The best Pairs to Trade?

Credit for this recommendation goes to emmanuel7788 (thank you Emm)
Here are mine, from a newbie student of Trading Made Simple:
AUDUSD
EURUSD
GBPUSD
USDCAD
AUDJPY
EURJPY
USDJPY

Blessings.

Does anyone here trade EUR/GBP? What do you think about it? I recently started trading it.

Huh? no one likes NZD/USD?
I wont exchange it for anything in the world...

Its a very slow pair i think, doesnt move much within a day, but its easy to analyze it and signals are clear most of time. I like EURUSD, USDJPY mor myself.

1. The most liquid ones
2. The ones with the biggest movement per day
3. The ones that form good market structures
4. The ones that reasonable spreads.

That was my impression of it too. It's slow, but also not prone to random spike, at least not from what I've seen so far, which is a good thing in my book.

I think its a good idea to spread your risk the aus/usd is a fairly safe currency that i trade i also trade the gpd/jpy which can have huge moves

hi,

i like to trade high pip range pairs. these pairs moves a lot of pips so the spread cares less...
see picture below. i only trade pairs between the green square.
maybe its clever to skip chf pairs also.



hopefullly you will understand,
goodluck!
TK

I believe is a pair suitable for beginners,however, can sometimes be unpredictable.Also ,you have to know that the price of EUR/GBP per pip is considerably bigger.

That has been my impression too. I like that it moves quite smoothly, without too many random spikes, though they do happen like they do in all pairs. Still, this one seems better than the others in that regard.

Day trading on Fx market is very hard. Odd/probabilities are not with you.
I think focus on longer period will help you get some good pips.

----
Sunshine in Sweden

I have accounts with hotforex and lmfx and my favorite pair is the xauusd, i cant say its the best pair but its a good pair, and majors of course/

I like trading these pairs:
1. USDJPY
2. AUDNZD
3. GBPJPY
4. GBPCHF
5. GBPAUD
6. EURJPY
and sometimes I trade NZDUSD

XAU/USD I see it's a metal and very diffcult to trade.

The best currency pairs to trade is the major currency pairs. trading with major currency pairs will allow us to trade with a maximum for the major currency pairs have rapid movement so it will be easier to analyze the market

Gold isn't that difficult to trade, actually, most of its movements are pretty obvious. Still, it's not something I would recommend to a newbie to start with.

Yes, and gold spread is higher than other assets.

I'm trading these pairs: AUD/JPY, AUD/USD, GBP/USD, EUR/JPY, EUR/AUD, EUR/USD, EUR/CAD. You can find out good candlestick signals and pretty good volatility

That is true, any pair could have a possibility of various different patterns at any time and any pair could act like any other pair at any given time. So there is no specific pattern to a given pair. I personally think based on my previous experiences that the pair with the lowest spread is the easiest to trade due to obvious reasons.

Hi all.

The selection of instrument or pair is reasonably linear as long as you take 3 things into consideration.

1 - The pair or instrument daily range : how far does it go up and down during the day
2 - The relative fee, spread or commission on that instrument : self evident
3 - Your target and stops over what period. : if you have a tight stop and low R:R, you want a lower range pair which is steady.

To explain in a little more detail;
If you have a weekly target of 500 pips, and plan to trade every day you will need to dig out about 100 pips per day traded per week. You might want all of these from one or two charts, or from a basket of charts. So, if you have only one or two you are an expert on, they will each need to deliver about 50 pips average per day over a week.

Now, this is fine on a chart like GBPAUD or the DAX (I am often surprised to learn how reluctant traders are to look at another type of product to trade, like the DAX. After all, its technically the same thing to the technical trader) where the the daily range is usually high. 200+ pips per day. One will more likely see 50+ pips being made available during a day's trading than a low range pair like GBPUSD.

Now remember the cost of the trade. GBPZAR has a daily range of nearly 4,000 pips! But, its going to cost you dear to enter, and while I haven't looked at the market depth I will assume if you are trading at 40 full lots, you're going to suffer with liquidity. So its a simple scale of economy.

Pick a pair or 4 with a reasonably high daily range, with a relatively low spread and calculate your targets from there.

Again, it would be both irresponsible and cheeky of me to take this position if I didn't trade myself, so this week my planning was as follows:
My 6 currency pairs were
- EURAUD - 175 pip daily range
- EURCAD - 153 pip daily range
- GBPAUD - 201 pip daily range
- GBPCAD - 169 pip daily range
- GBPCHF - 119 pip daily range
- USDCAD - 134 pip daily range

A quick comment on the 'difficulty' of a particular instrument to trade. In theory, none is easier nor harder than the next, but it is sensible to spend a little time getting used to the thing you are looking at. Me, I have a mental meltdown with anything with NZD in it. True. I accept its probably in my mind, but over several years of record keeping it does appear that I do not get the returns on NZD that I do on other pairs. I've given up trying to understand why, so I just don't trade them.

Out of my 6 pairs selected for the week, I had a potential 771 pips generated, out of which I banked a respectable 503. My R:R result was 2.57:1 with my hit rate just shy of 60%. I had 38 'setups' according to my concrete rules, of which I took 32.

And we start again tomorrow.