Best forex pairs to trade 2013. Main characteristics: Majors are the most accessible and convenient pairs to trade both for beginners and experienced traders. It is recommended to start with just one currency pair and the best one for beginning is EUR/USD as it has the smallest spread and there is a lot of information and analysis.

Best forex pairs to trade 2013

Best Currency Pairs to Trade on Forex - How to Choose & Trade Forex Pairs

Best forex pairs to trade 2013. 0 35 Views. With countries in the whole world, there is a handful of currency pairs to trade. The question is, which currency pair are worth trading and why? What do most traders trade? Which currency factors influence the trading success? Major Currencies. The most advisable currencies for beginners in forex.

Best forex pairs to trade 2013

He has a monthly readership of , traders and has taught over 20, students. Two common questions that I get from aspiring forex traders are: There are three categories of currency pairs; majors, crosses, and exotics. We are also including silver and gold in this list since they are quoted in U. First off, many of the major currency pairs are correlated in their price movement, meaning they move almost identical to one another.

So what does this correlation business mean to you? It means you need to be careful when making your trading decisions so as to not double up your risk or trade against a position you currently have open.

For example, if you enter a long on the EURUSD and the GBPUSD, you are basically doubling your risk, and there is really no point in trading both at the same time, you might as well trade one or the other, if there is a similar price action setup on both, pick the pair that the setup looks more defined on.

The EURUSD is also the most widely traded pair, and therefore it carries the highest volume of all currency pairs, this also means it is the most liquid, which is another reason I prefer it over its correlated counter-parts.

A commodity currency is a name given to currencies of countries which depend heavily on the export of certain raw materials for income. Now, I am not advising traders trade all of these crosses, there is certainly a short-list of the crosses that I trade and that I recommend all my students trade. That short-list looks like this: These four cross pairs are the most widely followed and make a nice addition to the major pairs mentioned above. Here is a list of some of the more commonly traded exotics:.

The exotic currency pairs are not the best place to start as an aspiring forex trader , I still do not trade them and there are reasons why. The exotics are much less liquid than the majors and even the crosses. Essentially, the spread means you are negative on a trade from the beginning, so you must overcome the spread to get into profit, no sense in purposely putting yourself in the hole 15 or 20 pips by trading the exotics when you can trade the majors and only be 1 or 3 pips negative.

Put the odds in your favor. There simply is no real reason to worry about or trade the exotics, the majors and crosses provide you with more than enough price action trading opportunities to have a successful trading career. Traders who attempt to trade the exotics often get caught up in analysis-paralysis and are likely guilty of over-trading, they are certainly more susceptible to over-trading. Bottom line; ignore the exotics. Metatrader 4 has many little nuances that a lot of traders are unaware of.

Here are the instructions to create a market watch list and a pop up price list in MT You can save multiple watch lists if you want. Now, the pairs that I recommend you include in your watch list are the following: This gives you 10 different currency pairs to follow, more than enough to trade with. You really should pick your favorite 4 or 5 of these and follow them very closely and master one forex trading strategy at a time , once you progress you can add all 10 currency pairs to your watch list.

Remember to stay patient and avoid over-analyzing, over-trading, and over-leveraging. Stick to these core currency pairs and master my price action trading strategies and you will be well on your way to becoming a successful Forex trader. Very useful information that will permit me increase the trading knowledge I need. The concept of doubling the risk is something I was not aware of. Thanks for some other informative blog. Where else could I am getting that type of information written in such an ideal approach?

Hi Niail, this is another great post from you. You have tremendously helped me on my journey. I just need to make a suggestion, that you recommend a maximum of 2 Pairs for beginners and especially people who find it difficult to multi-task, from my experience trading more than 2 Pairs makes me over trade and lose focus, which can negatively affect your account.

Please include that as a warning. Thanks and keep doing the good job. I was having an amazing day until I placed a trade with that pair. Still well into profit… but its taken the icing well off the cake!!!!!! Nail, great and to the point. Is there anyway you can give me an idea of the best times or sessions to trade your recommended pairs in. Hi Nial, I have just discovered your site and it looks really good.

It is a straight talking no bull communications vehicle and I am impressed. I Best Wishes and thank you, I will be checking out your site on a regular basis. But i dont like whipsawings at all… more reliable trend is always better for me. Thank you very much for the useful information. I really thank you for all your help. Thank you for sharing your expertise!! What is a good pair to trade when I go long either one of the above to trade short in order to catch opportunity at the same time. I only trade 2 pairs at one time.

Thank you in anticipation of your advice!! Thank you very much, your article is really one of best in providing practical information and knowledge.

The articles are very enlightening! Could you help me with risk management? I think that is fine. But i would like to know what would be a good percentage to take profit. Thank you once m! This is a good one, Nial. Great article Nial, very useful especially for beginners. Having said that I can not find the silver and gold. I will have to go through the manual I guess: Thank you more than expected. This is one of the best site i visited since i started my journey into the world unlimited money.

Thanks for the help and I will def recommend your advise to anyone getting into trading for the first time. Wonderful, this has giving me great direction. I like to backtest my methods and this has just saved me a plethora of time. Thank you soooo much. Great explaination too- as always. Keep up the good work. Neil I like your information a lot. I am trading for a long time now and I am all over the place with my thoughts and actions.

Following your guidelines and lessons I can suddenly find even more pleasure in trading. I can see the trees from the forrest so to speak. I am 6o and you are 20 so I use your young cleverness to supplement my bit of accumulated wisdom. Planing to get your Forex Course. Regards Hansjoerg Balzer — Brisbane Australia. Gracias Neil, como siempre tus articulos son excelentes y de gran ayuda para todos los que estamos aprendiendo.

This is one of the best site I ever seen on FX trading. I am reading every one of your articals and all are excellent. This one will stop me from jumping like Thomas said above. Keep up the good work!! Learning a lot from you videos and articals.

Thanks for all your efforts. Its taken a long time to turn my thinking around that less charts mean more success, and not the other way around!

Hi Nial, thanks a lot, that was a great article. I was actually begin to see the relation beetween some pairs, cross related and counter cross related, now all is clear: Hi Nial, what I can say is that you do a great job, I already started to complete my currency list, as before I was watching more than 20 at a time stupid, for a beginner.

Thank you for the great info! Its always the Truth good or bad for my ego it is the truth. So again Thank You Nial trimax. Great article for newbie but i knew most of facts specially correlation and risk doubling. But great to understand commodity currencies. I have made list as recommended. Thanks a lot for sharing this valuable information, Thing are more clear and also interesting,And increased the chances of doing right trades … thank you Nail.

I always wondered about the coralation between certain pairs. I agree with you, having opened positions both long, or both short with two positively corelated pairs would double your risk, but in the mean time it would double your profit chances as well: Just my humble opinion….. Thanks a lot for giving us a very helpful advise on selecting the right currencies pair to trade.


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