We talked about this EUR/GBP trade in charts earlier, 86400 was an ideal entry point ,I did it for fun from 86600 just in demo though, the GBP/USD sank as expected , we are 5 mins away from 1.30 so might see a change.
Best pair depending on your trading style. You have to know your trading style and know how different pairs move. Some move in strong trends , other are more volatile for scalping and so on and so on. Basically most traders start off with EURUSD until they get used to it and than move on and add more pairs.
As a new Forex trader, you should avoid exotic trading pairs! Try to stay with major currencies only! In addition, don’t start your learning process with so multiple trading instruments; it may destroy your trading concentration! Whatever, EUR/USD is your common choice, then may refer to you EUR/JPY, USD/JPY and GBP/USD! Add a new trading pair in your live chart after making regular money in your demo!
To change your trading result, just change your thinking.
start by looking on the majors, preferable a pair that is influenced by the news of the region you live in. That way you can get a feel on how much certain news impacts the pair. It also avoids the temptation to stay up all night waiting for a news event at 3AM. Stay with 2 or 3 pairs for e few months to get e real feel for it, and also look at the interaction between these pairs. Don't bother with 15M and 1H charts ( at least not early on). D1 or even higher. My 2 cents...
As more of the people here – I agree that you should start with a major pairs. Just like EURUSD, GBPUSD, USDCHF … etc. When you have an already developed trading style you can continue to every pair. By that time you will learn how to “understand” a current pair and to follow the moves in the market.
mlawson71 posted: Frankly, ever since that fiasco with the USD/CHF in 2015 I don’t dare touch that pair and I don’t recommend it to newbies either.
Yes, also I would add EURCHF as heavily affected by the flash crash back then! You guys have heard anything about the Czech government lifting the peg on euro? I hear rumours gravitating so it may be risky to consider such minor pairs as well for a newbie...
Both EURCHF and USDCHF are major pairs that can be considered in a well balanced portfolio. I would start with the EURUSD and USDJPY and certainly avoid minors and exotics as there you never know what can happen, spreads are high and there is not enough liquidity on a daily basis. @cesaraugusto If you already summarise all the good advices here, you will have a clear picture where to start your trading journey.
AnneB posted: There's no such a perfect pair for the first time you trade in Forex, however, it will always depend on what will be the best pair if you get to be updated with the news. I read the blog, and it is very helpful. You can check this one: https://itrader-reviews.com/ for reference. Recently, I just pair USD/EUR and I am feeling great with it.
I checked the link and I didn't see any clear reference to what you are saying. Maybe not necessary to post links like that referring to a brokerage website.
Hello Nina, apologies for I have posted the wrong link. At that time I was reading a lot of articles, and tons of tabs are opened. However, I have found the link that was meant for this thread.Try checking this one: https://itrader-stocks.com/faq/ Also, I don't refer any brokerage firm or whatsoever just want to share some helpful information :)
Hello Anne, I've checked the both links. I think the first one you sent doesn't have any relation with the best-traded pairs, however, I love the articles on that blog! They are easy to understand and well written, with the latter link I love the FAQ it helped me a lot and I gained new knowledge. Thanks!
Hi guys, maybe it's just me but I see a blank page when I click on the second link. I guess the page is no longer available.. But thanks for sharing the right link, anyway. Makes sense 😄