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Help for newbies

achillea
Oct 08 2017 at 06:35
2 ieraksti
baby pips is my favorite page.

ethanav
Oct 08 2017 at 06:35
2 ieraksti
togr posted:
What currency pairs to trade in Forex?

Although there is lots of currency pairs offered to Forex traders, if you are a beginner it is easier to start with major currency pairs:

EUR/USD
GBP/USD
USD/JPY

There are several good reasons for that:

1. These currency crosses are widely traded, thus providing liquidity which is needed in order to benefit from price changes.
2. They have tight spreads, except may be for GBP/USD, which most of the time receives higher spread quotation from Forex brokers as it is more volatile (e.g. has wider price ranges than other pairs).
3. They all are traded against US dollar, which automatically suggest that the most active trading hours would be during New York trading session – the session with the highest volume of trades.
4. And finally, there are many Forex trading systems that are developed for trading those pairs and can be found online.

What currency pairs to avoid?

Exotic and uncommon currency pairs should be avoided by novice Forex traders as some further knowledge is needed to trade such pairs successfully.

Here is the list of major currencies beginner traders should focus on:

Euro (EUR)
US Dollar (USD)
British Pound (GBP)
Swiss Franc (CHF)
Japanese Yen (JPY)
Australian Dollar (AUD)
Canadian Dollar (CAD)

Also novice Forex traders should try to avoid currency pairs which have high spreads. Spreads vary from broker to broker. The information about spreads can be found at brokers’ websites, or at the special column called “Spread” on the trading platform itself, or from the Ask/Bid table (found also on the trading platform) by subtracting Bid price from the Ask.


interesting!

northernlights92 (northernlights92)
Oct 08 2017 at 06:52
9 ieraksti
Most people lose because they do not have discipline and poor risk management.

Short-term price movements are market inefficiencies - take advantage
leo23
Oct 08 2017 at 14:58
566 ieraksti
Another quick way to learn is by using a semi-automated system where the system places the trades and the trader do the trade management. Or the trader places the trades and the EA does the trade management.

This method of trading will perform half of the task for the trader and will quickly add discipline to a trader. This can save some time for a newbie trader while learning and trading in demo account.

Artificial General Intelligence
RichardSuperFX (RichardSuperFX)
Oct 09 2017 at 06:31
5 ieraksti
Trade GBPUSD, it is the best pair for new traders

Taking high risk is the key to wealth.
Mohammadi
Oct 13 2017 at 09:04
861 ieraksti
In Forex trading fundamentally, all of novice traders start their trading with zero level! In addition, Forex trading is a knowledge based business! So, which new traders try to make real money by live trading before acquiring enough knowledge, they may suffer in their live trading account! That’s very simple! Yes, I also made common mistakes in my demo, but now my long term trading experience helps me to recover my bad trades!

PriceAction13
Feb 07 2018 at 10:27
58 ieraksti
In Forexd trading we the traders first of all have to make sure a best trading broker for leading a secure and comfortable trading life, because the trading broker can affects the result of our trading with certainly. we can choose regulated trading broker which guarantee their clients funds.

To change your trading result, just change your thinking.
Hildur
Feb 07 2018 at 14:30
9 ieraksti
I don't think the broker makes much difference. The strategy is the main thing

Mohammadi
Feb 08 2018 at 12:26
861 ieraksti
By using only demo account that’s not possible at all to ensure brokers performance. There are lots of different between demo and live performance.

maria_taylor
Jun 04 2018 at 13:48
40 ieraksti
Hildur posted:
I don't think the broker makes much difference. The strategy is the main thing

You are right, strategy is the main thing, but you can never ignore the importance of a good broker.

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