Hey guys. What’s the best most volatile pair to begin with, especially for us newbies since we’re all being advised to first focus on one pair and then master it before going to the others.
I personally like and start with EUR/USD, but any of the major pairs will do.
What time of day would you be typically trading?
@rkk134 is right, any of the major pairs will do. EURUSD, GBPUSD, USDJPY or even EUR/JPY. These are the most popular pairs where you’ll have easy access to news + enough trading volatility.
The majors are good and volatile too. But can you handle all that volatility?
Make sure to test out these pairs first on Demo.
I like the AUDNZD - these two currencies like to move together. If the AUD is strong, it’s very likely for the NZD to be strong too in a particular trading day. And this reduces the volatility in this pair unless hit by news.
Your TP take time before it’s hit but so does your SL
But not so much with all these USD pairs, things happen fast, really fast. Experience will give you an edge but for now, I suggest you stay clear of too much volatility.
When you learn to drive, does your teacher recommend 80mph in the very beginning? Nope!
As every trader can have some basic trading requirements thereby the choice of currency pairs will be dependent on your own trading needs, facilities to trade with various pairs (as sometimes broker imposes restrictions on the usage of different pairs). However to begin journey, major pairs can be better as it is easier to predict the movements of major currency pairs.
Most volatile pair may bring you a lot of troubles in the beginning and that is why, much better will be finding a trading pair and watching 4H and daily chart to define market direction. Perhaps USD/JPY, AUD/NZD, EUR/GBP looks good enough in the beginning.
the most volatile pair is GBP/JPY but for beginners is not advised to trade most volatile pairs because they can take you money while beginners do not know set Stop Loss properly.
With volatile pairs you need to set Stop Loss wide enough so trade have space to move without hitting Stop Loss level.
Select intermediate pair to trade. Here is a list of major pairs and some crosses to check which one would be good enough to trade:
Here you can see trading pairs on different trading sessions and how they behave during each session.
For example EUR/USD would be good enough to trade. Here you can find more information on EUR/USD and EUR/USD daily volatility.
EURUSD is the best when starting. Still if you have been here for a while EURUSD could be a good option.
EURUSD beacause simple
EUR/USD and GBP/USD are good pairs to start with!
Typically the best pair for you is the one that you are most knowledgeable about. It can be extremely useful for you to trade the currency from your own country, if it is not included in the majors, of course. This is only true if your local currency has some nice volatility too. In general, knowing your country’s political and economical issues results in additional knowledge which you can base your trades on.
On the other hand, trading spread is relatively low! In addition, it’s one of the most popular trading pair.
Which one did you end up going with? @Gracian
I started demo trading with EUR/USD and GBP/USD pairs.
I think it is very common to say, every newbie must start with EUR/USD as it is the most traded pair and easy to analysis.
I like @Maximus_martins advice. However, it’s good to have both volatility and non-volatility pairs to get better understanding how forex reacts. (just for demo ac, yeah newbie can drive 80+mph in video game and learn from it, lol).
But if you (beginners) open cent ac, AUDNZD is good one to start with and master it. It’s good idea to slow down (AUDNZD) and lose little than your account dead immediately without learning much.
traders above all the beginners should choose the pair which is more suitable to the concept of trading that will be used , if you love doing scalping , should choose the broker which has most lowest trading spreads,
I probably won’t recommend scalping for beginners though. Better to start with more longer term TFs.
What is scalping?
That’s a great trip!