Currencies to trade. - page 2
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As a new trader ou should try trading in major currency pairs . They are having fluctuation of price all time . You can get some profit every day . Spread over these pairs is als low than uncommon pairs. I like EUR/USD for trading . It is very easy to trade . GBP gives best results it mives quickly than all pairs.
There are tremendous opportunities trading the EURUSD and GBPUSD but, with great care and skill otherwise they can crush you. The reason is that these two pairs are very volatile. So there is often consolidation while everyone is waiting for news and then they suddenly explode a lot in one direction with the news announcement. Usually the larger moves are in the direction of the larger trend but, sometimes the news causes a complete reversal in directions. I have attached picture for illustration.
Good luck,
gcgman
Currency pairs are very dynamic so what seems like a good pair one month or one week might not be attractive the next. Nevertheless, some pairs are more consistent than others. Some things I look for are: 1- Does the pair trend often in the time frame I trade or is there a lot of sideways movement? 2- Are the movements somewhat smooth or very erratic...what I call "spikey" (candles large heads and tails with small bodies)? 3- Can I potentially make 60 to 100+ pips each week with the pair? Using these criteria here are the pairs I have chosen (not in order of preference): EURUSD, GBPUSD, AUDUSD, EURJPY, GBPJPY, CHFJPY, AUDCHF, EURAUD and occasionally NZDUSD and USDJPY. My favorite currency is the Aussie and my favorite time frame is H4. I have attached pictures. Notice that each week there are significant opportunities with the Aussie. The beauty of the minor vs major currency pairs are that while things are erratic, explosive or consolidating in the majors waiting for news you can find opportunities in the minor currencies less effected by the expectant news.
Good luck,
gcgman