What is the Best Time to Day Trade Forex? This question has become a common one among forex traders who are new to the game. The correct answer is: any time! Any time is the right time for any forex trader, but not the right time for any particular forex pair.
The timing for trading currency pairs depends on the country where you are investing. For convenience, every forex trader will consider the main time to day Trade popular currency pairs, like the EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and EURUSD. If you really want to get into forex trading, it’s wise to stick with just a few pairs. It may be tempting to get started with a dozen pairs as they give you the chance to gain experience, but only for a short period of time.
After a while, you will start to learn about forex trading and your favourite pairs will come into play for a while. For instance, if you have your mind set on investing in the Australian dollar, NZDUSD and AUSCHF. At first glance, these currencies look to be a great combination. AUSCHF is in an uptrend, while the AUS dollar is in a downtrend. They are both strong and weak in different time frames. So this makes them a good combination for a short time.
However, the Australian Dollar is quite volatile and NZDUSD can swing wildly from one end to another. This can cause you to be on the wrong side of your investment decisions. The same is true with AUSCHF. In fact, it can even cause losses because you can find traders who jump on and off the new Zealand dollar when it is strong and vice versa. As long as you do your research and understand the movement of these pairs, there is no reason why you cannot make a profit.
Another currency pair that has moved recently is the Canadian dollar. Just like with the Australian dollar, the Canadian dollar has seen an uptrend. The CAD is currently near the top of a very bullish market and this makes it a very attractive quote currency pair for traders looking to take advantage of the move up in prices. Unlike many of the other major currencies, the Canadian dollar trades more moderately. One reason for this is that the Commodity Research Bureau has indicated that the price of oil will remain low through the end of this year. That means that oil will be a very strong commodity which impacts the Canadian dollar’s price.
There are a couple reasons why some investors are attracted to the Canadian dollar over the US dollar. First, it is quite easy to compare the two and you can see that most of the differences come in the cost of the currencies. In comparison to the euro and the US dollar, the CAD is a little bit cheaper. The other difference is that the Euro is already quite strong in comparison to the Canadian dollar. So if you want to trade a EURUSD or a AUDUSD for short term gains, you may be able to make a profit if the prices of the two currencies move in opposite directions.
The other currency pair that is extremely important is the GBP/USD and the gurus is currently in a very strong upward trend. So if you want to trade a GBPUSD or an AUDUSD for a short term profit, you should go with the gbpusd and this is because the gbpusd has been increasing quite a bit recently. So if you want to trade the EURUSD or the GBPUSD on a long-term basis, it would probably be best to stick with the gbpusd instead of the euro or the US dollar due to the fact that the gurus are quite weak compared to the other currency pairs.
Many traders prefer to trade these currencies with the help of a variety of indicators. However, most forex trading experts would advise that you stick with only a few popular indicators and then you can take your decision on which currency pairs to trade. Also, you should try and learn more about the economies of Canada and Australia before you decide to make trades based on them. Many traders are already aware of the strong economy of these two countries but not many traders are aware of their economic system. You should consider all these factors before making your decision and then make your decision accordingly. This way, you can have the best of both worlds – being able to trade the AUDUSD and the GBPUSD depending on the market conditions.