u 4 everything u re doing 4 the forex community,God will continue to bless u,all ur articles re an eye opener

    Reply
  49. KRISTOFA July 28, 2011 at 7:34 pm

    Very good ideas that will make one exhibit patience

    Reply
  50. Wesley July 15, 2011 at 7:59 pm

    Wish I saw you site last month.

    Thanks for the help and I will def recommend your advise to anyone getting into trading for the first time.

    Thanks :)

    Reply
  51. kim suri July 4, 2011 at 10:51 pm

    that was a very helful post,thanks a lot ,im totally new to this,im from christchurch,n.z, was just wondering would it be a good time to buy some u.s dollar say 5000$ since there is lot of news about the nz dollar falling against u.s by heaps? ,also how long do you think would it take before the current situation changes…would be really thankful if you could give a advice on this :)

    Reply
  52. Mathew K June 22, 2011 at 9:48 am

    Wonderful, this has giving me great direction. I like to backtest my methods and this has just saved me a plethora of time. Thank you soooo much.
    Great explaination too- as always. Keep up the good work.

    Reply
  53. Geoff June 21, 2011 at 5:14 pm

    Clear, concise and informative – excellent

    Reply
  54. Hansjoerg Balzer May 26, 2011 at 11:07 pm

    Neil I like your information a lot. I am trading for a long time now and I am all over the place with my thoughts and actions. Following your guidelines and lessons I can suddenly find even more pleasure in trading. I can see the trees from the forrest so to speak. I am 6o and you are 20 so I use your young cleverness to supplement my bit of accumulated wisdom. Planing to get your Forex Course. Thanks for all.
    Regards Hansjoerg Balzer – Brisbane Australia

    Reply
  55. Louis May 25, 2011 at 2:22 am

    Thank you for all this info Nial
    Louis
    South Africa

    Reply
  56. Loreto May 15, 2011 at 12:35 am

    Gracias Neil, como siempre tus articulos son excelentes y de gran ayuda para todos los que estamos aprendiendo.
    Enhorabuena!

    Reply
  57. MTAMAKU May 11, 2011 at 12:05 am

    Hello:
    This is one of the best site I ever seen on FX trading. I am reading every one of your articals and all are excellent. This one will stop me from jumping like Thomas said above. Keep up the good work !! Learning a lot from you videos and articals. Thank you

    Reply
  58. thomas May 7, 2011 at 6:52 am

    good article nial,now i can stop jumping around like a yoyo
    and focus on 5 main pairs,
    thanks man..

    Reply
  59. George April 14, 2011 at 12:17 pm

    Hallo Nial, great info as usual, but wanted to add that AUD/USD is a good choice for us newbies, as it can be fairly predictable at times and more importantly it can be traded with less margin committed in mini and micro accounts, especially now that the Euro and Sterling are so high relative to the U.S. dollar.
    The difference can be employing $1500 vs $1000 of available margin, and also typically the spread is quite favorable.
    Thanks for all your efforts.

    Reply
  60. Stevefx April 9, 2011 at 12:56 pm

    I found it incredibly hard to delete around a dozen pairs and I’m down to the recommended 11. Now that I’ve taken the plunge I cant believe I spent so much time and energy analysing so many charts. Its taken a long time to turn my thinking around that less charts mean more success, and not the other way around! I have noticed that the eur/jap and gbp/jap are also very closely correlated. Great stuff Nial!

    Reply
  61. Cheelo March 14, 2011 at 3:08 am

    Hi Nial, thanks a lot, that was a great article. Actually, i’m trading since 3 months now on demo using Price Action and i’m doing well. I was actually begin to see the relation beetween some pairs, cross related and counter cross related, now all is clear :). thanks Nial.

    Reply
  62. Mamoun March 12, 2011 at 6:26 am

    Dear Nial
    Thanks for you info about EURCHF and GBPCHF?
    is there any mistake trading them?

    Regards
    Mamoun

    Reply
    • nial March 12, 2011 at 1:35 pm

      I don’t like to trade those pairs. I don’t find them as profitable. They also don’t see the same frequency of clean price action setups as one would find on say EURUSD or GBPUSD

      Reply
  63. nelson March 10, 2011 at 5:27 pm

    nial fuller, ur the best! be blessd

    Reply
  64. Sergiu March 8, 2011 at 11:27 pm

    Hi Nial, what I can say is that you do a great job, I already started to complete my currency list, as before I was watching more than 20 at a time (stupid, for a beginner). Thank you for the great info!

    Reply
  65. greg March 6, 2011 at 3:23 am

    another complete and consise article on the real aspects of forex. and not some mumbo jumbo to intice you to trade with wild ideas and schemes.(ie buy this system or cant fail robots or gaurunteed to make 10,000 pips a month crap) in the approx 1 year that i have been a member i have never found anything that is contrary to what is explained here. Its always the Truth good or bad for my ego it is the truth.
    So again Thank You Nial
    trimax

    Reply
  66. Lanny March 5, 2011 at 1:43 am

    Hi Nial;

    Always good to have confirmation from the perspective of someone in a different time zone.

    Reply
  67. Todd March 4, 2011 at 8:55 pm

    HI Nial, great info and to the point, the best thing about your site is there is no pipe dreams of BMW’s and money dropping in on autopilot, I enjoyed your course and have seen a great improvement in my ability to trade the FX market.

    Reply
  68. Kaisar Imam March 2, 2011 at 5:25 am

    Great article for newbie but i knew most of facts specially
    correlation and risk doubling. But great to understand commodity currencies. I have made list as recommended.

    Reply
  69. magbagbeola Adesola March 1, 2011 at 7:57 pm

    Thanks Nial, you have done what masters cannot do this is good.

    Reply
  70. Robert Garrison March 1, 2011 at 10:42 am

    Thanks nial, Im realy learning alot.

    Reply
  71. Frank (South Africa) March 1, 2011 at 8:44 am

    May God bless you Nial.

    Reply
  72. Athul March 1, 2011 at 3:34 am

    Thanks a lot for sharing this valuable information, Thing are more clear and also interesting,And increased the chances of doing right trades … thank you Nail.

    Reply
  73. Anthony Flanders March 1, 2011 at 3:27 am

    Nial, this article is like good food to a newbie….
    Can’t wait to digest part 2

    Reply
  74. Sher March 1, 2011 at 3:08 am

    Thank you Nial, as usual you’re always very relevant, the information you give is invaluable.

    Reply
  75. Dauda February 28, 2011 at 6:32 pm

    This has cleared my doubts about which pairs to trade. Thanks a lot for sharing.

    Reply
  76. Gabriel February 28, 2011 at 2:37 pm

    Hi Nial,

    I’m glad you touched up upon this subject. I always wondered about the coralation between certain pairs.

    I agree with you, having opened positions (both long, or both short) with two positively corelated pairs would double your risk, but in the mean time it would double your profit chances as well :-) I think if you keep the risk reward ratio at an healthy 1 : 2.5-3 you are doing the right thing…? Just my humble opinion…..you are the master !!!

    Thanks a lot Nial !

    Reply
  77. jon February 28, 2011 at 11:29 am

    o.k. this is a great read,I have held of forex trading as I was always thinking “which pair to trade”
    once again you put thing into simple terms for us.
    your a legend mate.

    Reply
  78. Roberto February 28, 2011 at 6:34 am

    You know what?…. YOU ARE THE BEST…..

    Reply
  79. Ken February 28, 2011 at 3:58 am

    Thanks Nial.
    Yet again, concise, spot-on and very helpful.

    Reply
  80. muhammad February 28, 2011 at 3:51 am

    you are great i suppose you that u r my greatist teacher i have learned a lot about forex i respect you much thanks for this lesson

    Reply
  81. don from england February 28, 2011 at 12:01 am

    Hi Nial
    Many thanks for this info and about metatrader4.
    Kind regards
    Don

    Reply
  82. rikus February 27, 2011 at 10:54 pm

    Hello Nial,

    Excellent articles. L luv it.

    Thank u.
    Rikus

    Reply
  83. Geoff February 27, 2011 at 9:58 pm

    Hi Nail,

    Thanks a lot for giving us a very helpful advise
    on selecting the right currencies pair to trade.

    Best Regards,
    Geoff

    Reply
  84. Manjula February 27, 2011 at 3:28 pm

    Thank you Nial.very helpful as always.

    Reply
  85. Craig February 27, 2011 at 2:32 pm

    Thanks Nial for this very useful article,you’re a great mentor and are helping me to improve my trading.

    Reply
  86. William D'Arbe February 27, 2011 at 2:18 pm

    Thanks Nial,

    Very valuable lesson. Looking fwd to the next one!

    William

    Reply
  87. cletus February 27, 2011 at 9:24 am

    Thanks for this revelation. It makes a lot of sense for a trader to restrict himself to a few pairs that are not only liquid but also have some degree of predictable market pice action that will allow for simple analysis.

    Reply
  88. hadi February 27, 2011 at 7:21 am

    excellent

    Reply
  89. M McColley February 27, 2011 at 7:19 am

    Thank you Nial, another great article with info. I can really use. Very happy to be your student!

    Reply
  90. seb February 27, 2011 at 4:40 am

    yes, good point nial, i myself only trade with the mayors they are clearly more liquid and they are a better deal on the spread..

    Reply
  91. Elie February 27, 2011 at 1:48 am

    I was always wondering about how currencies inter-relate. Thank You Nial for taking the time to explain this aspect.

    Best Regards,

    Reply
  92. xback February 26, 2011 at 9:42 pm

    thanks nial…good article…wait for part 2

    Reply
  93. Bright February 26, 2011 at 5:56 pm

    Highly educative. Thanks for the info.

    Reply
  94. Alex February 26, 2011 at 3:10 pm

    Splendid again Nial, like others i anxiously await your follow up lesson. Its really freakish how you “hit the nail on the head” especially when it is precisely what i needed to learn at my stage of trading knowledge. I wonder if you or any of your followers have created a flow chart of the most common basics one should be considering prior to, in and after placing a trade. It strikes me that there is such a lot of information to grasp and understand from a holistic perspective through to identifying specific risk ration,entry, exit and money management. I am starting to prepare a flow chart for this purpose. Thanks for all your shared wisdom.

    Reply
  95. DEVESH February 26, 2011 at 2:36 pm

    Great article as usual.

    Reply
  96. sudhansu sekhar mohanty February 26, 2011 at 1:38 pm

    dear nial ,your article is very fine and easy to understandand giving some cocrete knowledge which is very useful for new entant in forex market. keep on writing .i am thankful to you.

    Reply
  97. Gye Bennetts February 26, 2011 at 10:59 am

    Thanks for your great articles. I am just starting out and am enjoying absorbing everything, every time I read something of your my thinking moves along – love it! Looking forward to doing your full course soon,

    Gye :)
    Sydney

    Reply
  98. Bazza February 26, 2011 at 10:33 am

    Thanks Nail, needed that, brokers have hundreds of currencies, indexes, futures,stocks, etc, etc & it is so hard to find , eg the ASX 200, now I know how to make a watch list from such a huge choice,
    Thanks

    Reply
  99. Sergio February 26, 2011 at 10:06 am

    brilliant Nial, thank you for the article.

    Reply
  100. Wendy Owen February 26, 2011 at 9:30 am

    Hi Nial
    This information is hard to find all in one place so I have printed it out for reference. I know I am watching too many currencies at once, so this has again spurred me on to reduce the number.
    Thank you so much
    Wendy

    Reply
  101. Geo February 26, 2011 at 8:13 am

    Nial your the man, great info once again, cant wait for part II.
    Thanx

    Reply
  102. jeff February 26, 2011 at 6:29 am

    Another great an timely insight to trading,everyone has to work out in their own mind how to trade and everytime I seem to be working out something You seem to bring out an article reinforcing my theories.I am taking your advice and learning price action one at a time and decided to concentrate only on three pairs to start with eur/usd aud/usd[your local currency and gbp/usd my local currency.I did not know the euro trading volume was that high.Also your advice on starting on daily timeframes is spot on as it helps to stop overtrading to start with and also teaches patience which I think is so Important,along with position sizing.You can’t be a master without first being a novice!

    Reply
  103. DAN DARE February 26, 2011 at 5:31 am

    Hi NIAL. I have found usd/cad dificult to trade, & have now given up useing it. I have used the NZD/USD without much success on late evenigs on uk time.

    UNCLE DAN.

    Reply
  104. Jose Maria February 26, 2011 at 5:08 am

    Nial, Thank you very much for your lesson!!, you have helped me a lot to simplify and clarify my confussed search for the right pairs to analyze. Waiting for the following lesson!!; by the way how do you think about to look for the strongest and the weakest currencies to set or reinforce a bias to trade?
    Best Regards.

    Reply
  105. Tom February 26, 2011 at 4:25 am

    Great Article Nial. I am finding that on the 4 hour charts on most pairs, the best price action occurs at the 8:00am to 12:00 pinbar. In my case, it would mean having to get up at 2 in the morning to make a trading decision on this pinbar. Can you address whether or not you find the best pinbars at certain times of the day on the 4 hour chart?

    Thanks Nial. Excellent article as usual!

    Reply
  106. fx::tamer February 26, 2011 at 3:35 am

    tq Nial, great discourses, much appreciated.

    cheers…

    Reply
  107. Rufus February 26, 2011 at 3:29 am

    Hi Nail,
    Another great insight into forex.Anyway this confirm my watchlist. Many thanks for your commitment and support to all.Have a restful weekend.
    Rufus

    Reply
  108. forex.dave February 26, 2011 at 2:36 am

    Thanx Nial! I had mess of charts I was looking at. No exotics, but far more than ten. This simplified my trading in epic proportion!
    PAX

    Reply
  109. Kenny February 26, 2011 at 2:30 am

    This is great. When I first started trading 2 years ago, I used to look at over 20 pairs (22 to be exact) because I figured the more pairs I looked at, the more chances I had to trade and make money but the exact opposite was happening. I was overtrading and losing money. With this bit of insight I can now concentrate on only 10 that will increase my odds of being in better trades. This article was a tremendous help Nial. Thanks!:-)

    Reply
  110. james February 26, 2011 at 2:15 am

    interesting, will be good to hear when you think the best times to trade these are :)

    Reply
  111. Jo February 26, 2011 at 2:10 am

    Oh and thanks for the MT4 lesson – will make a difference too.

    Reply
  112. Jo February 26, 2011 at 2:10 am

    Nial, thanks for writing and sharing this article. Look forward to part two as one of my big issues is the times to trade – just cant get a handle on that.

    Reply
  113. Kennedy Akpogbuwe February 26, 2011 at 1:13 am

    Thanks for this excellent information.Though you may not fully realize it, your efforts are really touching many lives.

    Reply
  114. Ndubueze February 26, 2011 at 1:10 am

    Thanks, I wish you well for this article today, you are very good to help others. God will always bless you.How i wish every man comming to forex trading will first learn your trading system and course before doing any thing else. Thanks again.

    Reply
  115. Victor February 26, 2011 at 1:03 am

    This is awesome!!! Thanks and regards

    Reply
  116. Roland February 26, 2011 at 12:57 am

    Well, this tips are awesome! Just great! Please keep this up as you are impacting lifes.

    Reply
  117. Lanny February 26, 2011 at 12:48 am

    An act for simplification. Thank you Nial.

    Reply
  118. Ramli February 26, 2011 at 12:33 am

    Great infomation, it give me wider infomation about the market to trade.

    thanks

    cheers

    Reply
  119. Lester Public February 26, 2011 at 12:25 am

    I agree with you, however, I think it is a good strategy to at least look at some of the other pairs especially when there are mixed signals with highly correlated pairs. It helps it detecting when banks are stop hunting especially around large whole numbers.

    Reply
    • nial February 26, 2011 at 12:31 am

      I disagree. I have been trading a long time.

      Reply
  120. Nick February 26, 2011 at 12:07 am

    Great article Nial .I just basically trade the Eur Usd But what are your thoughts on Gold and silver? Do you think this upward trend is still intact for some time?

    Reply
  121. Lyndon February 26, 2011 at 12:03 am

    Very helpful and informative. Thanks

    Reply
  122. Galen February 25, 2011 at 11:41 pm

    Hello Mr. Fuller

    Appreciate the article and have now set market watch to what you suggest.

    Reply
  123. Edward R February 25, 2011 at 11:27 pm

    Nial,
    I have followed your E-mails for awhile, thanks for the info, it is always interesting and informative. Been Forexing for about 14 months. At present I am wining about 50% of my trades. Not great, but enough to start to make some money. I should retire in about 1 year, then will devote more time to Forex. Most likely will take your course before that time. It is never too late to learn. I have morphed into a 75% or more price action trader with the other 25% using indicators that I keep changing to help confirm the trades. Trying to decide which indicators I like the best. I only use two indicators at a time. This is getting kind of long, so I will sign off. Just wanted to let you know how much your info is appreciated. Have a good day.

    PS. I was in New Zealand (38 days), Australia (7 days), in 1976, Operation Deepfreeze. You have a beautiful country and friendly people. Hope to visit when I retire. Good day.

    Reply
    • nial February 26, 2011 at 12:33 am

      hey winning 50% of your trades is good. Just apply risk reward.. and you can make money simply by applying correct maths/parameters to your position sizing.

      Reply
  124. Kyaw Htay February 25, 2011 at 11:13 pm

    Very useful information .Thanks.

    Reply
  125. Paul February 25, 2011 at 10:47 pm

    That’s so true about the USD/CAD. It’s the most puzzling currency pair. When I used to try trading it I usually ended up scratching my head with less money in my account. I agree with you, stay away from that pair.

    Reply
  126. Adryll February 25, 2011 at 10:47 pm

    Great article, I really needed this. One of the things I like about your articles and approach, is the level of relevancy. Can always count on you for some solid and honest advice.

    Thanks Nial

    Reply
  127. Fanie Brink February 25, 2011 at 10:25 pm

    Nail,

    Thanks for all the teachings on forex!!

    I just thought I will give you my favorite watch list:
    EUR/USD, GBP/USD, EUR/CHF, EUR/AUD, EUR/JPY.

    Greetings from South Africa.

    Reply
  128. Herb February 25, 2011 at 10:19 pm

    Nial, Thank you for your investment in us. Your forthright manner is most refreshing and your presentations are helpful and appreciated. Just revised my watch list and charts… :-)) Thanks again…h

    Reply
  129. Thomas February 25, 2011 at 9:56 pm

    Indeed… i was hoping for someone to give me a better insight and consolidation of the forex markets tradable pairs! Thanks Nial!

    Reply
  130. aderemi February 25, 2011 at 9:44 pm

    extremely interesting.

    Reply
  131. T Allen February 25, 2011 at 9:44 pm

    Great article indeed. Thanks Nial.

    Reply
  132. David February 25, 2011 at 9:41 pm

    Thank you very much Nial, I have only been looking at cable, but having had a look at some of the pairs you have suggested I can see other possibilities, thank you very much.

    Reply
  133. donald February 25, 2011 at 9:35 pm

    Two quick observations, since the decoupling of the eur from the chf, and the chf becoming the preferred safe haven currency in risk averse conditions.It tends to trade a lot, consequently GbpChf,Eurchf are good pairs to trade(made a lot of money on gbp chf daily chart trading)

    The other issue i that since 2010, usdchf has been easier to trade than Gbpusd

    Reply
    • nial February 25, 2011 at 11:17 pm

      That may be so, but my article is based on my experiences and I truly don’t want people focussed on the wrong pairs. I believe that GBPUSD is a better pair than the USDCHF to trade/follow. Good on you for making those trades, well done.

      Reply
  134. Mamoun February 25, 2011 at 9:35 pm

    Thanks for your daily training courses
    What about EURCHF and GBPCHF?
    do advise or not?

    Please support

    Regards
    Mamoun Ali

    Reply
    • nial February 25, 2011 at 11:18 pm

      No i don’t trade those pairs Mamoun.

      Reply
  135. olajubu February 25, 2011 at 9:01 pm

    Am very happy for today post,i believe this one will give me another guardline to trade my demo account successfuly.Thanks.

    Reply
  136. steve portman February 25, 2011 at 8:57 pm

    Very concise and helpful information. The “when” is at least as interesting and important. Thanks for your sincere desire to help us.

    Steve P Kent, England

    Reply
  137. Vic February 25, 2011 at 8:56 pm

    Thank you Nial. This is what I need right now. Its amazing how easy your strategies are but only after you shared them… keep up the good work!

    Reply
  138. Mark O February 25, 2011 at 8:53 pm

    I was one of those asking this question!

    This will prove a very popular article and one that complements the course material.

    Thanks Nial.

    Reply
  139. jubi February 25, 2011 at 8:26 pm

    thanks for the timely reminder to concentrate on pairs that are not directly linked and thus reduce risk

    Reply
  140. Mick O. February 25, 2011 at 8:21 pm

    Fantastic, practical advice Nial! Thanks!
    Your list is very similar to mine.
    I just find the NZD/USD a touch expensive pip wise.

    Reply
  141. Peter Turner February 25, 2011 at 8:16 pm

    Nial, this info is much appreciated by all newbies like myself :)

    Reply
  142. Fabian February 25, 2011 at 8:10 pm

    Hi Nial

    This is a very good and helpful article. Thank you very much!

    Reply
  143. gary February 25, 2011 at 7:58 pm

    Hi, very nice article clear and very well explained
    as usual, looking forward for part 2.

    Best regards

    Gary

    Reply
  144. Roberta February 25, 2011 at 7:50 pm

    I am sure this article will be very useful to me in my trade!
    as every other article before this….

    thank you Nial

    Reply
  145. Michael February 25, 2011 at 7:43 pm

    Very good insight Nial. For a starter like me, i’m tempted to overtrade by looking at 10 pairs for a “good” set up which gives me confusion and analysis paralysis.

    Good knowledge. Thanks

    Michael

    Reply
  146. bradrtony February 25, 2011 at 7:38 pm

    A+ article, appreciate.

    Reply
  147. Gurpal February 25, 2011 at 7:30 pm

    Hi Nial,

    Thank you very much for producing this.

    Thanks and Regards

    Gurpal

    Reply
  148. Godwin February 25, 2011 at 7:12 pm

    Hi, i got it but new trader must compute position size n different way compared to currency pairs.
    Thanks for a good stuff.waiting for part 2

    Thanks Nial

    Reply
  149. Patrick takawira February 25, 2011 at 7:08 pm

    you are impacting markets, excellent and useful simplified tips.

    regards

    Patrick, Harare, Zimbabwe, Africa.

    Reply
  150. Mr Chilled February 25, 2011 at 7:07 pm

    Great article Nial. look forward to part 2

    Reply
  151. Vinod February 25, 2011 at 6:56 pm

    Hi Nial,

    Very good one as always. This give me a good picture of what has to be traded and what has to be avoided. Good one keep it up. Thanks.

    Reply
  152. Daniele February 25, 2011 at 6:42 pm

    I waited a long time for this article. Thanks a lot Nial!!!!

    Reply

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