Good FX Pairs for newbs?

[eloronz]

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?

🍻

[Caseynotes]

Yes @eloronz,  I would recommend USDJPY.  It's relatively well behaved technically and responds reasonably rationally to changes in the fundamental outlook.

[JamesIG]

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/

 

 

[eloronz]

Thanks Caseynotes, will give it a go. 👍

Noticed you use screenshots all the time. Is it from the software you use or the operating system?

🍻

[eloronz]

Thanks JamesIG. 👍

[Caseynotes]

@eloronz,  all the charting platforms have there own handy chart pic taker which also removes any personal info.

On the online platform you click 'options' (3 dots) then 'export chart' and a snap shot of the chart is sent to your download folder. See pic below.

[trade247]

also worth noting you can use the @ symbol and then type the persons name to tag them. For example @eloronz which means the person would also get a notification. Better than tagging via hyperlink which I believe you have done.

Edited April 4, 2019 by cryptotrader

[eloronz]

Thanks again, @Caseynotes. You're very helpful. 🍻

[eloronz]

Thanks for the advice, @cryptotrader. I was wondering how to do that. 🍻

[Mercury]

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

[eloronz]

Thank you so much @Mercury for that in-depth analysis. I have stopped setting stop-losses because I get thrown out of the trades almost straight away -- I know, I get a slap on the wrist. Your explanation is very helpful. 🍻

[Mercury]

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.

[Guest ACAD]

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

WILL TRY EURUSD

[JamesIG]

I was also looking at this article today (despite it being a little older) which you may find useful.  https://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2018/11/22/most-volatile-currency-pairs.html

Specifically the 'least volatile' section (which may be useful to start out on) which states...

[andysinclair]

Saw this earlier and thought it might be of interest for this thread.

G7 FX Implied Volatility collapsing: