New traders should trade with any one liquid pair of their choice. Major pairs like EUR/USD, USD.JPY, and GBP/USD are all good pairs to begin. All pairs require different strategies, and in order to make substantial profits, one pair is enough to focus.
I would recommend trading some popular majors like EURUSD for several reasons, First of all, that is one of the most liquid and volatile currency pairs on Forex. This fact will make trading more or less clear and predictable. If you go to some exotic pairs, they have the chances to destroy your trading budget very soon, as they have low liquidity. Another reason is the fact that there are so many useful articles and tutorials which are devoted to this currency pair. So that, you will get much more relevant information about trading and you can apply this information on practice.
Because of the lower volatility, I agree with the majority of users that the EURUSD is the ideal pair for novices. Beginner traders can make consistent gains with a few strong tactics and money management abilities.
I think it is very important to study the forex pair first before opening any trade on it. One can start with EURUSD, EURGBP or GBPUSD for understanding the market moves.
As per my opinion, these are the top three currency pairs to trade for beginners:
- The euro and US dollar: EUR/USD.
- The US dollar and Japanese yen: USD/JPY.
- The British pound sterling and US dollar: GBP/USD.
Newbies, in my opinion, should stick to the popular currency pairs simply because there is an absolute wealth of information about them - tutorials, analyses, news, etc. That is not always the case with the exotics.
You’d better look for the majors, pals. Minors and exotic pairs are too unpredictable. Master EURUSD first, and then learn other pairs gradually.
How do I get a good indicator with good signal strength. I’m new to Forex trading
There are not any specific, I would suggest if you’re new to trading dont go for any indicator rather than give some time to trace the price movements by drawing accurate support and resistance.
Beginners should definetely start with the majors. I think that the best decision would be to start with eurusd because it is the most liquid and volatile currency pair in forex. However, I think that the most important thing here is that you can find lots of information about trading this currency pairs. I feel that 80% of all of the trading strategies are explained on the eurusd pair.
The question that is posed at the start of this thread is rational and I have no criticism for the traders who have honestly and respectfully replied, trying to help steer new traders towards profitability.
But statistically, most of them are not going to make it even with the benefit of these answers. The high percentage of traders failing historically has never been so high because they simply chose the wrong pair to trade.
Two decisions that new traders make before they even place a trade condemn them to loss -
- it is less risky to trade intra-day
- it is more profitable to trade price reversals
After that, the end is inevitable.
The best currency pair for beginners in my opinion is the EURUSD because it is easier to predict and the volatility is lower compared to other major currency pairs.
Personally, I never found EUR/USD easy to predict as a newbie. And there were (and still are) so many ranges that I constantly made mistakes.
For novices, it is always advised that they should use liquid currency pairs as they facilitate easy entry and exit during trading in the market. The best pair for trading are usually pairs that contain two large economies such as EUR/USD. Also, other liquid pairs include USD/JPY, GBP/USD, AUD/USD and USD/CAD etc.
when i first started with hotforex my focus was mainly of the fed reserve and the usd, i guess the three safest bets would be usd gbp and eur currencies for starters, not good to get over whelmed with dozens of pairs all at once.
I think most popular pairs are good for newbies, but I would advise against using any exotics before you’ve gained quite a bit of experience.
The best pair to trade in my opinion is USD/EUR. Referred to as a ‘major’, it is heavily traded across the globe and offers tighter spreads and wide price movements which further facilitates profitable opportunities.
Beginners should start with major pairs only due to the more liquidity involved. Personally I love to trade Loonie and Gopher most of the time.
Go with pairs like EUR/USD, USD/JPY, or USD/CHF. These pairs have high liquidity and lower spreads. Liquidity is an important factor to choose in a pair. Do not go with pairs that have low liquid.You can begin trading with any major pair.