i need to disappoint you a bit because there is no easy way to do carry trade without risk so, in general, you will need to choose between such options :
1. try to choose pairs with biggest positive swaps using contacts specification of your broker, and if your trading system informs that it is time to open position on one of such pairs with positive swap at the end of the day then you simply open it for couple of minutes or even seconds, get your swap (and maybe even profit) and close it, of course it is not guaranteed that price will not turn around and will not take your stops, hence after position is closed you get either profit + swap or loss + swap which means that even in negative case your loss should be smaller than usually
2. also, there is a little more sophisticated idea of how to avoid risk when you try to trade positive swap and it is described in russian part of MT4 forum, here is the subject - https://www.mql5.com/ru/forum/153413 - in a few words, you need to choose several pairs that are opposite to each other and thus if you open positions on them at the same time then your equity will flow on the same level because movement of one pair will compensate movement of another pair and thus you will have market neutral position so your loss is equal to zero (or not bigger then minus spread), to make profit on it you simply need to choose set of pairs that fit following condition :
- summary loss on these positions should not exceed spread x number of pairs
- summary loss needs to be smaller than summary swap x number of pairs
Which currency pairs are likely to good for carry trades?
When you want to do carry trade, you have to know the interest rate of the country.
When you buy a currency, you get the interest rate of this currency, and when you sell it, you pay the interest rate on this currency.
So right now, if you sell EURUSD, you sell EUR and you buy USD;
You get 2.17-0.38 = 1.79% in your favor, but there is some added fee.
Rule : Select higher rate country and lower rate country; find the corresponding currency, sell lower-higher, or buy higher-lower.
It would be better of course to sell USDTRY, it mean sell USD buy TRY -2.17 + 10. 3 = 8.13 % in your favor.
But => if you sell USDTRY, you need the chart USDTRY to go down, unless you loose money, when closing the trade.
Here is USDTRY D1, going down, good time for carry trade.... if the trend remain downward !
It mean that an economy is performing better than the other, or worsening less, weither it can be USD economy, or turkish economy.
I am not a specialist of carry trade, just understand a few thing, hein !