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Best currency pairs to trade in Forex

Discussion in 'General Forex Talk' started by shaunna75, Feb 6, 2011.

  1. shaunna75

    shaunna75 Private

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    For those who are planning to start up with Forex trading, it is best to start up with these major currency pairs.
    Euro (EUR)
    US Dollar (USD)
    British Pound (GBP)
    Swiss Franc (CHF)
    Japanese Yen (JPY)
    Australian Dollar (AUD)
    Canadian Dollar (CAD)
    These currencies are widely traded and have tight spread so it is easier to get instant gain from them. Avoid trading rare currency pairs because this kind of trading needs further knowledge to trade such pairs successfully.
     
    fardeenkhan likes this.
  2. D-Trader

    D-Trader Private, 1st Class

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    Hi,
    Which are the best currency pairs hier?? All are currencies.

    EUR/USD or EUR/GBP or EUR/JPY or EUR/AUD or EUR/CHF or EUR/CAD
    USD/JPY or USD/CAD or USD/CHF
    GBP/USD or GBP/JPY ........
    AUD/USD or AUD/JPY or ..........
    CAD/JPY or ............
     
  3. John Bozeman

    John Bozeman Private

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    Don't bother responding to this person. Google her username name and you'll see that she's joined about 40 other trading-related forums since January 29th, 2011 and spammed/posted the exact same threads on all of them.
     
  4. forextofx

    forextofx Recruit

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    senseless scam scam scam post!!
    Anyway, I like EURCHF and EURUSD.
     
  5. salako Afolabi

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    eur, usd and gbp.

    I believe that a beginner should start with very few curreny pairs. probably with just 2(EUR/USD, GBP/USD) So as for the newbie to study and master the behavioural pattern of the currencies on time. Definately, there will still be mistakes while learning but for it not to take the trader out quickly, it has to be Gradual. But always put at the back of your mind that NO STAIN NO LEARNING.
     
  6. Iono

    Iono Recruit

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    So true now I on the other hand started with everything, then discovered after years to pair it down to a few EUR/USD, GBP/USD, EUR/JPY and then a couple of others when the opportunity presents itself....but there is always a but....AUD/USD is my ***** she gives it up when I want it, however I'm AUD/USD ***** because I always give it back when she asks...dam that pair, I'm hooked and recently doing ok with it, but dam, dam, dam!
     
  7. RahmanSL

    RahmanSL Major

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    shaunna75 is just advising new Traders (otherwise referred to as Newbies) to concentrate on trading the majors currencies, and is not hocking anything. So how can shaunna75's post be "senseless scam scam scam post"??? Newbies should listen and learn from shaunna75 as I believe this person has been around awhile.

    I would most certainly concurred with shaunna75 and salako Afolabi to trading just the majors. EUR/USD is most commonly traded simply because the spread is the cheapest with most Brokers.
    Yes, Newbies should stick to just 3 currencies pairs and get to know them like an intimate Lover.
     
  8. cjforex

    cjforex Recruit

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    It's also a function of your liquidity needs. Some are more liquid than others.

    There is also a question of volatility when you trade. What is the average volatility and range during the times you sit in front of your computer.

    ie. EURUSD and GBPUSD are usually correlated (similar looking charts), but GBPUSD has more volatility (movement), and that's why GBPUSD margin rates are usually higher. But prop traders need that movement to make money.

    I have one friend that trades for a small fund, and swears by the NZD crosses because they don't get chopped like EUR crosses by the retail flow.

    I sincerely hope you enjoy your journey!

    -cjforex-
     
  9. cjforex

    cjforex Recruit

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    I forgot one thing, correlation. If you are trading a similar strategy on more than one pair, try to insure your pair choices are the least correlated, otherwise you are just doubling down, and doubling your risk inadvertently.

    Here is a good analysis. Select the timeframe you usually trade when you check:

    Forex Correlation - Mataf.net

    Good luck!

    -cjforex-
     
  10. yoseph

    yoseph Recruit

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    I think it's quite good advice for beginners, if you start trading with a rare pairs, you can loose all at once, but in addition learn nothing, but always trade the same pair also not good, need to expand opportunities (it will be useful in future)
     

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