Choosing a pair

Most traders try to trade a lot pairs. But it is not a good idea to trade so many pairs. Trading few pairs will give more insights about those pair as you observe those pairs for a long time.

Despite the fact that brokers provide a large number of currency pairs that you can work with, it is best to have a few and completely focus on them.

Since in beginner trader, most experienced trader suggested to choose pair with a low spread like as EURUSD, USDJPY, and till now I like with those pair too, but in my daily trading usually open multiple pairs, like as EURUSD, EURJPY. GBPJPY, GBPUSD, sometimes I work correlation between pair

patriciablack posted:
Every pair moves differently in the market. It is up to you to decide which pair’s movement you understand the best and can trade for the long-term.

Very true. It depends on what style of trading you're doing too if you're scalping a fast pair is good if youre swinging a trending pair is best

Choosing an fx pairs is easy - fine top 5 pairs with lowest spread then find the one that has a positive carry trade - only trade in the positive direction and get the rewards. Go with the flow , not against it

SofieAndreasen posted:
Major pairs are more volatile than other pair. New traders should not use other than major pairs.

I prefer USDJPY, don't ask me why, because I have the inside information of the fund, you can experience with me😄😄

Yes every pair has something different to offer to a trader and they should really be careful with the one they are trading. Making a systematic analysis of a particular pair becomes very important for a trader.

Just stick to EURUSD like most newbies. It is the best pair, most liquid with low spreads. Easy

Personally I prefer GBPUSD. To choose or find your favourite pair, you have to select 2/3 pairs and observe them a lot. By scanning their charts regularly, you will be able to find some patterns that will give you extra benefits.

I prefer using EURUSD as the safest pair and has high liquidity value as well

@glendawhite I prefer GBPUSD. It seems I understand this pair more than other pairs. Yeah EURUSD is a safe pair.

The best way to choose a trading pair is to compare the news, volatility and risk data before trading and choose the option that is expected to bring the most profit. Don't look at just one pair, improve your trading and knowledge by using several.

I believe that you shouldn't spend too much time on choosing a trading pair mostly because it's just a waste of time. You just have to find out which one is the most preferable for you by checking the news, volatility and actually opportunities to earn money on a particular pair. Hence you should do it very carefully, but fast in order to save your time. Of course, no doubts, that it's very important for a trader to determine which asset is the most suitable for you, nevertheless there are lots of other things to which you will have to dedicate your time. In my opinion, you'd better concentrate on your trading strategy.

You have to take time to understand a pair. Every pair has its own certain movement pattern. Without spending time on it you can not find them out.

Different pairs have different properties and they can be treated not as different types of one particular financial instruments, but as different instruments. More than that, many trading strategies can perform differently while trading with different currency pairs. So, before switching to another pair, prepare yourself for such a move.

There are so many pairs available in the forex market, but it depending on broker policy, because each broker is not the same about their service, but usually major pairs become the most selected pairs among traders, the reason is low spread and high volatility, but another cross pair like as GBPJPY, also good pair to trade, because high volatility

Lexxt posted:
I believe that you shouldn't spend too much time on choosing a trading pair mostly because it's just a waste of time. You just have to find out which one is the most preferable for you by checking the news, volatility and actually opportunities to earn money on a particular pair. Hence you should do it very carefully, but fast in order to save your time. Of course, no doubts, that it's very important for a trader to determine which asset is the most suitable for you, nevertheless there are lots of other things to which you will have to dedicate your time. In my opinion, you'd better concentrate on your trading strategy.

I agree with this you should be fitting the strategy to the pair not the opposite way around. Some love trading GU but it doesn't suit their trading style. Its all about adapting to how you trade

FXOday posted:
There are so many pairs available in the forex market, but it depending on broker policy, because each broker is not the same about their service, but usually major pairs become the most selected pairs among traders, the reason is low spread and high volatility, but another cross pair like as GBPJPY, also good pair to trade, because high volatility

Pound Yen pair has a good volatility and covers 2 largest markets and, accordingly, 2 trading sessions. Good volatility and unpredictable impulses make this pair challenging for newbies, but tempting for those who know how to control risk.

GJ has good volatility but I find it too unpredictable and even with the volatility the spread is generally larger than on other pairs which eats a lot of profit