Every pair has its own unique movement pattern and characteristics. Sometimes it seems they are all moving to the same direction but every pair has its own chart and price pattern. If a trader can understand that it becomes more easier for him to make money.
Yes, every pair is different and has some characteristics since they’re made up of two currencies that have different values. If the traders are able to understand the bid and ask, that’s good for them.
Yeah well, they should understand the bid and ask since they’re trading forex. That’s like the abc of trading. Can't go further without knowing that.
Every pair has a different chart and pattern and there are so many factors that influence the prices of a pair. The interest rates, economy, news, GDP, etc all add up to making the value of a pair. Not an easy thing to analyse them and it takes some time and understanding. I was researching some exotic pairs, anyone here trades them?
Yeah, I’ve tried my hand on one of the exotic pairs (GBPSGD). The price fluctuations were good but then it’s a very high risk. Went back to trading major ones. You can probably test some exotic pairs before going live.
That’s the trick and not every trader can rightfully understand the price movements with pairs. Not that they can’t make predictions but it has more to do with the market and international events have some influence. Anyway, I think CHF is a pretty safe currency to trade these days, it appreciates well. AUDUSD, NZDUSD, GBP/USD are the top most pairs on my list. Been trading these for some time with a few low spread brokers. Pepperstone, Fxview, Oanda have some variety of pairs, and prices are also decent.