With the no nonsense Forex approach, there are five main trading pairs that begin with. These pairs are as follows:
- EUR/USD
- AUD/NZD
- EUR/GBP
- AUD/CAD
- CHF/JPY
These combinations serve as an initial test to your no nonsense forex trading with your particular software or algorithm. If your account performs well with these five pairs, then in many cases your algorithm will perform well in the larger spread of major currency pairs long term.
This is not determined immediately though. Like all good things, it does take time. To get a good test or scope of your overall performance, it is good to allow for about six months of data to be collected. After this period, review your trendlines and see if it fares well enough to add in additional trades and currency pairs.
If you are a bit unsure during or before this time. Create a demo account, to begin with. This will allow an algorithm to run its course without all the risk associated with running it on a live account. If it works on a demo then it should work well on a live account.
Be sure you know how to read the information and the statistics associated with your account. Spend time on your forex education to be fully prepared for the world of trading. Between knowing how to read the information and having a good spread of information available to read, you will be better set at launching yourself into the world of Forex.