my post has predicted correctly in the last week's front part, and USD/JPY should decline to lowest point 102.59's near of 103, even 102.59 will become the 11 months' lowest point, moreover, USD index's last day trade has a turning upside down of T, which means USD index is going to decline more, let us follow market trend of GOD, and moreover, USD/JPY should decline next week to absorb traders as a second most traded currency pair, shouldn't it?
This bracket is no doubt a better option but let’s agree that not everyone is a full time day trader and can’t trade within 08 -10 and 12-03 GMT. So, the next better time window for them here is 06 and 04 afternoon
Hey Luke, doesn’t GBP/USD move really quickly? Mean it can be great for the experienced traders, but for beginners, I guess it open up windows for losing more money
Yes I agree with you and have studied that the volatility of the currency pair results in false signals and breakouts which eventually will make the beginners lose out. I personally believe that the beginners should instead focus on other currency pairs that are safer to trade. Brokers like ICM, Fxview, and IB do give a lot of options with currency pairs. So, go for the safer ones in the beginning.
It’s all about strategy and practice. Let’s not deny the fact that trading in this pair makes a trader benefit from the good number of pips in a single move that’s otherwise not possible with other currency pairs. Now there are risks involved in trading every currency pair but applying stop losses here in this scenario can result in better results.
@George858 With you mate, like I was sayin before, yen’s performing better in comparison, so it could reach that spot.
The pairs with less volatility in fact would be better for the new traders, that’s why exotic currencies (which don’t move much) are not advisable for newbies.
I have, I experimented with SGD as I was getting lower spreads with fxview so I thought of experimenting. But I suppose completely different strategies are needed for trading exotic pairs. They move so little that your regular plans won’t do. And from the very beginning when I started trading with Oanda, I have been scalping. So waiting is hard on me