Best Pairs for a Newbie

It is recommended that a new forex trader focus on just one currency pair until he/she gets comfortable trading.

I am interested in the your opinions of top six pairs that would be the best to choose that one pair from.

  1. EUR/USD
  2. GBP/USD
  3. ???
  4. ???
  5. ???
  6. ???

Thanks,

PD

Eur/CHF i would add to that list, the spreads are usually the smallest on my platforms. It usually isn’t very noisy

Focus on one of the 4 majors. You already have EUR/USD and GBP/USD; there is also USD/JPY and USD/CHF. You will find as you look at different websites that give you information, these pairs will have more information than other pairs which is very helpful when you are first starting out.

Thanks for the help. Here are the pairs that I now have in the top six. Is there any reason that a newbie should stay away from #5 or #6? If so, which pair would you replace them with?

  1. EUR/USD
  2. GBP/USD
  3. USD/CHF
  4. USD/JPY
  5. AUD/USD
  6. USD/CAD

I personally agree with the 4 majors.

They usually have the smallest spread on all charting packages and are also the most widely traded - ie they have the greatest liquidity.

The next two will depend on what country you live in. For me in Western Australia, I like AUD/USD because it uses local currency.
You have listed that also.

Then for the last I trade AUD/JPY. This I do because it is the only one [U]without [/U]USD currency in it and it is one which I can trade in my own time zone (business hours).

If you select carefully you can trade for 24 hours. Not that you would do that, (sleep required) but it allows you to phase one currency pair away and start another.

Thanks Tymen.

I am in the US. I might consider changing at least one of the last 2 to a pair that does not include the dollar.

All the best, Pip Daddy !! :slight_smile: :slight_smile: (I like your avatar!) :slight_smile: