I usually trade in Major pairs. I can easily find information about Major pairs. It has less spread and we can get good movements in these pairs. There is no such thing that we must trade in some pairs or some selected pairs. Actually we can trade in any pair. My second favourite list of pairs comes from Yen Crosses. It is easy to get news related to Japanese Yen. I’ve found that most Yen crosses resembles with USDJPY. So we can easily trade with any Yen crosses by looking at UJ. Most probably I try to give more time in analyzing the major pairs. Sometimes I try to avoid big volatility and try to stick with major pairs only.
Do we need to trade in all pairs to make more profit?
No, we don’t need to trade in every pair just to make good profit. Even by trading in a single pair we can make good profit. Is it true? How? Definitely we can make good profit by trading in a single pair. The main factor is our perfection in trading and not the pair itself where we trade. If somebody is good at trading in EU then he/she can easily make good profit. In other hand if somebody is good at trading in GBPNZD then he/she can easily make good profit from there. Everything depends on our own experience and trading skills.
We can take good opportunity in any pair. We don’t need to go one pair to another. If we get no signal in a particular pair then we must wait for the correction. Sometimes pair goes into consolidative mode so we need patience during that time. Every pair behaves differently so before engaging with any particular pair we must try to go into deep research. There is no restrictions in picking up any pair. I can’t suggest anybody to pick up any particular pair for trading. It depends on you and your strategy how you trade. So no matter in which pair you’re trading you can do it interdependently. Here I would like to say no pair is good or bad for trading.
There are a lot of choices for you to trade. It also depends on time and place to chose a particular pair. If you’re going to trade during EURO session then you can trade on pairs which has EURO as a base or quote currency. If you’re trading during Aussie market session then you can pick up AUD related pairs. If you live in some remote area and can’t trade during London, EURO session then you can chose some alternative pairs. So here place and time have also big role in choosing pairs for trading. But it is only my own opinion there is no such restrictions. In any market session you can trade a pair which is your favourite or you know well about that particular pair. You can still trade in EU during kiwi market session or during Tokyo market session or during any other market session.
Concluding words: We can trade in any pair to make good profit. However it is good if we trade in the pairs which is easy to understand. For me major pairs are good for trading. It turns into green in less time because of less spread. I’ve also seen that some pairs have big spread but they can give us good profit. For example we can consider GBPJPY, GBPNZD etc. These pairs have great volatility and at the same time high potential to give us good profit. I’m not suggesting anybody to trade in these pairs but I only want to say that every pair has some good quality only we need to look at those qualities. You’re free to choose your own pair. But before going for real trading try to know the characteristics of your favourite pair. Only then you’ll able to make profit from the forex market.