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Pairs to trade for beginners

  • #21
  • Nov 6, 2012 1:40am Nov 6, 2012 1:40am
Quoting 5percent
learn candlesticks patterns and naked chart first, learn to identify the chart itself without anything pure clean chart...

beginners should learn to make things simple, by reading price action, and seeing how one candles move to another...

after learning price actions with basic support and resistance aka supply and demand, then only u find suitable indicators that are not lagging.

example like ema, sma, but nothing known as what ma cross what ma all are nonsense and delay indicators.

...

learn about fibo and trendline, and every...
Thank you for the detailed reply.

I have spent the past year learning only the things you mentioned, candlestick and chart patterns, Fibonacci, trends etc. A good guy like you gave me that advice when I started out in late 2011, and I followed that advice for all that year. I am very thankful I did, by the way.

Now I feel like there is another level, I feel like there is something missing and I am trying to find it out. Probably what is missing is connecting all these things together in relation to price action. I will more often look at the AUDUSD as you recommended, since you say they tend to be a technical pair.

Thank you
  • #22
  • Nov 6, 2012 8:21pm Nov 6, 2012 8:21pm
Quoting Kenawee
usmanp and Forexnuts. Thank you guys for helping.

Thank you.
You're welcome and another note, you may want to review some of the youtube videos for additional help, very informative ..
  • #23
  • Nov 6, 2012 8:28pm Nov 6, 2012 8:28pm
well i might tell youtube videos help alot also do check babypips.com and stockcharts.com if you haven`t checked that before always try to calculate first and then note that what you want to trade then match your result later but just don`t trade that will built confidence in you and practice would be safe.
  • #24
  • Nov 6, 2012 9:08pm Nov 6, 2012 9:08pm
http://www.stochastic-macd.com/tstw24traders.htm

this is how currency market moves, this guy is consulted by many banks for the system.
  • #25
  • Nov 7, 2012 8:26pm Nov 7, 2012 8:26pm
I would like to thank everyone assisting us newbies. Being that I am completely new to FX markets, I would like to ask the following questions:

1) What type of literature would you recommend for newbies?
2) Regarding technical indicators, what should I be looking for?
3) I have not begun to trade yet, would it be wise to open a demo account this early and simply observe?

I appreciate all suggestions, thank you.
  • #26
  • Nov 8, 2012 4:08am Nov 8, 2012 4:08am
Quoting Mainline
I would like to thank everyone assisting us newbies. Being that I am completely new to FX markets, I would like to ask the following questions:

1) What type of literature would you recommend for newbies?
2) Regarding technical indicators, what should I be looking for?
3) I have not begun to trade yet, would it be wise to open a demo account this early and simply observe?

I appreciate all suggestions, thank you.
Hey Mainline

I am a newbie like you, but let me welcome you to Forex world anyway.

I do not understand your first question, so let me jump to the second one.

2) Regarding technical indicators, what should I be looking for?
I believe first thing you should be doing is learning the basics about the market. Trend lines, support, resistance, candlesticks patterns (doji, bullish engulfing, hammer, etc), trend price patterns (head and shoulders, double tops, double bottoms etc) and so on.

Then when you master those things, start learning a bit about the most popular indicators and market analysis tools. Fibonacci, Moving Averages, Bollinger Bands, RSI, etc.

3) I have not begun to trade yet, would it be wise to open a demo account this early and simply observe?

In my short experience, I realize that it is never too early to open a demo account. It will give you a great idea how the market moves. After all, there are very successful traders out there that trade without any indicators, who knows, maybe you can be one of them! One of them is running a "journal" here, he performs only "naked trading" (trading without indicators). Check his post and learn, I learn alot from him all the time. http://www.forexfactory.com/showthread.php?t=393277


It will take some time depending on your devotion and intelligence. I have been learning for a bit over a year, I like to put the blame on devotion rather than intelligence in my case! LOL.

There is also that website for beginners that could help you learn the basic candlestick patterns and indicators, in case you feel like you are ready to start. http://forexquestions.info/

Try to be consistent, flexible, determined and successful.

All the best.
  • #27
  • Nov 8, 2012 6:02pm Nov 8, 2012 6:02pm
Quoting Kenawee
Hey Mainline

I am a newbie like you, but let me welcome you to Forex world anyway.

I do not understand your first question, so let me jump to the second one.

2) Regarding technical indicators, what should I be looking for?
I believe first thing you should be doing is learning the basics about the market. Trend lines, support, resistance, candlesticks patterns (doji, bullish engulfing, hammer, etc), trend price patterns (head and shoulders, double tops, double bottoms etc) and so on.

Then when you master those things, start learning a...
Kenawee,

Thank you for answering the questions and for posting the links as well, I will be reviewing them soon. Regarding the first question, I will restate and ask : what books do you recommend to read for beginners. I say books, because I have limited internet access at work and would like to take books with me to read, other wise I would use the internet to further my research. I completely agree with you in regards to devotion, I believe devotion determines a great deal of success in any endeavor we undertake. You appear to be on the right track, perhaps I will learn from you in the future
  • #28
  • Nov 15, 2012 1:18pm Nov 15, 2012 1:18pm
Quoting Mainline
I would like to thank everyone assisting us newbies. Being that I am completely new to FX markets, I would like to ask the following questions:

1) What type of literature would you recommend for newbies?
2) Regarding technical indicators, what should I be looking for?
3) I have not begun to trade yet, would it be wise to open a demo account this early and simply observe?

I appreciate all suggestions, thank you.
On the lit part, you can opt to review some of the online resources from baby pips school to other free online resources. But on books, there's a whole lot so listing out it all here may not be possible.
On tech indicators, babypips school provides some of the basic info on the same including more detailed charting on using the same.
On demos, yes, it is good to observe, learn more about the platform, open and execute orders and firm up a strategy that you can utilize with live account, hope that helps..
  • #29
  • Nov 23, 2012 4:27am Nov 23, 2012 4:27am
For new traders who are just starting out, I suggest learning to trade one or more of the 7 majors i.e. EURUSD, USDJPY, GBPUSD, USDCHF, USDCAD, AUDUSD and NZDUSD, before venturing to other currency pairs.

This is because the majors are the most heavily traded and provide the most liquidity for the fulfilment of your trades.
  • #30
  • Feb 21, 2016 6:54am Feb 21, 2016 6:54am
Quoting 5percent
{quote} learn candlesticks patterns and naked chart first, learn to identify the chart itself without anything pure clean chart is all u need, even after years of trading, all seasoned traders fall back to pure charts,, no indicators, no boilinger bands, nothing all , just use horizontal line is all u need. beginners should learn to make things simple, by reading price action, and seeing how one candles move to another, what does each candle says about the price itself, and the volatility during different sessions. after learning price actions with...
This is good advise, thank u
  • #31
  • Feb 21, 2016 10:26am Feb 21, 2016 10:26am
Besides taking note of the simpler pairs to trade, as a beginner trader myself, I've also found the couple of tips I've received useful to my trading:

  1. close your position before the london market open to avoid volatility squeezes
  2. close your position on Friday to avoid risk to news over the weekend

These are not hard and fast rules, but I've found that I tend to avoid losses / losing profit when I follow these two. Not sure what the pros think, though! Comments welcomed (:

  • #32
  • Sep 3, 2020 1:48pm Sep 3, 2020 1:48pm
Every new trader should start their trading with EURUSD. I think this is the most effective pair for the new traders.
  • #33
  • Sep 3, 2020 7:47pm Sep 3, 2020 7:47pm
I think as a begginer in Forex trading you should go with EUR/USD in the start.
  • #34
  • Sep 19, 2020 3:45am Sep 19, 2020 3:45am
I agree with WillGagnon. EURUSD is the most traded currency pair. There is a lot of information regarding these currencies necessary to make right decision easily available. There is also technical and fundamental analysis available almost everywhere on the net. Good pair to practice skills
  • #35
  • Sep 19, 2020 8:55am Sep 19, 2020 8:55am
Any pair from major currency pairs would be good for beginners. But initially I would suggest to choose a single pair. Every pair has some unique characteristics. When you trade only one pair and observe that pair a lot, you get to know a lot of unknown aspects of that pair.
  • #36
  • Last Post: Sep 19, 2020 9:49am Sep 19, 2020 9:49am
Personally, I always say that beginners should avoid EUR/USD. It seems like the most appropriate pair, because it's the most popular, but in trust it is much too volatile for a total beginner to trade it.
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