Jump to content

Good FX Pairs for newbs?

Recommended Posts

Howdy folks!

It's been 2 weeks now trading on IG and while the demo account gives a good overview of the site itself, it wasn't until I went live that I've really learnt how to trade. Being on losing positions with MY money sharpens the mind and got me scrambling for knowledge.

I have found the GBPUSD to be a good starting pair to trade as the minimum PIP size is £0.13 on a spreadbet -- meaning low risk. 

Can anybody please recommend another pair that is good for newbs like myself?


Link to comment

Can I also suggest a webinar we have tonight at 8.30 with Tyler Yell which specifically covers the FX market pulling out key themes and recent price action. You can review all webinars here, as well as check out other areas of Academy using the links at the top of the page. https://www.ig.com/uk/learn-to-trade/ig-academy/sessions 

More broadly speaking, DFX is also a very useful sight for researching the FX market and getting the best out of IG. Hope this helps https://www.dailyfx.com/


2019-04-04 11_02_53-Online Trading Webinars & Seminars _ IG Academy _ IG UK.png


  • Like 1
Link to comment

You need the stop loss @eloronz  you just need to place it at a point that makes sense within the context of your set up (i.e. just after the point at which your premise on the direction of the market would be altered).  This should be wide enough to avoid temporary retraces but not wider than you can afford to lose on any one trade.  Conventional wisdom on the latter is 3% max of you account balance.

  • Like 2
Link to comment
On ‎05‎/‎04‎/‎2019 at 10:10, Mercury said:

I would suggest EURUSD @eloronz for the following reasons:

  • It is the largest FX pair market by volume and value and therefore the most stable, least prone to flash moves, which are a killer for new traders (and old I guess but old hands are more aware of this phenomenon)
  • GBPUSD can be a bit spiky from a technical perspective, often spikes through a support/resistance zone before conforming, which makes stop placement more challenging
  • USDJPY is often impacted by flight to safety Yen buying
  • With EURUSD you are effectively trading, it is a better proxy than the USD basket (DX)
  • EURUSD may be impacted by Brexit nonsense short term but is less prone to spikes around this than GBPUSD
  • I would steer clear of non USD pairs for now, it is easier to focus on the USD impact
  • EURUSD conforms well to charting and other technical analysis


Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Posts

    • Sainsburys full year earnings and Unilever’s first quarter trading update both say the same thing, UK consumers are in for higher prices. The war in Ukraine, supply chain issues and the effects of ongoing Covid all to blame.      
    • US Dollar (DXY) Daily Price and Analysis US Q1 GDP may stall the greenback’s advance. A 20-year high nears for the US dollar. The multi-month US dollar rally continues with the greenback printing a fresh high today ahead of the first look at US Q1 GDP at 12.30 GMT. The US dollar basket (DXY) has been boosted by renewed weakness in the Euro and the Japanese Yen, as investors move from lower-yielding to higher-yielding currencies, while safe-haven flows continue to benefit the greenback. The US growth release later in the session is expected to show a sharp slowdown from the robust Q4 figure of 6.9%. The markets are currently pricing in growth of just 1% for the first three months of this year, with the slowdown mainly due to a reduction in inventory accrual over the quarter. This release is unlikely to move the greenback, unless there is a large miss or beat, as the Fed believe that 2022 US growth will be robust enough to let them tighten monetary policy sharply without damaging the economy. The latest US Core PCE data – the Fed’s preferred inflation reading – is released on Friday and this may have more effect on the US dollar than today’s GDP data. For all market moving economic data and events, see the DailyFX Calendar. The ongoing US dollar rally has been aided by weakness across a range of G7 currencies including the Euro, the Japanese Yen, and the British Pound. The Euro continues to battle with lowly growth expectations, exacerbated by energy concerns, the British Pound is mired by weak economic data, while the Japanese Yen is in freefall as the BoJ continues with its ultra-loose monetary policy.   The US dollar continues to press higher and looks set to break above 103.96, the March 2020 high. Above here the US dollar would be back at levels last seen nearly two decades ago. The March resistance will likely hold in the short-term, especially with month-end portfolio rebalancing at the end of the week, but US dollar strength is set to continue in the months ahead. USDOLLAR (DXY) WEEKLY PRICE CHART – APRIL 28, 2022 {{THE_FUNDAMENTALS_OF_BREAKOUT_TRADING}} What is your view on the US Dollar – bullish or bearish?   Apr 28, 2022 | DailyFX Nick Cawley, Strategist
    • While Tesla has nothing directly to do with Elon Musk buying Twitter - TSLA stock closed down 12% on news that Musk may have to sell stock and use other holdings to stand against the loan to finalise the purchase of the social media giant.        
  • Create New...