One of the things that I did to pick my first pair was to focus on the majors. There is all sorts of analysis out there but the majority of them focus on GPB/USD, EUR/USD, USD/CHF, and USD/JPY. After narrowing it down to these four I looked at the time frame that I would be trading and figured which ones seemed to have the most movement during the time period that I would be trading.
Also, since I have a trading system that was working for most pairs that I really liked I back tested to see which pair it worked best with and kept my focus on that pair until I was ready to add more pairs.
One thing that I would avoid starting out is any pair with big spreads and big movements that you might not be prepared for. For example, when I first started trading one of the pairs that I had gotten involved in was the GBP/JPY. At the time the spread was around 10 pips and in about a days time the pair tended to move a few 100 pips. This looks great but if you aren't ready to handle it all you will be doing is losing money.
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