what is the best currency to trade for beginners and what is yours
Majors (e.g. EURUSD) and gold (XAUUSD).
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According to me , beginners have to trade all major currencies , it’s safe and comfortable than others.
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The majors are the most liquid and widely traded currency pairs in the world. Usually the EUR/USD is recommended for beginners.
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if you love doing scalping , should choose the currency pair which has most lowest trading spreads that is really supportive to make profit with certainly by scalping that brings profit in a short time.
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For newbie major pairs are good. But the actual concept is- trade the pair that you understand the most. It is good to choose a single pair and do extensive research on it. Once you are done with that pair, you can do the same with other pairs. Remember one thing, every pair has its own specific characteristics.
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EUR/USD is the bass currency in Forex trading, beginners always feel comfortable with this pair because of its comfortable trading spreads, but sometimes it causes a great losses when scalping by using it.
yes , it is . this currency always contains huge risk for scalpers for its first movements.
success on scalping is completely depend on long term experience , so any pair cant do nothing.
Any of the Major’s the most popular are EURUSD and GBPUSD I trade USDJPY and EURJPY
Forex is based on currency pairs we know. Although forex potential is not limited in pairs, beginners can go with major pairs. Since I have examined that with major pairs decision is somehow a little easy. The reason can be: one of the common currencies around the world is USD. So, somehow naive traders can make quick decisions by analyzing common economic aspects related to USD.
yes it is, i mostly trade eur/usd even when practicing in a demo account, its safe and comfortable than others.
All the currencies have huge advantages according to their nature but Dollar and Euro have the superiority among others. EUR/USD is the most traded currency pair of the world that is why brokers offer very low spread in it. What is your favorite currency?
Currently eur/usd, usd/try or eur/try.
Look at the trends in the EoD Charts und find a good entry with an rational stopp.
Good luck
It is completely depends on the choice of traders, and most importantly on their trading strategies. From my view point, risk adverse investor like me can work with major pairs for safe trading. I favor EUR/USD, USD/JPY, etc.
Any major Forex instrument like EUR/USD, GBP/USD or EUR/JPY.
@Hadden
I agree with you initially trading with major currencies is more comfortable. Even I prefer the major currency pairs for trading like USD/CAD, AUD/USD, EUR/USD .
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Yes, major trading pairs are the most tradable trading instruments! They are suitable to all, from newbie’s to pro traders.
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Better thing to do is to have a General Strategy and then apply it to the Currency Pair that provides an opportunity that lines up with that strategy.
You might like the EURO USD but if the setup it is providing is a Consolidation but you prefer to trade trends…then you can have False Signals…Better to switch to a pair that is trending and trade it instead of hoping and waiting for the EURO to do what you want.
Effectively, you can end up trying to fit square pegs into round holes and become unnecessarily frustrated…
Hm, I’m looking into carry trading so I’m considering NZD/JPY. I’m not sure there is a best pair but I’m looking for pairs with a big difference in interest rates.