What Pairs to trade?

[hybrid]

After months of study i've started micro account testing in forex.....are there any pairs you would advice a live account n00b to stay clear of, or to use? i don't seek to start with any pairs that have crazy whiplash or complex characteristics.....but nothing too stale either.

My style will be 2 hours a day searching for a good trade on daily and 4h charts (pulling the trigger on the 1hr charts), between 10-12GMT.....what pair/s suits this?

thank you for any reply and advice.

 

[MastaFX]

i think most traders over the world like to trade the EUR/USD..

 

[Magos]

EURUSD will be a good start.

Before you go live please start paper trading! and work on your money management

 

[x4x]

IMO, looking at just one market is a very big mistake - you have to look for opportunities from a wider range of markets.

Opportunities will be different for different trading styles. For example, if you're aiming to trade and hold trends, there no point bashing away at EUR/USD if it's stuck in a tight daily range whilst Wall Street in in a roaring trend. However if you are looking to trade ranges, EUR/USD would have been better than Wall Street.

So I would suggest you plan exactly how you are going to trade, then look for the best opportunities from a range of markets, then determine which market best suits your trade plan.

If you are time restricted this may (most probably will) present another difficulty to work around.

As previously suggested by others, trade demo first with proper money management - if you have the determination and will power to do that for 6 months you probably have what is needed to succeed.

 

[Jason Rogers]

After months of study i've started micro account testing in forex.....are there any pairs you would advice a live account n00b to stay clear of, or to use? i don't seek to start with any pairs that have crazy whiplash or complex characteristics.....but nothing too stale either.

My style will be 2 hours a day searching for a good trade on daily and 4h charts (pulling the trigger on the 1hr charts), between 10-12GMT.....what pair/s suits this?

thank you for any reply and advice.

Hi Hybrid,

The analysts at DailyFX did a study into trader profitability looking at data from over 12 million real trades conducted by FXCM clients. They found that trader profits and losses could vary significantly by time of day.

source: DailyFX.com​

The chart above is in New York time which is 4 or 5 hours behind GMT depending on the time of year. For the time of day you're looking to trade, GBP/USD and USD/JPY were the best performing pairs for most traders.

Jason

 

[robertofx]

After months of study i've started micro account testing in forex.....are there any pairs you would advice a live account n00b to stay clear of, or to use? i don't seek to start with any pairs that have crazy whiplash or complex characteristics.....but nothing too stale either.

My style will be 2 hours a day searching for a good trade on daily and 4h charts (pulling the trigger on the 1hr charts), between 10-12GMT.....what pair/s suits this?

thank you for any reply and advice.

Better to start with one or two pairs. In that case EU & GU better

 

[Traderallen]

In my opinion and don't take this the wrong way. But just reading your post I don't think you're ready for a live/real money trading. The most important thing to look at is spreads and volatility also familiarity so take a look at the spreads you're getting from your broker and note the ones with the lowest spread then take that group and look at daily volatility. The more volatile the more your app to get whipped out and the wider stop you will need. So take your low spread group and pick the ones with the least daily volatility. Then take that group and pick one for your home currency if possible. Since you will be more likely to be up with the fundamental data going on in your country. And there you have it that's the currency pair you should start trading with.

 

[djrivum]

I once heard EUR/$ described on here as god's instrument
I researched quite a bit into daily movements and found it suited my style of trading so ive traded it since. I would conside myself a newb
Agree with others, research, money management and paper trading before diving in
MJ

 

[gigiones]

I prefer to trade with EUR/USD because most of the traders are trading in this pair of currencies.