Forex Education Center/ Part 20 / FOREX FOR BEGINNERS COURSE / Lesson 1. Trading Currency Pairs
Thank You For Your Support and For Honoring Me With Your Up Vote...
Welcome to the Forex for Beginners course.
As a reminder the course is aimed for complete beginners.
I tried to keep the lessons short and to the point giving out clear examples and videos where required.
Lesson 1. Trading Currency Pairs:
In this lesson we explain which currencies are the most liquid, most volatile and the best currencies to trade for a beginner. We also explain why major and exotic currencies are.
In the Forex Market, the following are the 6 major pairs.
EUR/USD (Euro / US Dollar)
GBP/USD (Sterling / US Dollar)
USD/JPY (US Dollar / Japanese Yen)
USD/CHF (US Dollar / Swiss Frank)
USD/CAD (US Dollar / Canadian Dollar)
AUD/USD (Australian Dollar / US Dollar)
The majors have large volume of trading, more liquid and tighter spread.
There are also other currency pairs which are called the exotics like
EUR/GBP
GBP/JPY
NZD/USD
The exotics have low volume, less liquid and much higher spreads.
In a nutshell, a spread is the amount of commission the broker takes from you in every trade.
It is also the difference in price between the bid and the ask price.
The higher the spread, the more commission the brokers earns, and the more pips you need to earn! We will talk on spread later on.
TIP
If you are a beginner or just starting out, you should focus on the major pairs. EUR/USD is the best currency to start with!
Below you can find the list with all the posts of Forex Education Center:
Part 01 / Live Vs. Demo Trading Accounts
Part 02 / Slippage
Part 03 / ECN Market
Part 04 / What Makes a Successful Price ActionTrader
Part 05 / The Manual of the Forex Art of War
Part 06 / The Don’ts when you Compare Forex Brokers
Part 07 / What is behind Currency Pair Trading
Part 08 / Banks: Beacons of Fraud
Part 09 / Win With CFD’s
Part 10 / Fight and Win the Bulls and Bears
Part 11 / How to Spot a Forex Trading Fraud
Part 12 / Become a Master with News Trading
Part 13 / The Forex Risk Management State of Mind
Part 14 / Top 10 Forex Trading Tips for Beginners – The Road to Success
Part 15 / Trader’s Strategy Checklist
Part 16 / E Currency Trading
Part 17 / E CURRENCY TRADING MAP
Part 18 / FOREX TRADING TUTORIALS
Part 19 / FOREX TRADING COURSES
Every comment, every upvote, every support is really appreciated.
Thanks For Reading,
@lordoftruth
Samer
Good stuff. As a long-time forex trader it is always good to see other passing along the info they have accumulated along the way. Pretty much all forex info and everything you learn is generally based off someones opinion of how to trade. There are no hard and fast rules unfortunately...which makes knowing what to learn all the more difficult. I'll be following along with your posts, hopefully adding value to them through comments and such! I trade price action...(not patterns!)...which may compliment your teachings quite well! Good luck with your trading and teaching!
My crypto/trading Steemit account name is @lonnie.sprinkles. This account is for humor..I just couldn't pass up the opportunity to comment on your post!
Thank you
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