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.
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.
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 ...........
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.
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
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.
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.
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