everyone knows about CAD USD JPY EUR but what about TRYUSD and others? made 40% in just one week long USDTRY for the folks that can't make $ with forex you may want to look beyond the default exchanges trading the most common pairs is usually for suckers
Good. Now you have 51 more weeks to go. Come back at the end of the year and tell us how much you made. Sure, if 95% of Forex traders cannot even make it with the major currency pairs and their small 2 to 5 pip spread, they will surely succeed with the exotic currencies and their 20, 30, 50 or more pip spread and their insane volatility (the USD/TRY for example has moved almost 300 pips in the last 5 hours alone, a routine move for that pair!). Why didn't I think of that? Quote from Mad Magazine, no doubt.
if you want a real ride try that NOK or for that matter, try getting out of the KIWI at three o'clock in the afternoon never traded the peso, I'll leave that to the experts I'm one of those suckers that sticks to the 6 majors It's just me and the Swiss National Bank
but some of the exotics have an underlying story to them ..for example, Turkey has a lot of corruption and highly dependent on inflows of cheap $ to stave of hyperinflation, so if the fed accelerates tightening look out below... JPY has abenomics but it's not a good hedge against economic weakness in the US or tapering EUR has euro crisis but that burned a lot of shorts in 2010-2012 . The Euro is a lot stronger than exotics and can absorb a lot bad news before giving up ground
I did not say you cannot make money with the exotic currency pairs, but the spread and the volatility are so high that you better know what you are doing or you are history! And of course don't even think about day-trading or scalping some of these exotic pairs, the spread alone will kill you, trade after trade!!