what are the advantages of trading a currency pair with large spreads?
Are they easier to manipulate in your favour using your mind?
Do they have larger pips movement during the day?
Some exotic pairs have like 50 bid ask difference. How is it possible to trade these pairs?
Who traded these pairs?
I don’t trade such pairs, but it is possible to trade such pairs if you strategy requires leaving the order open for days to grab enough profit that can cover the large spreads.
Personally, I avoid all exotic trading pairs; but I know few traders are trading & according to their statements: their trading strategies work for exotic; that’s why they are using these pairs.
There are no advantages to trading any asset with exceptionally wide spreads. Unless you can set the prices.
To be honest, I do not know if there are any benefits trading with such a huge spreads. It probably means that market volatility is so huge that it needs to be reflected in high spread. It seems like that there is a significant risk on the market, hense, there might be also huge losses made
There are some traders who prefer trading with exotic currencies, but they are not so frequent. If you spot some price pattern and are able to develop some strategy over it, than it is ok to make some profits, but experimenting with it might only lead to significant loses
It is all relative. The wide spreads may be negligible, depending on the time-frame that you are using to place your trades. Exotic pairs may see more definitive, repeating or predictable patterns, larger volatility, longer trends etc., that may make them more attractive for some traders. This does not even touch on fundamentals.