My most favorite will definitely be EURUSD, i am currently trading on them with fxview and earned decent gains on it but my least favorite have to be USDJPY & AUDCAD as i’ve been seeing a lot of fluctuations these days.
Most traders avoid trading with pairs that have high spreads and high volatility. They are called exotic pairs. Such pairs are not profitable to trade because of the high level of risks associated with them. For instance, I have traded with EUR/TRF. It was a bad experience.
Exotic currency pairs are the most volatile currency pairs and should be avoided. These currency pairs have least liquidity and in order to trade them, traders need a big amount of deposit to meet the losses in the form of large spreads.
Most traders avoid trading with exotic pairs because they have high volatility and high spreads. However, some people do trade with them but they have more expertise. Personally, I do not trade pairs like USD/SEK, EUR/TRY, and USD/HKD.
I notice traders claim about high volatility and they prefer less liquid currency pairs. I stand for volatility because I am convinced that high volatility means th opportunity to earn more money potentially. Ofc, it's not right to hurry for money and traders should be wise and make moves gradually, nevertheless I believe that volatile pairs are the most suitable for scalpers and day traders. In case we are talking about the potential income. BUT, remember about mistakes, losses and other unpleasant things. They as a rule confuse traders and makes them scary of the market.
Anyone new to forex trading will find the EUR/USD pair to be the most straightforward. That it's simple and liquid is a plus. In my opinion, novice traders should start out by trading simple currency pairs.
I think currency pair selection is an important part of your overall trading approach. But I understand a lot of Forex traders are confused about which currency pairs to trade. I typically do not trade in exotic pairs as they are highly volatile and are illiquid. The spreads are extremely wide and have a lack of market depth. They are riskier as compared to major pairs which are rather stable. Exotic pairs feature low trading volumes which lead to lack of liquidity which is why I do not like trading in exotic pairs which is my personal viewpoint.
I am ok with trading any type of pair in general except for the exotic ones. I tried an exotic pair once and it did not go well. I think we can master any type of pair once we get experienced. But I am sticking to major pairs as of now.
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UPOZORNĚNÍ NA VYSOKÉ RIZIKO: Obchodování s devizami přináší vysokou úroveň rizika, které nemusí být vhodné pro všechny investory.
Páka vytváří další rizika a ztráty. Než se rozhodnete obchodovat s devizami, důkladně zvažte své investiční cíle, úroveň zkušeností a toleranci vůči riziku.
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