Choose a suitable pair according to your time frame because every pair has a level of movements daily, and using the correct time frame can give a trader the very best opportunity to profit from the market.
In my opinion , major currencies like EUR, USD, JPY, GBP etc can be a few to keep in mind while trading for profit. Others currencies are also good but I think these pairs can be high riskier and less liquid too.
Demo accounts are an essential part of learning to trade. Every beginner trader should do demo trading for at least 5 months. Demo trading is a must to gain basic knowledge. If you want to develop skills, you have to do demo trading.
Most newbie traders usually trade a lot of pairs but to me that's not an ideal way to trade. Every currency pair has its own movement patterns. If one can understand that it becomes easier to trade. So it good to choose few pairs.
It needs a lot of experiment to find a suitable pair. Most new traders do few months of demo and they think they get the edge. But it is not true. When they start trading live they lose money due to lack of experience.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.
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