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Which Currency Is Best for Trading - Suggestions?

  • #1
  • First Post: May 15, 2014 2:44pm May 15, 2014 2:44pm
Hi Friends,
I am from India. Now a days INR going to Strong against USD .
at present 1 USD = 59.43 INR.
Probably In future 1USD = 40 INR
if i am using USD than i'll get less ROI.
what happened when i am trading in INR?

sorry for English hope you understand me.

Amol
  • #2
  • May 15, 2014 4:36pm May 15, 2014 4:36pm
From my opinoin and us i bileve is EUR or USD.Them it also depends with how much lot you will trade and how much will be the margin.Anyone else has any different suggestion?
  • #3
  • May 15, 2014 7:09pm May 15, 2014 7:09pm
Hi Amol

I am also from india. First you need to find which broker give lowest spread on USDINR and how much is average daily range .

Thanks
  • #4
  • May 16, 2014 3:19am May 16, 2014 3:19am
Quoting mkfx
Hi Amol I am also from india. First you need to find which broker give lowest spread on USDINR and how much is average daily range . Thanks
Hi,
i am not going to trade in USDINR Pair.
i am trading in EurUsd Pair.
so my query is what should my trading currency ?
it should be INR or USD as usual.
for your knowledge Exness provide us facility to trade in INR trading currency.

Hope you understand the thing.
Amol
  • #5
  • May 16, 2014 3:52am May 16, 2014 3:52am
Quoting amol123
what happened when i am trading in INR? sorry for English hope you understand me. Amol
Hi Amol and welcome to the forums.

Your question is a common one: your choice of currency pair will be lead by several factors, but most likely the 'cost' of taking the trade which is defined as the 'spread' or the differnece between the buy and sell price that your broker will charge you when you make a trade. Next, you will want to look at the character of the currency, and by this I mean how the base pair (typically the USD as you have named) related to your choice.

In other words, if the whole deal costs you 20 pips in spread, but the currnecy only moves 50 pips in a day, the odds of you getting it all right become quite small to generate a profit.

We tend to choose high range pairs, ones that move a LOT during the day and have low spreads, so you have a better opportunity of generating a profitable trade.

Ask your broker for a list of their typical spreads, choose the 10 'cheapest' in a bucket and then take a look at how much they move in a day. Then decide on a system/strategy that works and be willing to learn.

Good luck.
In life you get 3 types of people, those who can count and those who can't.
  • #6
  • May 16, 2014 4:19am May 16, 2014 4:19am
Quoting HedgePiglet
{quote} Hi Amol and welcome to the forums. Your question is a common one: your choice of currency pair will be lead by several factors, but most likely the 'cost' of taking the trade which is defined as the 'spread' or the differnece between the buy and sell price that your broker will charge you when you make a trade. Next, you will want to look at the character of the currency, and by this I mean how the base pair (typically the USD as you have named) related to your choice. In other words, if the whole deal costs you 20 pips in spread, but the...
Hi HedgePiglet,
Thank you to say this but i already know that . at present i am trading on eurusd pair with spread between 0.6 to 1.2.
my query is some different. as you know the trading currency is always USD $, same way exness offer INR and other currencies.

hope you understand.

Amol
  • #7
  • May 16, 2014 4:22am May 16, 2014 4:22am
Quoting amol123
{quote} at present i am trading on eurusd pair with spread between 0.6 to 1.2.
EURUSD currently has a 63 pip 5 day range, yesterdays range was 82 so it seems to be improving. Aplogies if my reply was too generic.
In life you get 3 types of people, those who can count and those who can't.
  • #8
  • May 16, 2014 4:24am May 16, 2014 4:24am
Quoting HedgePiglet
{quote} EURUSD currently has a 63 pip 5 day range, yesterdays range was 82 so it seems to be improving. Aplogies if my reply was too generic.
Dear you said very well. but again i say my query is some different.
  • #9
  • Last Post: May 16, 2014 11:25pm May 16, 2014 11:25pm
Quoting amol123
{quote} Dear you said very well. but again i say my query is some different.
Just one quick question, kinda curious after seeing the same question posted elsewhere. The last time I read up on Indian currency traders was that all Indians are banned from trading on the market..so how did you get around this?
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