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Which Pair to trade for a beginner

  • #1
  • First Post: Feb 20, 2006 10:35pm Feb 20, 2006 10:35pm
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
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  • #2
  • Feb 21, 2006 12:38am Feb 21, 2006 12:38am
Personally, I think EUR/USD is a good pair that you can start with. If you like, you can trade GBP/USD, USD/JPY, and USD/CHF. It is good that you watch the price movement live, and see how it react to the news and feel the pulse of the forex market. The good time that you can do that is from around 3am to 12pm EST because it move quite abit. I live in Hawaii, and it is hard for me to watch the market throughout the night.
Looking for pips!!!
  • #3
  • Feb 21, 2006 7:13pm Feb 21, 2006 7:13pm
I like Eur/USD because there is a lot of info on it and everybody uses it as an example. You can go to Peter Bain's web site and he will send you a daily update. FxStreet also has some good updates. Action Forex will also send you tons of stuff on a dialy basis (more than you want) if you just ask.
Nolite dormiens pungere ursum. -- Latan Proverb.
  • #4
  • Feb 23, 2006 2:41am Feb 23, 2006 2:41am
For beginner I think USD JPY because it is less volatile than eur usd and behaves more stable. You can read some books about candlestick, technical analisis and it should work for you better than eur usd. In eur usd there are a lot of false extractions from the trend.
  • #5
  • Feb 23, 2006 5:22am Feb 23, 2006 5:22am
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.
  • #6
  • Feb 24, 2006 5:45am Feb 24, 2006 5:45am
Thank You all for your recommendations.



I am demo trading at Oanda, seems to be the best from what I have read in different forums. If anyone else has an objective evaluation of demo site please let me know.
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  • #7
  • Apr 27, 2017 3:14am Apr 27, 2017 3:14am
By and large traders in particularly the newcomers always like to depend on EUR/USD because of its comfortable trading spreads. But according to me, I think all newcomers should trade other major currency pair in demo account for increasing trading performance very rapidly.
  • #8
  • Apr 27, 2017 4:08am Apr 27, 2017 4:08am
A beginner should focus on Euro pairs and specially for EUR/USD is best to trade. Because it has everyday movement in high level.
  • #9
  • Apr 27, 2017 6:52am Apr 27, 2017 6:52am
Quoting Butterscotch
A beginner should focus on Euro pairs and specially for EUR/USD is best to trade. Because it has everyday movement in high level.
That is so because these pairs usually have a high volume. However, EUR/USD at least is very range-bound more often than not and that can be difficult to trade for some newbies.
  • #10
  • Apr 27, 2017 10:16am Apr 27, 2017 10:16am
Major Fx trading pairs are appropriate for the beginners! I opened my demo account with only EUR/USD and USD/JPY! But right now I am active on CFDs, Indices and Metals! In addition, till now I am working on 3 more trading instruments to add in my live trading chart! Yes, novice traders may avoid volatile trading instrument like Gold and Silver!
  • #11
  • Apr 29, 2017 9:28pm Apr 29, 2017 9:28pm
I think go with the majors
  • #12
  • Apr 30, 2017 2:46am Apr 30, 2017 2:46am
The traders who are particularly beginners have to choose the pair which has comfortable trading spreads and not volatile as like EUR/USD. This can be great for them to lead a comfortable trading life with certainly , because the market is too much volatile and any volatile trading pair can be dangerous for the newcomers due to lack of exact market principle.
  • #13
  • Apr 30, 2017 10:41am Apr 30, 2017 10:41am
I think GBPUSD also changes with time hold USD on account if this currency will strongest than GBP might will giving benefit, but if occur opposite condition hold USDmight value currency also will weak than GBP.
  • #14
  • Apr 30, 2017 2:35pm Apr 30, 2017 2:35pm
I think you should try out different currencies for at least two months before you decide. There is no single best answer.
  • #15
  • May 3, 2017 10:46am May 3, 2017 10:46am
I usually trade the currency pair which provides good opportunities to make profit at that point in time. However, I favor EUR/USD due to the fact that is fairly predictable compared to many currency pairs.
  • #16
  • May 4, 2017 7:16am May 4, 2017 7:16am
Quoting Banet
I usually trade the currency pair which provides good opportunities to make profit at that point in time. However, I favor EUR/USD due to the fact that is fairly predictable compared to many currency pairs.
What other currency pairs do you prefer? Do think that some currency pairs provide more opportunities than others? Apart from EUR/USD, that is.
  • #17
  • Jul 20, 2017 12:35am Jul 20, 2017 12:35am
Yes, EUR/USD would be best choice for you if you want to work with only one trading pair! By the way, for learning purpose, limited trading pair is really a good choice! But, if you want to be a successful Forex trader than you need to use several types of trading instruments from Forex to CFDs instruments! Try to add more instruments in your chart gradually.
  • #18
  • Jul 20, 2017 8:27am Jul 20, 2017 8:27am
Quoting JimmyChoo
Yes, EUR/USD would be best choice for you if you want to work with only one trading pair! By the way, for learning purpose, limited trading pair is really a good choice! But, if you want to be a successful Forex trader than you need to use several types of trading instruments from Forex to CFDs instruments! Try to add more instruments in your chart gradually.
Why do you think EUR/USD is the best choice for a newbie? I, personally, find it terribly volatile and difficult to trade.
  • #19
  • Jul 20, 2017 10:38pm Jul 20, 2017 10:38pm
It is a dead end for a newbie to focus on a single pair. Avoid that mistake. Currency moves are interrelated. When one is sold, another one is bought, and it doesn't have to be confined to a single pair.

Study the majors vs the crosses vs commodities. Take a good look at this combo to start with: Oil + USDCAD + AUDUSD + CADJPY. Do they have anything in common...? Which ones move together?

Or how about EURUSD, GBPUSD and EURGBP? There's a ready made solution for you, right there. Can you see it?
  • #20
  • Jul 21, 2017 2:59pm Jul 21, 2017 2:59pm
Quoting bensonchan
Personally, I think EUR/USD is a good pair that you can start with. If you like, you can trade GBP/USD, USD/JPY, and USD/CHF. It is good that you watch the price movement live, and see how it react to the news and feel the pulse of the forex market. The good time that you can do that is from around 3am to 12pm EST because it move quite abit. I live in Hawaii, and it is hard for me to watch the market throughout the night.

EURUSD, GBPUSD and USDJPY would definitely be my top 3 for newer traders to start out with.
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