I'm new to pairs trading and want to tread lightly by paper trading these initially. I'm trying to educate myself as to when to take these trades and when not to. For instance, in trying to create an edge for myself, is it useful to look at other factors such as technical indicators for each of the stocks, past history in returning to the mean, buying intraday rather than at the open. I'm trying to find some direction in what I should be evaluating to increase my chances of success with this type of trading. Any tips, resources, or threads would be much appreciated.