Jump to content

Good FX Pairs for newbs?


eloronz

Recommended Posts

Howdy folks!

It's been 2 weeks now trading on IG and while the demo account gives a good overview of the site itself, it wasn't until I went live that I've really learnt how to trade. Being on losing positions with MY money sharpens the mind and got me scrambling for knowledge.

I have found the GBPUSD to be a good starting pair to trade as the minimum PIP size is £0.13 on a spreadbet -- meaning low risk. 

Can anybody please recommend another pair that is good for newbs like myself?

🍻

Link to comment

Can I also suggest a webinar we have tonight at 8.30 with Tyler Yell which specifically covers the FX market pulling out key themes and recent price action. You can review all webinars here, as well as check out other areas of Academy using the links at the top of the page. https://www.ig.com/uk/learn-to-trade/ig-academy/sessions 

More broadly speaking, DFX is also a very useful sight for researching the FX market and getting the best out of IG. Hope this helps https://www.dailyfx.com/

 

2019-04-04 11_02_53-Online Trading Webinars & Seminars _ IG Academy _ IG UK.png

 

Link to comment

I would suggest EURUSD @eloronz for the following reasons:

  • It is the largest FX pair market by volume and value and therefore the most stable, least prone to flash moves, which are a killer for new traders (and old I guess but old hands are more aware of this phenomenon)
  • GBPUSD can be a bit spiky from a technical perspective, often spikes through a support/resistance zone before conforming, which makes stop placement more challenging
  • USDJPY is often impacted by flight to safety Yen buying
  • With EURUSD you are effectively trading, it is a better proxy than the USD basket (DX)
  • EURUSD may be impacted by Brexit nonsense short term but is less prone to spikes around this than GBPUSD
  • I would steer clear of non USD pairs for now, it is easier to focus on the USD impact
  • EURUSD conforms well to charting and other technical analysis
Link to comment

You need the stop loss @eloronz  you just need to place it at a point that makes sense within the context of your set up (i.e. just after the point at which your premise on the direction of the market would be altered).  This should be wide enough to avoid temporary retraces but not wider than you can afford to lose on any one trade.  Conventional wisdom on the latter is 3% max of you account balance.

Link to comment
On ‎05‎/‎04‎/‎2019 at 10:10, Mercury said:

I would suggest EURUSD @eloronz for the following reasons:

  • It is the largest FX pair market by volume and value and therefore the most stable, least prone to flash moves, which are a killer for new traders (and old I guess but old hands are more aware of this phenomenon)
  • GBPUSD can be a bit spiky from a technical perspective, often spikes through a support/resistance zone before conforming, which makes stop placement more challenging
  • USDJPY is often impacted by flight to safety Yen buying
  • With EURUSD you are effectively trading, it is a better proxy than the USD basket (DX)
  • EURUSD may be impacted by Brexit nonsense short term but is less prone to spikes around this than GBPUSD
  • I would steer clear of non USD pairs for now, it is easier to focus on the USD impact
  • EURUSD conforms well to charting and other technical analysis

WILL TRY EURUSD

Link to comment

Archived

This topic is now archived and is closed to further replies.

  • image.png

  • Posts

    • Alpha Trade is about to launch a sub-brand - Alpha Trade Seychelles In order to better meet the more segmented requirements of investors in the investment field, we are pleased to announce that at the end of summer 2024, we will launch a sub-brand regulated by Seychelles - Alpha Trade Seychelles. We are currently selecting the office address and finalizing the relevant management personnel. We believe that in a short time, we will be able to launch Alpha Trade Seychelles to provide investors with better and more diversified services. As a global high-quality liquidity provider, Alpha Trade's meticulous and customized liquidity service solutions have long been recognized by a wide range of investors and brokers. With the establishment of Alpha Trade Seychelles, our products will be richer, with more free leverage options and more liquidity docking, which will make it easier to meet the execution of investors' diversified strategies and shorten the execution time, which will help investors get better quotes in strategy operations.
    • ASX: V300AEQ ETF UNITS – VAS Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart)   Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with V300AEQ ETF UNITS – VAS. We confirmed that wave 2-grey has ended and wave 3-grey is opening to push higher.   ASX: V300AEQ ETF UNITS – VAS Elliott Wave Technical Analysis   ASX: V300AEQ ETF UNITS – VAS 1D Chart (Semilog Scale) Analysis Function: Major trend (Minor degree, grey) Mode: Motive Structure: Impulse Position: Wave ((iii))-navy of Wave 3-grey Details: The short-term outlook shows that wave ((ii))-navy has just ended and it seems that wave ((iii))-navy is opening to push higher, while price must always maintain above 94.64 to maintain this view. Invalidation point: 94.64   ASX: V300AEQ ETF UNITS – VAS Elliott Wave Technical Analysis TradingLounge (4-Hour Chart) ASX: V300AEQ ETF UNITS – VAS Elliott Wave Technical Analysis ASX: V300AEQ ETF UNITS – VAS 4-Hour Chart Analysis Function: Major trend (Minute degree, navy) Mode: Motive Structure: Impulse Position: Wave (ii)-orange of Wave ((iii))-navy Details: The shorter term outlook shows that wave ((i))-navy has just ended at 94.64 and wave ((iii))-navy is unfolding, it is subdividing into wave (i)-orange and it's over, now it's time for wave (ii)-orange to open up to push a little lower, after which wave (iii)-orange can return to push higher. Invalidation point: 94.64   Conclusion:   Our analysis, forecast of contextual trends, and short-term outlook for ASX: V300AEQ ETF UNITS – VAS aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective on market trends.   Technical Analyst: Hua (Shane) Cuong, CEWA-M (Master’s Designation). Source : Tradinglounge.com get trial here!  
    • Elliott Wave Analysis TradingLounge Daily Chart, Polkadot/ U.S. dollar(DOTUSD) DOTUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Flat Position: Wave C Direction Next higher Degrees: wave (II) of Impulse Wave Cancel invalid level: Details: Wave II Is equal to 61.8% of Wave I at 5.225 Polkadot/ U.S. dollar(DOTUSD)Trading Strategy: Polkadot overall is still in the period of correction. In the position of wave (II) with a double corrective pattern, the view is therefore for a short-term pullback before rising again in wave (III), waiting for the correction to complete to rejoin the uptrend. Polkadot/ U.S. dollar(DOTUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum. Elliott Wave Analysis TradingLounge H4 Chart, Polkadot/ U.S. dollar(DOTUSD) DOTUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Flat Position: Wave C Direction Next higher Degrees: wave (II) of Impulse Wave Cancel invalid level: Details: Wave II Is equal to 61.8% of Wave I at 5.225 Polkadot/ U.S. dollar(DOTUSD)Trading Strategy: Polkadot overall is still in the period of correction. In the position of wave (II) with a double corrective pattern, the view is therefore for a short-term pullback before rising again in wave (III), waiting for the correction to complete to rejoin the uptrend. Polkadot/ U.S. dollar(DOTUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.       Technical Analyst : Kittiampon Somboonsod Source : Tradinglounge.com get trial here!  
×
×
  • Create New...
us