This is an extremely popular question, and a very important one at that! Different trading platforms will offer different currency pairs that you can trade, but some are much more popular than others. The most common currency pairs will appear in all trading platforms, but some of the more exotic ones will only show up within certain platforms. One reason it’s good to only trade popular currency pairs is because these have the most action. Popular pairs are less likely to make crazy moves and cost you lots of money. Below I will highlight the five most commonly traded Forex currency pairs.
AUD/USD – Australian Dollar/United States Dollar
EUR/USD – Euro/United States Dollar
GBP/USD – Great Britain Pound/United States Dollar
USD/CAD – United States Dollar/Canadian Dollar
USD/CHF – United States Dollar/Swiss Frank
All five of the currency pairs that I listed above are available on virtually every Forex trading platform out there. These also tend to have the most trading action and will hardly ever go sideways when the markets open. When you begin trading you should try picking one or two currency pairs and focus only on those. Learn them inside and out and become familiar with the different news releases that come out for those pairs. This is one key to becoming a successful Forex trade and working from the comfort of your own home!
People don’t become professional Forex traders overnight. This type of trading takes time and practice. Along with that, it can be difficult to learn what is really needed to be a good trader by yourself. Traders can advance quicker by reading material and taking different classes online. On this website I’m going to give you some insider tips on becoming a successful Forex trader online. I’ll show you some of the best resources if you need to start from square one and I will also provide some great methods for getting successful trades early on. Keep Reading!
The first step that goes into becoming a successful Forex trader is to consider taking an online Forex class which can help you learn the ropes. Make sure you have a firm understanding on the basics like shorting, PIPS, candlesticks, and other extremely common terminology. Taking a class or downloading an eBook can be one of the best ways to start learning how to trade. Once you have some experience with trading we suggest you consider joining a live trading room. These live Forex trading rooms are a great way to watch experienced traders do real-time trades. You can learn tons by seeing what these traders do and by listening to them explain their actions. Both of these options are what new Forex traders need to be focusing on. If you’re a newbie then don’t go thinking you know everything right off the bat. Other traders have strategies which may have taken them years to develop and one good strategy is all you need to be a successful trader in the long run! Put some time and effort into your training and it will payoff for you in the long run. There is a reason why so many people are unsuccessful in this industry and part of it is because many of them are not patient enough to really learn how the markets operate.
My other big tip comes down to the different Forex Software available on the market. There are certain types of software which can help determine the best buying and selling signals and this is a great way to help you spot and complete good trades. Don’t rely on this software completely, but use it as another tool to help you become a better day trader. Once you have successfully used some of the better Forex signal software packages then you can begin to focus on other things while it spots different trades for you automatically.