📉 Trading Currency Pairs
I will try to explain in this post what you should look at when you are starting trading the Forex Market (Currency Market )
✅ Choose Liquid Pairs
Choose liquid pairs so you will have all your orders filled easily, dont trade pairs with low Liquidity as those can impact your trading results. EURUSD / GBPUSD / AUDUSD / NZDUSD etc and don't trage USDZAR / USDRON / USDBRL and other exotic pairs
✅ Analyze Fundamentals
Fundamentals drive the markets especially in the Forex Market, take a look at the country's monetary policy are they hawkish or doveish on a certain currency, also take a look at inflation, nfp, unemploymenyt, gdp as those affect the market as well.
✅ Determening the Leverage
My recommend leverage for newbies is something around 1-30 / 1-50 so you wound't over trade.
✅ Trading Strategy
Always ensure you have a trading strategy when you will start to trade, look at those things such as market structure, key psychological levels, fiibonacci, moving averages to build a trading strategy.
✅ Choose your Trading Timeframe
You have to know what trading style you are trading, is this scalping on the lower time frame or highertimeframe position trading. Ensure you have this noted in your trading plan
I will try to explain in this post what you should look at when you are starting trading the Forex Market (Currency Market )
✅ Choose Liquid Pairs
Choose liquid pairs so you will have all your orders filled easily, dont trade pairs with low Liquidity as those can impact your trading results. EURUSD / GBPUSD / AUDUSD / NZDUSD etc and don't trage USDZAR / USDRON / USDBRL and other exotic pairs
✅ Analyze Fundamentals
Fundamentals drive the markets especially in the Forex Market, take a look at the country's monetary policy are they hawkish or doveish on a certain currency, also take a look at inflation, nfp, unemploymenyt, gdp as those affect the market as well.
✅ Determening the Leverage
My recommend leverage for newbies is something around 1-30 / 1-50 so you wound't over trade.
✅ Trading Strategy
Always ensure you have a trading strategy when you will start to trade, look at those things such as market structure, key psychological levels, fiibonacci, moving averages to build a trading strategy.
✅ Choose your Trading Timeframe
You have to know what trading style you are trading, is this scalping on the lower time frame or highertimeframe position trading. Ensure you have this noted in your trading plan