What's your favourite currency pairs to trade?

Trading Discussion Currencies
3

mine was always EUR/USD, because it’s the most widely-traded pair of all, which means it has the highest liquidity, and lowest slippage and commissions

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Hell yeah! EUR/USD is the absolute best. :heart_eyes::fire:

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the beginners choose their pair according to their trading understanding, at all times i prefer major pairs , EUR/USD is my favorite and from my first day of trading i have been using this currency.

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@flamingoproxy @Emi.s @NeilKruger thanks for your insight and interesting to see you all choose EUR/USD as your favourite. Do you every trade any other pairs or religiously stick to EUR/USD? Also, what kind to trading strategies to you deploy?

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Thanks Amy, I’m very interested in learning to trade commodities especially gold and silver.

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8

i now trade currency futures, not spot forex, they move almost pip-for-pip (tick-for-tick) the same, so it’s very similar, almost identical - the six differences are:-

  1. your broker is on your side, never against you, and wants you to win

  2. it’s a transparent market where every broker always has exactly the same prices, because prices are not set by the broker but by a real market

  3. regulation is much better and safer and funds better protected

  4. there’s effectively no spread and commissions are lower

but also

  1. it’s effectively the majors only (plus the indices, commodities, etc)

  2. realistically you need a few thousand, rather than a few hundred, to start, as micro-lots are not available

the futures i trade, myself, are equivalent to:-

first choice: EUR/USD

equal second choice: GBP/USD and AUS/AUD

also, but less often: NZD/USD, USD/CHF (with futures this one is CHF/USD) and USD/JPY (similarly this one is actually JPY/USD)

no retail or independent trader who trades for a living or is steadily profitable would continue to trade spot forex long term - that would just make absolutely no sense at all (unless perhaps they specifically traded obscure currencies for which there are no futures equivalents available)

price action only for entries, targets and stop-losses

but i do use moving averages as a directional bias, just to see the trends at a glance, and i look at the ATR to show me the volatility, so i’m not indicator-free

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9

at the moment trading with GBP/USD, CAD/USD

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10

to trade major pair is safe , but to increase trading performance very rapidly we should exotic pairs in demo to see the performance how it works.

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11

Which exotic pairs would you trade and what are the spreads like?

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12

instead of demo i think micro account is more appropriate for that even though it is little bit expensive.

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13

none

horrible

very big and very variable (which can make suddenly closing a trade awful)

the point is that the liquidity is very small, compared with that of the majors, so slippage can be huge

if you have special knowledge or understanding of a particular country’s economy and fundamentals, then fair enough - otherwise avoid it, IMO, it’s all disadvantages and no benefits, by comparison

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14

i am a scalper and for that reason i always have to depend on lowest spreads currency , generally always like to trade EUR/USD, GBP/USD,

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15

Thanks for the insight Peter (are you ‘the’ Peter Siddle? :cricket_bat_and_ball:).

May I ask, what time frames do you run your scalping strategy on?

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16

As much as I know EUR/USD and USD/JPY are the most common ones. Try them.

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17

that are common but profitable also. i always like to trade that pair

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I personally favor EUR/USD as it is the most widely traded currency pair. Additionally, I have a particular interest in EUR/GBP, and have been contemplating trading USD/JPY more frequently lately.
What about you Pauley?

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19

AUD/NZD - EUR/USD - CAD/CHF - GBP/JPY
I use those four because they have high volumes and because they do not contain the same currencies as each other.

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20

I’m just trying to find my way with my demo account to see what works for me. So I have done a few demo trades against various pairs but have decided going forward I’m only going to look at EUR/USD and USD/JPY. Once I’ve mastered those pairs I may look at some different ones, maybe some exotics. Oh, and I’m going to have a play around with gold.

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i’m curious, Pauley (and hope you don’t mind being asked): why those two? is it partly because of the obvious inverse correlation, in that the USD is the base currency of one and the quote currency of the other?

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I’ve chosen these as they’re both major pairs with E/D being the most traded and U/J being high in the trading ranking and it’s not correlated (I believe) directly with the E/D