going over the section and its unique features, a quick explanation about why correlation is important for your trading. Currency Correlations and how to trade. Have a great week, The Myfxbook team. Do NOT be ignorant about correlations. Or how about when that same currency pair falls, another currency pair seems to copy it and falls also?
Have you ever noticed that when a certain currency pair rises, another currency pair falls? When trading currencies, its important to remember that since currencies are traded in pairs, that no single currency pair is ever totally isolated. Clicking on a correlation result will get you to a historic correlation chart where you can compare up to 10 more correlations side by side: Clicking on a currency will reveal the top positive correlated currencies, top negative correlated currencies and top correlated currencies (absolute. Especially if youre not familiar with how currency correlations can affect the amount of risk youre exposing your trading account. What is Currency Correlation? This is why you should be aware of correlations which can in turn reduce risk and improve your returns. We have no idea how one pair will move in relation to the other. Were excited to announce the addition of a new section called forex correlation.