Thread: How do I choose a currency pair for Forex trading?

Here are some steps that you can take to choose the best currency pairs to trade in forex:

1- Open charts of at least seven currency pairs

This could be your morning coffee time read. Before getting distracted by the news and the noise from the media, it is always best to take an unbiased look at the charts to see how the markets are doing. Which pairs are under pressure? Are any of them consolidating? Which pairs are moving up? Is there a specific currency that is behaving the same against most other currencies? This initial, unbiased interaction with the currency pairs on the forex dance floor is important because it will help you prepare for the next step of choosing the best currency pairs to trade in forex.

2- Skim through the latest market news:

Now that you have your heart set on a few currencies, you can quickly listen to the latest global news on your local news media, to see if there are any unusual market updates. This can include a Chinese stock market drop, a (lack of) interest rates hike, or a Swiss Franc jawboning). Reading the news will help you discover the latest market sentiment and the risk-off/ risk-on situation of the best currency pairs to trade in forex. We would typically want to avoid currency pairs that are facing huge volatility risk because even though one could argue you can find trading opportunities in volatile markets, I would argue chances are the market chaos and lack of a solid direction would kick you in the butt with unexpected surprises. Always better to be safe than sorry when it comes to investing your hard-earned cash!



3- Check out Invest Diva’s blog for the latest forex trading strategies

Now that you have the breaking news on hand, you can turn to our blog for the longer term, solid trading strategies on select currency pairs. If you find the currency pairs you had your eyes on, great! Read on and find out if these are the best currency pairs to trade in forex right now.

You should also determine if these pairs are suitable for your portfolio at this time. It is important to note that we don’t publish forex trading strategies for every currency pair, every day. The reasons include our goal to cut down on market noise, as well as avoiding to mislead forex traders to trade more than they should. We have noticed that traders with larger risk appetite tend to jump on any trading signal we publish, whether it is suitable for their portfolio or not. So, in order to promote responsible trading, we have limited our trading signals to only 3 per week. Anything more than that needs a thorough consultation with your truly, to analyze your current account, open positions, available margin, investment portfolio, and more.

Tickmill provides a demo account and educational program to be utilized properly by traders, this is needed so that traders can be more optimal in carrying out trading in accordance with expectations with Tickmill.

There are both possibility of making profit and loss in the trade market. if you are new at forex trade market if you go ahead without taking any preparation then there's maximum possibility of losses. If you go in the trade market with full preparation theres less possibility of losses. it also highly necessary to know about the calculation of profit and losses. substraction between selling base currency and buying base curreny then multiplying the differences to the size of the transaction. It will give you profit and losses. I am currently trading with Tpglobalfx. They always help me to make my strategies profitable and make profit consistently.

Good and correct preparation must be able to be considered well, this is needed and necessary so that traders can be maximized in carrying out trades according to expectations with Tickmill.

This is something I learnt from one of FreshForex Webinars, you want to be safe, remain with the main pairs, very low spreads and good volitity for traders

Existing training and learning must be able to be well cared for, this is needed and necessary so that traders can be maximized in carrying out trading activities that are in accordance with expectations while on a real account with Tickmill.

To trade in the forex market, any trader needs a broker. Broker can be good or bad. By selecting a good broker, a trader can easily take decision whether he has to trade or not. Good brokers are generally are those, who provides low spreads and high leverage than others. Withdrawn process should be easy. Brokers help traders to gain profit and reduce the risk of losses. A broker can be a guideline for any trader.

Choosing a good broker is not an easy task. I am trading with TP Global FX, which is the best broker for me. They provide low spreads starts from 0.01 pips and their maximum leverage is 1:500. They provide 24 X 5 customer service to the traders. So for me, they are the best broker.

choosing a broker must be able to pay attention to it properly, this is needed and necessary so that traders can be maximized in carrying out trading activities and can generate profits that match expectations together with Tickmill.

You need to attend the FreshForex weekly webinars, these are some of the basiscs that are mention there everyday.

choosing a broker must be able to pay attention to it properly, this is needed and necessary so that traders can be maximized in getting the security and trading comfort that I get from Tickmill.