My Favorite Markets to Trade—and Why
I get asked a lot which markets I trade. The short answer is simple: I focus on a small number of highly liquid, major markets that consistently offer the best price action trading opportunities.
A major reason many traders struggle is that they try to follow too many markets alongside countless other variables—news events, indicators, and dozens of charts open at once. Trying to process all of that data can be overwhelming and mentally exhausting. So, how do you avoid this information overload?
The solution is to scale back and focus on a few key markets. You don’t increase your edge by tracking 30 or 50 markets at once. You increase it by becoming a market specialist—developing a deep understanding of a small group of markets you know intimately.
If you’re new to Forex, it helps to first review my article on major, minor, and exotic currency pairs to understand which ones are worth focusing on.
Why I Trade Only a Handful of Markets
Just because you can trade every market your broker offers doesn’t mean you should. In trading, as in life, less is often more. Most traders have access to hundreds of markets, yet I start each day with only a few charts open. Typically, I focus on 4–6 major currency pairs, a couple of stock indexes, and a few commodities. I avoid opening dozens of markets at once, which only leads to distraction, mental overload, and low-probability trades.
Becoming a Specialist in Your Markets
Specialization is key to success—not just in trading, but in life. Doctors, lawyers, and entrepreneurs succeed because they focus on mastering one field. The same principle applies to trading:
- Master one strategy and become a specialist in a handful of markets.
- Develop an intimate relationship with these markets, learning their behavior and nuances.
Focusing on a few markets improves your trading in several ways:
- Keeps your mind clear and disciplined – A smaller watchlist forces focus and reduces unnecessary distractions.
- Prevents double-risk – Avoid entering multiple correlated trades at once, a common mistake for both new and experienced traders.
- Reduces over-trading – Fewer markets mean fewer opportunities to trade impulsively, which is the leading cause of long-term losses.
- Controls the urge to trade – Limiting the markets you watch helps you concentrate on quality setups instead of feeling compelled to be in the market constantly.
By becoming a specialist in a select few markets, you naturally increase the quality of your trades while minimizing unnecessary risks. This approach is the cornerstone of consistent, long-term success in trading.
So, Which Markets Do I Trade?
You’re probably wondering: “This is all great, Nial, but what markets are you actually trading and focusing on each day?” If that’s on your mind, here’s the answer. And if you weren’t thinking it—well, now you are!
If you follow my members’ commentary, it’s no secret that I focus on a maximum of 10–12 markets in any given month. These markets are:
EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY, EUR/JPY, GBP/JPY, Gold, Silver, Oil, Dow Index, S&P 500 Index
These are the markets I discuss most frequently in my daily commentary and the ones I personally trade and analyze. In fact, I rarely look at anything outside this group. Within this list, my top 7 favorites—where I spend the most time—are: EUR/USD, GBP/USD, AUD/USD, GBP/JPY, Gold, Oil, and the Dow Index.
How many markets are you trying to trade? In my view, anything over 12 is too many. My advice: start with this list of 12, choose your 5–7 favorites, and focus on them. Learn their behavior intimately and become a true market specialist.
This article includes images from the trading platform I use. If you don’t have it yet, you can download it here.
Market Correlation and Why I Avoid Certain Markets
It’s important to understand correlations and why I choose not to trade some markets. Many traders have 20 or more Forex pairs on their watchlists, but more than half are correlated—meaning they often move in the same direction. I see no need to follow more than 3–5 major, highly liquid currency pairs. Adding more only increases correlation risk, which can lead to doubling your exposure or over-trading.
Similarly, stock indexes are partially correlated, which is why I mainly focus on the Dow, S&P 500, and my local market.
Some markets I avoid:
- USD/CHF and USD/CAD – These pairs tend to be choppy and erratic. The USD/CHF also has a strong inverse correlation with EUR/USD, so I stick with the EUR/USD instead.
- Exotic currency pairs – Pairs involving currencies from emerging economies are highly volatile, have wide spreads, and low liquidity—all factors that make them unsuitable for consistent trading.
Time to Take Action
Now that you know my favorite markets and why, it’s time to simplify your trading setup. Reduce the number of markets you’re following. After finishing this lesson, declutter your watchlist—don’t worry if you’re unsure how, I’ll guide you.
On MetaTrader 4:
- Open the “Market Watch” window.
- Follow the steps below (8 steps in total) to streamline your trading environment and focus on your core markets.
Here’s a clear and polished rephrasing of your steps:
- A screen will appear displaying some or all of the markets available.
- Right-click anywhere in the “Market Watch” window to open a menu with several options.
- From here, you can select which currency pairs to follow. You might start by choosing “Show All” to display all available markets, then narrow it down from there. To hide a specific currency pair, select it first, right-click, and choose “Hide”. The pair will then disappear from your Market Watch list. (Note: If you have an open trade or chart for that pair, you won’t be able to hide it until the chart is closed or the trade is complete.)
- To restore hidden pairs, simply click “Show All” again, and all currency pairs will reappear.
- You can also click “Symbols” to manually show or hide any currency pairs you want.
- Once your watchlist is set, right-click in the Market Watch window, go to “Sets”, and save it. You can create and save multiple watchlists if desired.
- Press F10 to open a pop-up price menu for your current watchlist. This is a handy shortcut that lets you quickly check prices for all instruments without keeping the Market Watch window open.
Here’s a rephrased version of your sentence:
“Now that you know my favorite markets and why I focus on specializing in them, if you want to learn how I trade these markets successfully using straightforward and effective price action strategies, take a look at my”
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