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Which currency pair should I trade?

Discussion in 'Beginners Bootcamp' started by Jeff Martinez, Oct 3, 2017.

  1. downtrend

    downtrend Sergeant

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    As you are new in forex trading should select low spread trading pairs because high spread will be like loss for you . First get skill in currency trading then do on metals or oil . Major currency pairs are best choice for common traders. If they are able to manage trading with these pairs as GBP/USD, EUR/USD they will feel comfortable , find easy access to market moves.
     
  2. EURUSD

    EURUSD Sergeant Major

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    For beginner trader, whatever currency pair that chosen to traded, better still keep trading with low risk, using smallest lot size and trying for long term trading, avoid over trading and greedy with open big lot size, although you felt confidence with your analysis market but actually you can`t control the market and must follow the market, so trade safely will able to survive and far from margin call quikcly
     
  3. dianajs

    dianajs Private, 1st Class

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    I agree with this advice. There are many useful instruments newbies can trade, but it is a good idea to follow the guidelines you listed.
     
  4. bigdolly

    bigdolly Sergeant Major

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    Guidelines can give you false impression about trading because genuine and proper knowledge is always hard to find. Correct education is something you gain from experience when you get a hunch on what direction you need to pick for learning.
     
  5. EURUSD

    EURUSD Sergeant Major

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    Yes indeed experience is the best teacher for us, but I think follow good advice as guidelines to learn safe also will good as early step before start using big capital, forex trading is high risk and will higher risk if any newbie they start recklessly, success also need time and experience, so keep forward to learn and practice it could make perfect
     
  6. Mike James

    Mike James Recruit

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    Every pair has its own specific characteristics. You have to find out your own trading edge. Only you know what you understand the most. Learning is a long term tedious process. Everyone has to go through it if they want to make consistent money in forex trading.
     
  7. DonCarleone

    DonCarleone Private

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    I believe the best way is to trade pairs made of USD + the currency of a country you live in, because you're able to predict its behavior much better.
     
  8. scott11

    scott11 Recruit

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    In my opinion, it is the best to choose pairs with a good volatility, especially if you are a newbie. Plus, you can find more analytics data for the most popular pairs. It's also important to mention, that the choice of the pair is also influenced by the trading style. For instance, if you are a scalper, then pairs with low movement won't be very useful.
     
  9. Melvin Leon

    Melvin Leon Recruit

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    I have a suggestion. Choose few pairs that you like. Then start researching on them. Every pair has it unique characteristics. By observing charts you can find them. It will take all of time. But it worth giving the time. Everyday observe those pairs for 4 to 6 hours. You will find some unique patterns. After doing this research you will be able to decide your favorite pairs.
     
  10. Rizog

    Rizog Private, 1st Class

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    EUR/USD is the most traded currency pair on the Forex market with a very tight spread. All the newbies are advised to start their trading career by starting their trades on this currency pair. Moreover, you can trade on any currency pair which you feel is the best suitable for you.
     

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