Resolved Question
WHAT PAIR SHOULD A ROOKIE START TO TRADE IST[CURRENCY PAIR]
STARTING OUT IN THIS ,WHAT CURRENCY PAIR SHOULD I WORK WITH TO GAIN KNOWLEDGE IN FOREIGN EXCHANGE.
8 months ago
Best Answer - Chosen by Voters
The EURUSD is a good pair to start with since it is the most highly traded currency pair around. Its spread is also very low (around 1-2 pips) because of its liquidity. During these times, positive sentiment in the euro zone and US markets is usually bullish for the pair while negative sentiment is usually bearish.
8 months ago
Answers (6)
It's a good idea to start with the major currency pairs containing the USD. Here's where you can find a currency pair list that FXCM has put together along with the major characteristics of those pairs:http://www.informedtrades.com/blogs/jason-rogers/745-all-currency-pairs-created-equal-how-does-affect-my-trading.html
8 months ago
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First let me congratulate you on even thinking that this is important because it is. The best pairs to begin to trade with are the EURUSD and the NZDUSD. The reason these pairs are better to start with than others is they are less erratic and whippy so you will learn how price action moves without becoming scared of it. Stops are also more modest and price usually moves in the direction of your trade or against your trade slower. These are good pairs to start with but usually do not provide the biggest payday, remember that you are learning to trade and once you learn the money will come later. Grow into each pair you trade, they each have their own personality.
8 months ago
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You should start with the majors because they are very liquid and thus, least susceptible to market manipulation and random volatility spikes. Here they are: EUR/USD, GBP/USD, USD/CHF, AUD/USD, NZD/USD, USD/CAD and USD/JPY. Some JPY crosses are also considered as majors such as the EUR/JPY, GBP/JPY and AUD/JPY.
8 months ago
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EUR/USD and USD/CHF would be a good start. Pairs such as GBP/USD can be very volatile and difficult to follow at first.
8 months ago
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When I started out, I worked with the USDJPY pair a lot since it's considered to be the most faithful to technical indicators. Chart formations and candlestick patterns usually work well with this pair. Also, support and resistance levels usually hold.
8 months ago
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I would suggest trading either the USDJPY or EURUSD pair. Those pairs normally have the tightest spread, so when you enter a trade, you won't be put at a disadvantage right away. Also, the Euro zone and US both have tons of economic data that come out every week, so you can see how the data affects currency trading.
8 months ago
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Open Questions in Currencies
Resolved Questions in Currencies
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