EURUSD perfect for a beginner

Discussion in 'Forex Trading' started by tmclimon, Nov 7, 2008.

  1. tmclimon

    tmclimon Guest

    Hi all,

    Am looking for your thoughts about which pairs are easier to trade for a rookie. My point is, as a rookie, I need maximum movement inside a pair; where the action is going is easier to detect than with a lower activity pair.
    Does it make any sense to you ? Or do you think I can focus on any pair, whatever is it, even "exotic" ones like NZDJPY.

  2. You don't need to have a large watch list to be successful. Remember: less is more.

    Stick to EUR.USD. It’s the most active, trends well, and always has a tight spread.
  3. It's all I trade and where most of my profits have come from.

    Find one pair, learn its moods, then trade it. I've tried "going where the action is" and been burned because I was trading unfamiliar pairs. I'll stick with what I know.

    Currency pairs are as different in personality and movement as stocks are from one another.
  4. Exactly!

    I personally only trade EUR/USD and 30 yr bond futures. Tracking too many instruments usually causes me to become undisciplined and make random trades.
  5. jaxtrevor


    these days the EUR/USD is a good pair to trade with if you preffer an intraday strategy. The recent volatility makes it easier to profit more than the other currencies. And my prediction is that it will still being like that for a long least next year...
  6. mr888


    EURUSD is nice if you catch the big moves, but intraday trading on the NY session it can get quite frustrating because it jitters back and forth a bit too much compared to other pairs, and holds supports like glue. I like CAD and AUD.
  7. tmclimon

    tmclimon Guest

    Yep, I am learning this "personality" thing. If some day I am able to be efficient with EURUSD, I'll maybe take a lot at another pair but, as you say all, mastering it is enough of a job and looks like a good way to earn money (if you do things right).

    Plus, I would say these are the most talked about economies so fundamental news is easy to get. I mean, getting right info on australia or canada is no piece of cake :)
  8. You guys are kidding me right! Not one of the posts regarding eur/usd is correct. Has any one of you done a time series analyses on eur/usd or just a basic stat test on its movement?

    It is one of the worst pairs to trade statistically. If you trading longterm fine but short-term a big noooo! In the book inside the house of money, one of the hedge fund managers gives a good example of eur/usd's movement and what you thinks. Its only two paragraphs but says a lot.
  9. Gee, that's funny. I *only* trade short term on EUR/USD and seem to be making money anyway. Ah, well.
  10. If read above i never said that you cant make money trading eur/usd, whatever you make on eur/usd you can make more on most other pairs with exception of a few others.

    Most people will make money for 2007 and 2008 because of the subprime crises but once we get to 2001/2002 makets many will get hammered. After 2002 was a little better but not much better. When volatility narrows and spreads make up a bigger % of each trades loss or profit, whatch fx traders squeal and their famous lines are the broker stophunted me, platform froze, broker making me loose etc.
    #10     Nov 12, 2008