Which currency pair is best for trading?....and how to get information of future condition of a currency?

Question

Which currency pair is best for trading?....and how to get information of future condition of a currency?

Answer 1

It depends on your trading method. I am a momentum trader, and my holding period can either be one day, to several weeks. I open a position on a currency pair when I see that momentum is starting to pick up, and hold that position until I see otherwise.

I trade currencies with the smallest spreads (EURUSD), and some of the biggest spreads (USDCNY). It doesn't matter which one as long as I can see potential to make money is greater than my downside or loss.

I'm not sure I can point you to a legit website that can predict future condition of the market. You can look for news and information on what is happening TODAY in the forex market, then you can make your own analysis as to which way you think it will go.

You will find "experts" out there who claim they can predict the future. Some calls they will make may be correct, and some may be false. If you want to make money in this market in the long term, it is best that you learn how to make your own calls.

Hope this helps.

- Jim http://jsforex.blogspot.com