Currency pairs for new traders

[Matahari]

Hi, I hope someone can help me to choose or categorize pairs of currencies which are safe for newbies like me. And also pairs to avoid due to their volatility. Any recommendations ?

[Cdawg]

There is no "safe" pair for a new FX trader in my opinion. Each pair is volatile, though some more than others.

Typically the Euro/Usd tends to move anywhere from 50-100 pips per day, then there are days it will surprise you and make a big move. On the other hand the GPB/Yen might move 2-300 pips a day.

So i would recommend you just start your demo account and start to get a feel for the different currency pairs and when you actually start trading, limit it to 1 or 2 pairs.

Good Luck to you

[trader123]

Originally Posted by Matahari

Hi, I hope someone can help me to choose or categorize pairs of currencies which are safe for newbies like me. And also pairs to avoid due to their volatility. Any recommendations ?

I recommend AUD/USD and use bollingerband to track your daily buy and sell signals.

[JonnyFX]

Stick with small spread pairs first.

Start with EUR/USD and stay away
from anything paired with GBP or JPY.

[Matahari]

Thank you all for the reply, I am trying to specialize in one currency at the moment. Because I am really looking for a pair of currency that really swings in one direction when it decides to move. With a weekly goal of 100 pips to score a week is it possible?

[TheRumpledOne]

USDJPY will give you a good "bang for the buck".

[Matahari]

My trade plan will be:
A) use only 4hrs chart, because the period seperaters are 1 week.
b) use Heiken Ashi candles
C) use the Awesome Oscilators
The above are coloured WHITE bullish and RED for bearish.
To confirm the strength of the trend I use the ADX.
Visually easy to spot. Trying to keep it simple.
Target profit 100 pips weekly, thats all I need.
What do you guys think about my approach? I just need to specialize in one currency. Please let me know.

[trader123]

Originally Posted by Matahari

My trade plan will be:
A) use only 4hrs chart, because the period seperaters are 1 week.
b) use Heiken Ashi candles
C) use the Awesome Oscilators
The above are coloured WHITE bullish and RED for bearish.
To confirm the strength of the trend I use the ADX.
Visually easy to spot. Trying to keep it simple.
Target profit 100 pips weekly, thats all I need.
What do you guys think about my approach? I just need to specialize in one currency. Please let me know.

I prefer to look at daily chart, then use 10 min chart to find my entry level.
I only use indicator that has proven itself in my back-testing.
Different currency pairs have different behaviours, some are wavely, some are more choppy, so not a single indicator can apply to all.
My target is 30 - 50 pips for every trades.

[Yarcofin]

Volatility is what you want, that's how you make your money. If pairs just traded sideways, there would be no point.

Personally I trade 6 pairs regularly, although I've traded as many as 20+ in one week.

EURUSD
USDJPY
USDCHF
USDCAD
AUDUSD
USDGPY

I trade these every week. Better to diversify a little bit (yes I know they are all against the USD but it's still better than nothing.)

[trader123]

Look at EUR/GBP as well, stochastic is a good indicator for this pair.