I recommend trading a currency that you are located in their country or that you are interested in. That way staying up with the political agenda come at natural. Focus on one country you like and once you know that Currency in's and out it is time to find a Partner aka PAIR. The pair should be something that is eventful in news, headlines, or price action. For example, Last Friday we had NFP in the USA, so the USD is the pair because of the Event. Since I am interested in EURO, I will trade EURUSD on NFP day.
If news event exists on AUD, I would trade EURAUD. etc.
Find your interest, then an event to trade.
@mlawson71 - both usd and gbp went through large political change. both pairs difficult to predict
Being a newbie, person should look for the currency pairs that have stability and liquidity. And that is why EUR/USD pair specifically comes to mind as this currency pair has very high liquidity as well as stability. GBP/USD pair can also be looked for earning good amount of profits as this being a highly volatile currency pair.
hjacob posted: Being a newbie, person should look for the currency pairs that have stability and liquidity. And that is why EUR/USD pair specifically comes to mind as this currency pair has very high liquidity as well as stability. GBP/USD pair can also be looked for earning good amount of profits as this being a highly volatile currency pair.
When it comes to high liquidity, yes, EUR/USD does have that, but I wouldn't say it's exactly stable. Lately GBP/USD hasn't been as stable as it used to be either, unfortunately.
I am begginer too, started forex 3 months ago. I watch closely USD because its most important and impactful currency in the world. Secondly I love gold (XAUUSD) for many reasons.. So mainly I focus on majors. I also watch some cross pairs charts - looking for very strong setups. To sum up I watch 23 pairs - both majors and crosses. I am not a 'daytrader'. I watch daily charts once a day for an hour after candles close. Hope it helps.
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