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Currency pairs to start with as a beginner?

  • #1
  • First Post: Feb 1, 2011 8:41pm Feb 1, 2011 8:41pm
What currency pairs would you suggest to start with as a beginner?
Would you suggest to stick with the same pairs?

Thanks a lot
Okay, let's have fun...
  • #2
  • Feb 1, 2011 8:44pm Feb 1, 2011 8:44pm
Quoting St.Sarah
What currency pairs would you suggest to start with as a beginner?
Would you suggest to stick with the same pairs?

Thanks a lot

I'd suggest you start with ONE currency pair, pick your poison.
  • #3
  • Feb 2, 2011 4:05am Feb 2, 2011 4:05am
I started with EURUSD as the research I did indicated that it was one of the most liquid and thus more likely to be stable (if such a term can be said to apply to any currency pair).
  • #4
  • Feb 2, 2011 9:34am Feb 2, 2011 9:34am
Quoting RandomOne
I started with EURUSD as the research I did indicated that it was one of the most liquid and thus more likely to be stable (if such a term can be said to apply to any currency pair).
I concur. Other pairs you might opt are USD/JPY (tokyo session also offers best spreads) or GBP/USD (london and US, plus has the volitility bonus will good moves). EURUSD is a great alround pairing with great spreads and usually good movement. As Gulf stated, pick 1 pair and learn it inside and out.
  • #5
  • Feb 2, 2011 1:21pm Feb 2, 2011 1:21pm
Hello,

Wanted to jump into this discussion...

I also believe like some of the traders here that EURUSD is the best pair to choose. Has the lowest spread to begin with and will provide plenty of entry opportunities 24 hours a day for you to trade.

Now - the real discussion is: which system are you planning to trade? Do you have a money management strategy? Have you traded on DEMO account?

==
Maestro
  • #6
  • Feb 2, 2011 8:46pm Feb 2, 2011 8:46pm
Know thy market.

Sticking to one pair when starting out can help achieve that.
  • #7
  • Feb 3, 2011 8:52am Feb 3, 2011 8:52am
Any major
May the Force be with You
  • #8
  • Feb 9, 2011 3:59pm Feb 9, 2011 3:59pm
Quoting RandomOne
I started with EURUSD as the research I did indicated that it was one of the most liquid and thus more likely to be stable (if such a term can be said to apply to any currency pair).
thanks

Is it true that liquid currency pair means cheaper spreads?
Okay, let's have fun...
  • #9
  • Feb 9, 2011 5:17pm Feb 9, 2011 5:17pm
Quoting St.Sarah
Is it true that liquid currency pair means cheaper spreads?
Yes. You will notice that the more liquid the pair, the lower the spreads.
  • #10
  • Feb 10, 2011 6:32am Feb 10, 2011 6:32am
EURUSD - most popular, has the biggest volume, somebody thinks it is also most predictable, the huge amount of information about trading with EURUSD is available for free. Next step would be all majors. But EURUSD is defiantly number one!
  • #11
  • Feb 10, 2011 6:37am Feb 10, 2011 6:37am
for the beginner?

well,

I think the most important is low spread,
but eur/usd is not easy to trade (for me

chose one pair and train with it,
if you feel that the usd/jpy is the best,
trade with this one,
and do not look on others

good luck
  • #12
  • Feb 10, 2011 7:40am Feb 10, 2011 7:40am
Quoting St.Sarah
thanks

Is it true that liquid currency pair means cheaper spreads?
As Marv noted, I believe that to be the case. Presumably it is like any market, the greater the number of participants the easier it is for those handling the buying and selling to make enough money to cover their fixed overheads on volume rather than margin.
  • #13
  • Feb 10, 2011 10:49am Feb 10, 2011 10:49am
In my opinon, any pair with small spread is acceptable. just pick one you like
  • #14
  • Feb 10, 2011 10:32pm Feb 10, 2011 10:32pm
IMHO, I think the EUR/USD has nice trends, and its easier to follow compared to other pairs like JPY or GBP
  • #15
  • Feb 14, 2011 1:14pm Feb 14, 2011 1:14pm
Quoting Razor_trader
I concur. Other pairs you might opt are USD/JPY (tokyo session also offers best spreads) or GBP/USD (london and US, plus has the volitility bonus will good moves). EURUSD is a great alround pairing with great spreads and usually good movement. As Gulf stated, pick 1 pair and learn it inside and out.
I was advised to avoid GBP/USD while i'm getting started as it might be expensive on the losing side... What do you think of it? Can it be true or the author has very subjective opinion?

thanks
Okay, let's have fun...
  • #16
  • Feb 14, 2011 1:24pm Feb 14, 2011 1:24pm
I think timeframe is very important too and how much time do you have for trading. lets say you can only trade 1 hour per week or so, then you obviously have to stick to daily charts or 4 hour charts and therefore you will be waiting for a signal very long so you could be looking up other pairs as well for a specific signal.
if you trade below 1 hour chart you should probably stick to one pair it will give you enough signals for a beginner.
  • #17
  • Feb 14, 2011 1:38pm Feb 14, 2011 1:38pm
Quoting maestrodforex
Hello,

Wanted to jump into this discussion...

I also believe like some of the traders here that EURUSD is the best pair to choose. Has the lowest spread to begin with and will provide plenty of entry opportunities 24 hours a day for you to trade.

Now - the real discussion is: which system are you planning to trade? Do you have a money management strategy? Have you traded on DEMO account?

==
Maestro
Actually, i'm a very beginner. I asked this question to choose the pair for starting demoing. I think demoing pairs which i'm not going to trade seems not very wise. How can I have money management strategy if i don't know what to trade yet? I believe spreads, enter/exit points, pips and other stuff (which are elements of trading plan) depend on very particular pair you trade. Am i wrong (i assume i can be wrong)? All i know about is my future broker NordFX. That's all i know

if i'm wrong you're welcome to correct me

thanks
Okay, let's have fun...
  • #18
  • Feb 14, 2011 1:39pm Feb 14, 2011 1:39pm
Quoting Marv
Yes. You will notice that the more liquid the pair, the lower the spreads.
thanks
Okay, let's have fun...
  • #19
  • Feb 14, 2011 1:42pm Feb 14, 2011 1:42pm
Quoting 69NinjaFx
for the beginner?

well,

I think the most important is low spread,
but eur/usd is not easy to trade (for me
Thanks for advise to listen to yourself

What do you mean by "eur/usd is not easy to trade for me"?
Okay, let's have fun...
  • #20
  • Feb 14, 2011 1:52pm Feb 14, 2011 1:52pm
When looking for pairs to trade, avoid any that look choppy, look at the daily chart, and if you see lots of up and down bars one after the other, and spinning tops and general tailing action in either direction- avoid! the usd/cad being a prime example at the moment(unless working with very small time frames when the larger picture is not as important)

also consider the spreads and the type of trading you want to do, if you are looking to take very short term trades the things like eur/cad are out,

my two pet hates are the eur/gbp and the usd/jpy. i never won a trade on the eur/gbp in 2010! i no longer trade it.

look for pairs that are trending and are respecting technical levels well, if its all over the place then stay away.

my fav's at the moment are

eur/usd
nzd/usd
gold
silver
eur/aus
eur/cad

beginners may wish to avoid gold and silver.

i made a lot of money last year on the eur/aus and eur/cad. not so many people watch them and while they were banging there head on a wall with other pairs, the eur/aus and eur/cad were in beautiful down trends.

so long as your not looking for scalps these pairs are worth a look in my view.
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