Best Currency pair to trade

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1

I�m new in the forum and not started trading yet. But I will like to know the best currency pair to trade. Please advice for starters like me.
Thanks all

2

The best advice is to start with one pair. The best is dependent on several factors such as where you live and what kind of trading style you might prefer … though either the EUR/USD or the GPB/USD are two good candidates for most. Usually the EUR/USD is recommended for beginners.

Definately go through the school here on babypips, lots of good information. If you settle on a particular pair follow a thread where they discuss trades on that pair. I think the Cowabunga uses the GBP/USD … or the thread by James on 40 or 45 pips a day is mostly EUR/USD related.

best of luck to you in forex and otherwise …

1 Like
3

I’m new myself and personally I think I am going to stick with EUR/USD for awhile due to the lower spreads and fixed PIP value. I’m checking out the 45 PIP’s a day system posted by James but one of the brokers I am considering using FXSol doesn’t seem to have Parabolic SAR as an indicator in it’s program so I am using the 5 & 10 EMA lines instead for the moment while I am at work.

I’m also thinking about using GFT but their application doesn’t work here at work which is why it’s such a pain so far to find a satisfactory broker.

5

Hi, just want to know I live in Sydney and I had been studying USD/JPY I don’t have a good trading plan but I am on it, what I want to know is: this is a good pair to trade under my conditions? I am planning to trade between 8 - 11 am in the morning, especially between 8-9 am

Thanks

6

I’m by no means an expert myself but It depends on what session your trading on… I know during the euro session the gbp/yen is the most volitile of any currency, you can set tight stops and hope for a run. I’ve had some nice pick ups and some not so nice ones trading that. Theres always voltility in the usd/yen, thats a good of time as any.

7

I started with Eur/USD. It’s a pretty good place to start. I think almost everyone says anything with the JPY should be reserved for when you have more practice…and I agree. Those markets can get a bit volatile and before you know it, you’re hitting your s/l. Otherwise, some traders swear that after you’ve stayed in and studied one particular pair for an extended period of time that you begin to “get a feel” for that particular market.

In the end, it all depends on you to determine your OWN “best” pair.

8

I like EUR/USD and GBP/USD. I have started trading them since I first step into forex. They have large volume and produce good movement everyday. Just my own point of view.

9

You need currency pairs that TREND more. Preferably it has to be from countries that aren’t close to each other (like canada and the US) and don’t relate much to each other.

I think the best pairs among the most traded are the ones where there’s the japanese yen involved: EURJPY, USDJPY, GBPJPY.

EURUSD is good too because it’s heavily traded and europe and the US aren’t that close and related, but preferably i’d trade one of the pairs mentioned above.

And, of course, don’t trade pairs such as USDCAD, EURGBP, etc…