I am a total novice to fx and have started Pipschool,I am amazed the
amount of information out there for new traders and have read that the
EUR/USD is better for novice traders to start trading…
Any ideas advice is more that welcome…
Happy Christmas and New Year to all.
The various forex pairs have different trading characteristics. Different traders will find different pairs better for them based on any number of reasons, like volatility during their perferred trading time. EUR/USD, is very popular because it’s active basically 24/7 and has a very simple pip value for $ denominated traders. It’s a good place for a newbie to start.
You hit the nail on the head that time!!
Rhody basically set it all up. However, i trade 8 pairs actively and they all more or less move in the same way, set up the same patterns and behave identically at one time or another. The difference will be the spreads, time of day that the best moves occur, and the $/pip value.
I guess I just mean to point out that there are certain innate characteristics of ANY market that are universal. Yea, they might have little quirks here or there but from a macro level they are all the same.
You could go out and trade the GBPUSD, EURJPY, USDCAD, EURCHF and be just fine!
U see every currency is easy to trade in as much you are favour but on the contrary you cry foul and that is not your favourity.