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Which Pair to trade for a beginner

  • #21
  • Jul 22, 2017 6:23am Jul 22, 2017 6:23am
Quoting Forexfunk
{quote} EURUSD, GBPUSD and USDJPY would definitely be my top 3 for newer traders to start out with.
What are your reasons? GBP/USD lately has been so affected by politics that newbies could have a hard time following it.
  • #22
  • Jul 22, 2017 6:17pm Jul 22, 2017 6:17pm
Quoting mlawson71
EUR/USD at least is very range-bound more often than not

All currency pairs are range-bound more often than not.

All major currency pairs, in the long run over any given time frame, are trending/ranging about the same proportions of the time.

Given the OP's circumstances and time-zone, I recommend EUR/USD as first choice and GBP/USD as second choice, for their low spreads.

I would avoid JPY pairs.

I would avoid any pairs with high dealing costs.

(My third choice would probably be USD/CAD).
  • #23
  • Jul 25, 2017 1:46pm Jul 25, 2017 1:46pm
Quoting RogueTrader
I recommend to my students that they begin with the EURO. It is by far the most liquid of the currencies. As a second choice, I would recommend the CHF. Might I suggust you stay clear of the YEN until you have a little more experience under you. It can and has been manipulated by the Bank of Japan on a regular basis.
Euro is most usable and profitable trading pair than others majors.
But due to its much volatile trading spreads I think this is not appropriate for the beginner’s trader. What you think Sir about it ?
  • #24
  • Jul 25, 2017 2:05pm Jul 25, 2017 2:05pm
Euro is really volatile but I got maximal result by using this trading pair when I was a newbie. Any trading pair can be profitable if you know how to manage money when trading practically.
  • #25
  • Jul 26, 2017 7:09am Jul 26, 2017 7:09am
Quoting MitchellMcC
Euro is really volatile but I got maximal result by using this trading pair when I was a newbie. Any trading pair can be profitable if you know how to manage money when trading practically.
EUR and what other currency? USD?
  • #26
  • Jul 28, 2017 3:11pm Jul 28, 2017 3:11pm
Quoting mlawson71
{quote} Why do you think EUR/USD is the best choice for a newbie? I, personally, find it terribly volatile and difficult to trade.
So many traders who are especially beginners feel uncomfortable when using EURUSD because its volatility. As a scalper I have to quite this currency and now I am looking for lowest spreads pair that can make me profitable by scalping that brings profit very rapidly.
  • #27
  • Jul 28, 2017 4:15pm Jul 28, 2017 4:15pm
Sorry mate , don’t blame any trading pair , euro is really suitable for all kinds of trading strategies with scalping , I think you had money management problem , otherwise it is really possible to make profit with certainly by scalping .
  • #28
  • Jul 29, 2017 7:34am Jul 29, 2017 7:34am
Quoting BenDunk
{quote} So many traders who are especially beginners feel uncomfortable when using EURUSD because its volatility. As a scalper I have to quite this currency and now I am looking for lowest spreads pair that can make me profitable by scalping that brings profit very rapidly.
That is a great argument for using EUR/USD and I wholeheartedly agree. If a newbie decides to focus on scalping EUR/USD could actually be very helpful, it hadn't occurred to me before.
  • #29
  • Jul 29, 2017 9:59am Jul 29, 2017 9:59am
EUR.USD is the best choice! Besides, now traders can use others major Forex currencies because of low trading spread! In the beginning session, new traders need to use mainly limited number of trading pairs for learning; a long trading list wouldn’t be helpful.
  • #30
  • Jul 30, 2017 10:55am Jul 30, 2017 10:55am
Quoting 4rex
Hello, I am planning to trade intra-day, checking the news and following confirmed trends (at least in theory ). I want to get really familiar with one pair and demo it for a while before I embark in the real money arena. Which should I focus on and what time of the day is best. I live in Florida (est time). Your expertise is appreciated. Thank you

I would advice to you begin with EURUSD + XAGUSD or another pair, where do you think you feel comfortable and know some fundamentals.
My blog: forex-scalping.com | Exponencial money management is the key!
  • #31
  • Jul 30, 2017 1:28pm Jul 30, 2017 1:28pm
Quoting Banet
Sorry mate , dont blame any trading pair , euro is really suitable for all kinds of trading strategies with scalping , I think you had money management problem , otherwise it is really possible to make profit with certainly by scalping .
Scalping success depend on lowest trading spreads but eurousd always contains high volatility which is really a great trouble to scalp in a proper way. but I don’t know why you considered euro is appropriate for scalping. have got maximal result by scalping with euro ? please share the trading chart
  • #32
  • Jul 31, 2017 12:53am Jul 31, 2017 12:53am
I would suggest to start trading with the majors, as their movement is a bit more predictable compared to exotics, thus you will be able to get the grips of it a bit more easily.
  • #33
  • Jul 31, 2017 9:04am Jul 31, 2017 9:04am
Quoting UlliC
I would suggest to start trading with the majors, as their movement is a bit more predictable compared to exotics, thus you will be able to get the grips of it a bit more easily.

That's for certain. What is more, there is a lot more information - analyses, lessons, etc. available online about the majors than for the exotics. I'd suggest to leave the exotics for when one gains a bit more experience.
  • #34
  • Aug 4, 2017 11:51am Aug 4, 2017 11:51am
Quoting UlliC
I would suggest to start trading with the majors, as their movement is a bit more predictable compared to exotics, thus you will be able to get the grips of it a bit more easily.
Exactly, exotic trading pairs are relatively unpredictable! Besides, their trading spreads is high! So, majors are the best choice for the newbie!
  • #35
  • Aug 5, 2017 7:01am Aug 5, 2017 7:01am
Quoting GeorgeBaile
{quote} Exactly, exotic trading pairs are relatively unpredictable! Besides, their trading spreads is high! So, majors are the best choice for the newbie!
Which majors do you prefer the most? Are there any that you'd rather avoid trading despite being majors?
  • #36
  • Aug 5, 2017 9:16am Aug 5, 2017 9:16am
I think a decent idea for a new trader would be to trade ONLY the USD pairs, USD paired with EUR, GBP, CHF, AUD, JPY, NZD. Start with the daily/4hr charts (anything less is a crap shoot quite often) and just study each chart until you find what looks like one or two good set ups.

Either look for the best set up out of all of them, and take it. Or, even better, look for the best two set ups, and place half sized positions to spread the risk a bit.
  • #37
  • Aug 8, 2017 7:02am Aug 8, 2017 7:02am
my first pair on my hotforex account 5 years ago was simply eurusd, first three i learnt about was majores usd eur and gbp i would highly suggest sticking to them for now and gradually spreading awareness with regards to other pairs and metals and maybe even learn a thing or two about btc
  • #38
  • Aug 10, 2017 8:24am Aug 10, 2017 8:24am
What do you think about some less popular pairs which are still considered majors, like NZD/USD, AUD/USD, USD/CAD, etc?
  • #39
  • Aug 11, 2017 8:42am Aug 11, 2017 8:42am
hi everyone.

i have a dilemma.

after 4 months of constant trading on my demo account, last month I opened real account with 250$.

i'm not profitable yet. current status of my real account is -4% but i'm sure that i know enough to not blow my account on few stupid trades.

anyway

i've been intraday trading WTI crude oil all of the time. now i think its time to trade something else except oil but i dont know what

first i thought gold. but its too expensive and quite volatile for my 250$ account with 1:50 levrage and the spread is big

forex i think has too many news to watch or i'm wrong?

natural gas, silver?

what is your opinion?

main reason that I search for second pair is to few trade opportunities on daily base using my camarilla system. especially that im going to lose my job soon and im will have plenty of time.
  • #40
  • Aug 14, 2017 8:28am Aug 14, 2017 8:28am
Quoting ramzes2
hi everyone. i have a dilemma. after 4 months of constant trading on my demo account, last month I opened real account with 250$. i'm not profitable yet. current status of my real account is -4% but i'm sure that i know enough to not blow my account on few stupid trades. anyway i've been intraday trading WTI crude oil all of the time. now i think its time to trade something else except oil but i dont know what first i thought gold. but its too expensive and quite volatile for my 250$ account with 1:50 levrage and the spread is big forex i think...
Whatever you pick, my recommendation is to trade it on a demo again for a while before moving back onto the live account. Every instrument is a little different, trading Gold is not exactly like trading Oil, which is not exactly like trading Silver, etc.
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