Best pairs to start? newbie here...

I would suggest being a newbie one should start trading with major forex pairs like EUR/USD and GBP/USD. First start trading on demo and after gaining due experience, knowledge and confidence switch to live account with small amount. Always go for the pair best suited to your trading style and strategy.

pairs to start doesnt matter, price action trading is the way to success!

IXBONE posted:
pairs to start doesnt matter, price action trading is the way to success!

I don’t necessarily disagree, but one does have to pick a pair to apply price action to.

IXBONE posted:
pairs to start doesnt matter, price action trading is the way to success!

Maybe you can start with a pair that may be more familiar and understandable. I think it does matter.

Trading in the forex market can be complicated and requires discipline and dedication so that new traders can succeed. Before entering the market, the novice forex trader must first understand basic concepts such as how transactions are carried out or which are the best currency pairs to trade.

@cesaraugusto I was very pleased with your comment, tell us which were the pairs you used to start and how you went with them. So we give another point of view to this thread

jhonix posted:
Trading in the forex market can be complicated and requires discipline and dedication so that new traders can succeed. Before entering the market, the novice forex trader must first understand basic concepts such as how transactions are carried out or which are the best currency pairs to trade.

Which are the best currencies to trade in your opinion?

Hello,
It is difficult to say, which is the best currency. In my opinion the best is when you make your own research.
You simply open 4H or Daily chart and just try to find Fx pairs that intend to trend most of the time (ex. AUD/USD or NZD/USD or even exotic), where you can use simple strategy even just cross of 2 EMAs for example you may achieve very good results. :)

I would say just stick to the Majors for now as they tend to have the lowest spreads. And I know you won't want to hear this, but trading is the hardest business to become consistently profitable in. But if you're determined, professional and prepared to put in thousands of hours you might, just might, make it!

One final point, don't pay for any training! Everything's available on the web for free ...........

mlawson71 posted:

ema123 posted:
It all depends upon the trading style that one wants to adopt. If you are interested in range bound markets and want to get involved in scalping then you can look in to the currency pair like EURUSD, this currency pair is very stable and range bound and you wouldn’t be at bigger risk if trend goes against you. Good to start with!

However, if you want to trade in currency pairs which have the potentials to generate a good amount of profits then you should be looking for the volatile currency pairs like GBUSD, GBPJPY & NZDUSD. These currency pairs are more volatile as compared to other currency pairs, giving the potential of higher profits in small time frame but your risk also get increases.

That’s a good point. I stay away from EUR/USD because I don’t trade range very well.

thanks @mlawson71 . GBP/USD is one good pair to trade.

Frankly, lately I haven’t been trading GBP/USD much either, it’s terribly dependent on politics.

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

Trading one's own currency isn't always the best of ideas, depending on where the trader lives. They could be trading one of the exotic pairs, and that is not always easy.

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.

mlawson71 posted:
Frankly, lately I haven’t been trading GBP/USD much either, it’s terribly dependent on politics.

Ohh Alright! Which all pairs you like to trade then?

NZD/USD, AUD/USD, EUR/GBP - which is oddly stable, considering everything, occasionally USD/CAD, EUR/JPY, those are the ones I can cite off the top of my head.

Best pair for my is EurUsd:)

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.