Here is how I set up my forex charts so I can quickly scan through all the forex pairs I follow. With my charts set up in this way, it takes less than 20 minutes a night to scan through all my charts, look for trades and put out orders in the forex pairs that have valid trade setups based on the strategies I use. I will cover a couple strategies in the next videos.
This is the first video in the free Forex Swing Trading in 20 Minutes Course (links to the rest of the course are provided at the end of the article).
Forex Pairs to Trade and Setting Up Charts
I currently follow 28 “normal pairs” and 19 “exotic pairs” plus oil, natural gas, silver, gold and the S&P 500.
My forex swing trading (and day trading) strategies, along with all the forex basics you need, are covered in the Forex Strategies Guide for Day and Swing Traders eBook.
Normal pairs are recommended for traders who are starting out. You don’t need to scan through all 28, as that may be a bit overwhelming at first. Instead, only watch about 10 of these pairs. I have put a star beside the ones I recommend you start swing trading first, and then you can gradually work up to watching all 28.
If you are more experienced and looking for opportunities in more currencies, then monitor the “Exotic” pairs as well. You should have a firm grasp on how pip values work if you opt to trade these pairs, because if you don’t the spreads and big numbers you are dealing with can really mess with your risk management.
Normal Forex Pairs to Swing Trade:
Exotic Forex Pairs to Swing Trade:
USDZAR is also fine. My broker doesn’t offer trading in it for some reason, so it is not on my list, but you can add it to you list if you wish. With the Exotic pairs, start by adding a couple you are comfortable with, and then slowly add more pairs as you get better at spotting trade setups and understanding the pip values and movements of this pairs.
With this many pairs, if you are taking multiple trades be sure to check the trades aren’t highly correlated. For more on understanding correlations, see this article: How to Use Forex Correlation Stats.
Hope that helps you out!
To learn more about how to day trade and/or swing trade forex, including basics to get you started, strategies and a plan to get you practicing and successful, check out my Forex Strategies Guide for Day and Swing Traders 2.0 eBook.
Cory Mitchell, CMT
Watch the other videos in this free course: