How many currencies are there to trade

I'm new to forex trading. I was wondering how many currencies are there to trade. I'm planning on just using the U.S. dollar to pair everything against.

What are there 10 different major currencies. The more exotic ones I'm assuming are less liquid and riskier.

There are tons of currencies to trade, but I would say the main ones are:
EUR/USD
GBP/USD
USD/JPY
USD/CHF
USD/CAD
NZD/USD
AUD/USD

Now imagine every possible combination of EUR,GBP,JPY,CHF,CAD,NZD,AUD, and that's a good picture of all the currencies you can trade.

andersenws

I use elliott wave to trade. I've never traded forex but have had great success with futures trading and elliott wave. I want to expand and find other markets to trade. I'm assuming pairing the U.S. dollar to other currencies is similar to futures in that everything in futures is run off of the dollar.

When you pair different currencies that seems like it's a little trickier or is it?

God so there's only seven markets you can trade. That doesn't seem like a lot.

You will have no trouble losing all your money in one or two... There are many more than seven, Think of every country that has it's own currency. You can pair that currency with any other country's currency. When you have a pair, you are simply going long one currency and short the other at the same time. Then one is trading the movement of that relationship.

No seriously, I have never heard anyone say that there was not enough opportunity, because of too few currencies... I have pretty much only traded GBPUSD for a few years and it gives me plenty to work with...

Bemac has posted somewhere here an excellent spread sheet that lists and explains the correlations between cross currencies and dollar pairs.. I will try to find it and post back.. Unless he reads this first...

Scott

What I mean is when I use elliott wave I'm using it for one market. I'm not using it for two.

If you trade everything off of the U.S. dollar I GUESS YOU are trading it similar to a futures contract. Since everything is kind of in relation to the dollar.

When you pair two different currencies I gues you're trying to predict two different markets. Am I wrong?

If you're a good enough trader, you only need one pair, two at the max, to make a very good income. More is not always better in this market; this is just one example.

FX Minors & Exotics

USDCZKUS Dollar vs Czech Koruna45
USDDKKUS Dollar vs Danish Krone25
USDHUFUS Dollar vs Hungarian Forint30
USDMXPUS Dollar vs Mexican New Peso60
USDNOKUS Dollar vs Norwegian Krone40
USDPLNUS Dollar vs Polish Zloty40
USDSEKUS Dollar vs Swedish Krona40
USDSGDUS Dollar vs Singapore Dollar5
USDTHBUS Dollar vs Thai Baht10
USDZARUS Dollar vs South African Rand100
EURCZKEuro vs Czech Koruna40
EURDKKEuro vs Danish Krone5
EURHUFEuro vs Hungarian Forint30
EURNOKEuro vs Norwegian Krone40
EURPLNEuro vs Polish Zloty40
EURSEKEuro vs Swedish Krona40
EURTHBEuro vs Thai Baht10
GBPCZKGreat Britain Pound vs Czech Koruna60
GBPNOKGreat Britain Pound vs Norwegian Krone90
GBPSEKGreat Britain Pound vs Swedish Krona90
GBPTHBGreat Britain Pound vs Thai Baht15
GBPZARGreat Britain Pound vs South African Rand200


for example, those numbers next to pair are spread in pips greedy broker i guess, another bad thing, more exotic currency more larger spread

Check with your brokerage service.. for example...FXSOL has 20 currency pairs they are set up to trade.