I agree, as a beginner it is best to stick to one pair first and learn as much as possible about it.Any major pairs should do the job. Pick one and stick with that.
Make sure you have a realistic goal set in mind when trading.
That's a good point. Additionally, if you venture outside of the realm of major pairs, especially into exotic pairs, volatility tends to increase and liquidity decrease, which makes trading more challenging to begin with.I'd say... choose a few major currency pairs and only those which you understand.
It'd be a bit silly of me to trade BLR/USD as I know nothing about Brazilian economy.
Do you mean most liquid and least volatile? Otherwise, I agree, EURUSD is a good first choice for a beginner trader.Beginners should start with the majors and stick to the most often traded currency pairing. I believe that starting with the EUR/USD is the ideal pick because it is the most liquid and volatile currency pair in the forex. The most significant point, in my opinion, is that you can get a wealth of information regarding trading various currency pairings. On the EUR/USD pair, I believe that 80% of all trading techniques are outlined.
However, in my opinion, the top three currency pairs for beginners to trade are:
- The euro and US dollar: EUR/USD.
- The US dollar and Japanese yen: USD/JPY.
- The British pound sterling and US dollar: GBP/USD.
Forex is definitely a great option, but it isn’t easy. Anyone who is new to this field would find it quite challenging. In-depth studies and regular practice is paramount for a newbie to excel in this field.There’s an endless list of investments for beginners to choose from. However, I think it's best to start with trading Forex. Investing in forex is a great option for beginners since the platform is easy to understand and offers advanced trading tools to predict the market, enabling us to enter and exit the market and save our capital accordingly.
the most important among them is to be able to understand about the market fundamentals.To summarise the entire beginner's phase of beginning to trade Forex, we must look at exactly ten major steps that a beginner must take.
- Learning the fundamentals (currency pairs)
- Learn about the software (MT4, MT5)
- Demo accounts are used to learn.
- Locate a dependable service provider.
- Utilize the resources provided by the service provider, such as tools and guides.
- Test out the provider's customer service.
- Learn about strategies and put them to the test.
- Make a plan for reading the news and conducting independent research.
- Keep a weekly record of your progress and begin making real trades.