Discussion in 'Forex Education' started by praise, Apr 14, 2014.
Can one trade with currencies of choice? Are all currencies allowed in forex trading?
You can choose the currencies to trade with. The choice is quite big, but definitely not all currencies are available for trading. The choice depends on what your Forex broker has to offer.
You have trade within the pairs which your broker is offering. Generally market leader brokers offer more than 50 pairs and some upto 100 pairs so there are huge variety of choices of currency pairs however its not a good idea to trade every pair available rather find out which pairs work for you and stick to them
you can go with the Integerfx, operates in global market offers 60+ currency pairs for forex trading with minimum investment of $100.
I used the common and most known eur/usd pair. and haven't yet tried trading the others yet.
There are some currency pairs which move more than other currency pairs.
First you need to identify this with help of a Average Daily Trading Range.
For example: The average daily trading range of USD/CAD currency pair is usually below 70 pips. This means, the USD/CAD currency pair is moving less than 70 pips on a trading day, on average.
If a currency pair is moving more than 120 pips on average then it is a good currency pair to trade.
Also, based on my trading experience, if a Forex trading system works during London market session with EUR/USD currency pair then the same method does not work with USD/JPY currency pair during London market session.
Most currencies are available for trading..a few nations may restrict retail forex trading on their currency due to the volatility or the broker may not offer that currency, but most are available for trading. You may want to check out the brokers and see what they offer..
The only currency you will have issues trading are African currencies and some Asian currencies that lack liquidity. Other than that, everything is available. Just make sure the broker provides the currency you wish to trade
Minimum, should be the major pairs, EURUSD, GBPUSD, AUDUSD, USDCHF, USDCAD, EURJPY, NZDUSD...
I don't really see any problem of what currency you are going to use as long as your trading strategy working profitably.
There lots of currencies traded in forex and they are mostly in pairs. In forex trading there are currencies mostly traded and they are called major currencies. There so many brokers available that help you like my broker profiforex they offer more than 48 most important currencies that are needed in forex trading.
Not all currencies are traded in forex but there are very many varieties of currencies to trade and choose from. Most time the highly liquid and volatile currency pair are mostly traded.
I guess not all the currencies are involved in forex trading. But for sure, all brokers trade with major pairs. For example, there are 48 of the most famous pairs are available to trade with at Fresh.
There large number of currencies that is being traded in forex but it is limited on the number your broker is offering. In forex you make the choice of the currency or number of currencies you will like to trade.
I think trading with 1-2 trading currencies it risky, because you may not get enough number of good entry points by one-two trading pairs! I started with only EURUSD and GBPUSD but right now I am using almost 15 trading currencies.
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