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Many novice traders ask themselves what to trade for a beginner in the international currency market Forex. Let’s try to answer it in detail.
Specifics of currency ratio selection
There is no definite recommendation on which currency is best for speculators to trade. There is no differentiation of combinations into groups for inexperienced and professional traders. That being said, there are a number of regulations that must be taken into consideration as part of determining the currency combination. A preferred economic system must be chosen. For example, the economies of Japan, Canada or Switzerland. This should guide the designation of the pair. It is optimal to choose the opposite counterparty. If, say, the merchant chose Japan, it is perfectly opposed to the United States of America, i.e. to the dollar (USD/JPY).
Another thing to gather sources of information is the most important release dates for material in the Economic Digest that relates to Japan and the States. It is also necessary to trace the dynamics of fluctuations on the basis of past articles and news, to identify the strongest shocks and significant events that should be observed. The merchant then bookmarks the most important sources and analyzes them on an ongoing basis.
Characterization of common combinations
- EUR/USD – has an increased volatility level, but predicting the dynamics of this ratio can be too difficult for a novice trader. This is due to the great randomness of prices amidst a huge number of market participants and episodic changes in vectors, which are caused by the steps of an impressive number of traders from different parts of the world. This is the currency pair that beginners should not trade at first.
- USD/RUB – the combination is too susceptible to the impact of fundamental aspects of the marketplace (oil prices, economic and political situation in the state). Its volatility is quite high, primarily due to the increased number of purely speculative transactions.
- EUR/RUB – is characterized by the same minuses as the previous pair, but the volatility level of this asset is slightly less. There are sometimes spikes in its chart area, but, in general, the chart is calmer than the dollar chart, despite the significant number of speculative positions.
- USD/JPY is one of the most unpredictable combinations that often shows quite strong jumps and spikes on the chart canvas. Its forecast is characterized by maximum complexity, prices are susceptible to the powerful impact of news from the political sphere.
- AUD/USD is a very calm relationship with moderate volatility. Excellent technical research and has a direct correlation with metal values. As part of trading, you need to focus on techanalyzing the charts of quotes for precious metals.
- USD/CAD is a combination with a moderate degree of volatility and close correlations. The price of the Canadian is strongly linked to oil prices, therefore, it is necessary to take into account the movement of “black gold” quotations when studying rates and forecasting. This is a profitable pair for speculators who trade oil, as its volatility increases strongly on the background of news coverage on this commodity.
- GBP/USD is a combination that reacts quite powerfully to British news information. It is characterized by sufficient volatility, support/resistance line breakdowns and false breakdowns are frequent on the chart.
What to trade for a beginner: in search of answers
Often experts recommend to focus on currency ratios characterized by restrained volatility and non-sharp movements. This contributes to a more effective learning curve for the inexperienced trader in techanalysis. So what pairs should a beginner trade on? USD/CAD and AUD/USD are examples of such combinations. But a significant disadvantage in trading these assets is often considered a lack of information information – Canadian and Australian news do not have an extensive resonance in the territory of the Russian Federation. In this regard, many seemingly unimportant materials are left unattended, which turns into failed forecasts.
The most convenient in this situation for domestic speculators are USD/RUB and EUR/RUB combinations, as the information support on them in Russia is the most extensive. Trading with these tools allows to fully utilize both techanalysis and to process alerts on external news.
