Best pairs to start?

For a new forex trader it’s been confusing that how they should start and how much money they should invest in forex market and which pair should use in chart and which time frame they can use. in case of pair discussion I can say that the best pair to start forex trading is that AUDUSD, EURUSD, GBPUSD, USDCAD, NZDUSD etc. that means all the major pair you can select to start trading.

jameshallow07 posted:
You can start with basic pairs like EURUSD and GBPUSD which are highly volatile & offers best opportunity in the market.

Personally, I don’t recommend pairs that volatile to newbies. Of course, this is something very subjective, but when I was a newbie I found all the volatility to be very stressful.

mlawson71 posted:

jameshallow07 posted:
You can start with basic pairs like EURUSD and GBPUSD which are highly volatile & offers best opportunity in the market.

Personally, I don’t recommend pairs that volatile to newbies. Of course, this is something very subjective, but when I was a newbie I found all the volatility to be very stressful.

Do you mean avoiding the major pairs? I believe volatility is certainly related with the popularity of the pair but also with specific news events that can affect virtually all instruments.

cesaraugusto posted:
Hi, I asked this before but I didn´t saw my topic listed...
I´m new at this and I´ve been practicing in a demo account for over a month now.
I´d like to know if its better to start with certain pairs that may help understand the market better?
Maybe it´s a stupid question but also maybe not... lol

Thanks to everyone in advance.

I would suggest you not to hurry and keep on practicing in demo unless you get adequate knowledge about the market and pairs. For understanding the market better you can do it in demo account only by trading for the major pairs like EUR/USD, GBP/USD. EUR/USD is also the most traded pair in the currency market. Always go for the pair best suited to your trading style and trading schedule.

MC85 posted:

mlawson71 posted:

jameshallow07 posted:
You can start with basic pairs like EURUSD and GBPUSD which are highly volatile & offers best opportunity in the market.

Personally, I don’t recommend pairs that volatile to newbies. Of course, this is something very subjective, but when I was a newbie I found all the volatility to be very stressful.

Do you mean avoiding the major pairs? I believe volatility is certainly related with the popularity of the pair but also with specific news events that can affect virtually all instruments.

No, certainly not all major pairs, just EUR/USD because it’s so range-bound.

hjacob posted:
I would suggest you not to hurry and keep on practicing in demo unless you get adequate knowledge about the market and pairs. For understanding the market better you can do it in demo account only by trading for the major pairs like EUR/USD, GBP/USD. EUR/USD is also the most traded pair in the currency market. Always go for the pair best suited to your trading style and trading schedule.

Good point hjacob, I agree with you, makes sense!

I would also suggest a less volatile pair such as AUDUSD. Aim for small gains and small losses.

I have seen according to my trading experience by and large traders in particularly the newcomers depend on only EURUSD which is mainly considered as a bass currency pair in this market place. but I think for increasing our trading experience very rapidly we the traders have to trade other major currency pair.

shirley_F posted:

hjacob posted:
I would suggest you not to hurry and keep on practicing in demo unless you get adequate knowledge about the market and pairs. For understanding the market better you can do it in demo account only by trading for the major pairs like EUR/USD, GBP/USD. EUR/USD is also the most traded pair in the currency market. Always go for the pair best suited to your trading style and trading schedule.

Good point hjacob, I agree with you, makes sense!

thanks Fredrick :) I am glad you like found it helpful.

Its best to start off with one pair and learn everything about it, EUR/USD is the most traded pair, tight spreads and its quite stable to trade, avoid news events if your new to trading, most of the time its pure technical, lots of info on this pair. There is a video on forex by Anton Kreil you might want to look at.

AUDNZD is good pair