which are the best currency pairs to trade for a Forex beginner?

MoneyTec Forums Beginners Forum which are the best currency pairs to trade for a Forex beginner?

This topic contains 2 replies, has 3 voices, and was last updated by  OctaFX_Farid 1 year, 3 months ago.

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  • #1016

    chalithuo
    Member
    • 19

    During the first days of Forex trading, “newbies” often try their hands on every currency pair that pleases their eyes. To most, there is no much of a difference since to them the most important thing is placing an order and closing it with at least some profits no matter how long it takes for the trade to convert into profits.

    Although am sure every trader has his or her choice of currency pairs of trading, I would advise the beginners to choose those currency pairs that are commonly traded and those that have smaller spreads. The currency pairs which are traded by many traders tend to have larger movements which yield more if the trader places the right trades. Also, with small spreads, the orders opened normally turn into profits faster making it easier for scalping, the main trading strategy used by the beginners, although very few even recognize the type of trading strategy they are using.

    The most traded currency pairs are normally referred to as the “majors” and they include: EURUSD, USDCHF, GBPUSD and USDJPY. From the various brokers that I have worked with, theses currency pairs have very small spreads and they also have significant market price movements which makes it also easier to identify the market trend. I believe if beginners can trade these pairs, they can end up making good profit.

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    #1377

    FxTT
    Member
    • 24

    I think mostly EU, GU, UJ and EJ are the type of pairs that should be on top of your list. However, it must be said that a truly good trader is one who is capable of trading with any pair. It opens opportunities in major ways, so this could be certainly the way forward.

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    #1446

    OctaFX_Farid
    Participant
    • 28

    I personally have no issues with any pair. I am okay with trading on any trading pair. I believe that if we are not open for trading on all pairs then we will not be able to gain consistently.

    So that’s why I do analyzing on all pairs and one with which I feel most comfortable, I go on with trading on it.

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