Hello everyone! I’m new to the forums and the whole forex scene in general so here goes my first question
How did you choose to trade the given currency pair or pairs that you trade? As of now it looks to me that EUR/USD is a good choice due to the volatility and low spreads, but many people choose to go for GBP/USD in stead (which I don’t understand cuz it’s very much the same thing, but with higher spreads?), what’s the idea behind this and how did you decide which is the best for you?
I think it is better to start with one pair, and to increase the number of pairs you trade when you get more experienced. another thing is that monitoring a pair and trading a pair is not the same thing.
And last GU is not another EU with a bigger spread ; the pairs may be correlated, but sometimes they will react differently.
In forex there are many currency to trade. It is advisable to choose a currency pair that is very liquid and are traded widely. And also as a new trader it is better to stay away from currency that has wide spread because they tend to be more volatile.
I chose the currency pair to trade based on my strategy and trading the EURUSD and GBPUSD is not the same thing. Sounds like you need to spend a lot more time on education about forex before you should take actual trades.