Beginners usually experience a tough time trading on the Forex market. However, these currency pairs will ease the learning process while providing the best trading opportunities. But, before you start trading, you must be aware of Forex basics including types of Forex trading evaluation and good trading platforms that you should trade on. It’s always good to have that information at hand before trying Forex trading.
But, at the same time, it’s good to learn that these currency pairs might prove hard to trade. But, with Forex, you will never experience any difficulties. You will only find the currencies that you are used to and you might have worked hard for. We have listed the four best currency pairs below, which beginners can trade to make good profits.
In this currency pair, the base currency is the European Euro and the main currency is the United States dollar. Both currencies are very strong independently, with the support of powerful economies.
Both currencies combine to make the EURUSD and in Forex it’s the most traded currency pair. So, one of the benefits of the EURUSD currency pair is its popularity. Due to its popularity, it’s very easy for beginners to find a wide range of materials on the web, which mainly describes how you can trade them. Essentially, these materials are very useful for beginner traders that look forward to trading the pair.
Another major reason why this currency pair is best for beginner traders is that it can be traded utilizing both types of Forex evaluation: fundamental and technical. In simpler words, the EURUSD pair offers beginners sufficient opportunities to use the basics of Forex trading they learned to test.
The USDJPY currency pair is made up of the Japanese yen and US dollar. This currency pair is preferred by many traders because of its sharp swings and volatility. These huge price swings are widely contributed by the JPY. Beginner traders looking forward to learning how to trade highly volatile pairs will get a lot of information on the USDJPY.
The yen is economically driven and reports and major news rarely end a day without mentioning the currency pair. Because of that, beginner traders who would like to learn about news trading strategies will find endless opportunities on the currency pair.
Notwithstanding the high volatility of this currency pair, its predictability is very high when analyzed. Therefore the chances of trading USDJPY successfully are fair.
This is another highly volatile currency pair and Forex beginner traders can rely on it to learn the volatility operations within the Forex market. In this currency pair, the base currency is the British Pounds and the quote currency is the US dollar. The 2 economies are strong enough for fending off the instability on GBPUSD.
If you are looking for the safest currency pair to trade at the Forex market then you should go for GBPUSD, as it’s able to maintain the long trends. In addition to that, the beginners who would like to trade for a short term while still being exposed to lots of pips can go for this currency pair. This is easily achievable due to the slightly high volatility of this currency pair.
The Aussie (AUDUSD) is a combination of the US dollar and the Australian dollar. The beginner traders that want to take things slow on the Forex market should consider AUDUSD because it’s a safe pair to trade. This currency features a low to medium volatility level. That might be the major benefit of AUDUSD because beginner traders can join and quit trades easily without risking on the high volatility pairs. Another advantage of this currency is its predictability. For example, you can create a chart and draw your trendlines to see the reactions of the prices near the slanting lines.
If you are a beginner in the Forex market, then you should consider the currency pairs that we have listed above. But, our work is only recommended because you can conduct your research online to find more trading currency pairs.
But, no matter the currency pairs you decide to trade, you should learn the trading basics we have mentioned above. After understanding the best trading currency pairs, you should also consider learning more about market sentiments and SSI.