If you are new to forex or have been at it for a while, you are probably here to find out what are the best forex pair to trade. In other words, you are here to find out where the money is.
what is Forex?
According to Investopedia, it is, “the process of changing one currency into another for a variety of reasons, usually for commerce, trading, or tourism.” In 2019 according to a triennial report from the Bank for international settlements, the daily volume is $6.6 trillion. So, it is the most popular market you are trading in!
The forex market is random most of the time if you haven’t noticed yet. The reason is that millions of people are involved in the market every day. There are various things that can affect a market. Recent examples are the pandemic, recession, war, Brexit, elections etc. We now also have most of the trading for Banks, and hedge funds are done by algorithms. They are programmed and place trades automatically. This is why we see some very strong trends sometimes reverse quickly and a very good trade can turn into a loss.
I have been trading the markets for a few years now, learned all the theory there is, and have also been through some very volatile pairs and insane spreads. What I can tell you from experience is that there is no such thing as “best pairs”
Let’s be honest with ourselves here, you can’t beat the market every time. It is in its own league.
So what can I do?
But what you can do is have a strategy and a plan to be profitable in the market. Here at Forex Mentor Pro we insist to all our students have a business plan. If you treat it like a hobby, it will pay you like a hobby, if you treat it like a business, it will pay you like a business. Here is an article one of our members wrote a few years back.
The reason I’m saying that there is no such thing as the best pair to trade is that the market is changing all the time. The market does repeat patterns but not the same way every time, which is what makes it tough.
You cannot predict where the market will go in the future by looking at the past. The past is just an indication of what price might do.
LETS SKIP TO THE GOOD PART
I have spoken a lot about Forex so let me get to the bit you came here for.
We have the majors which are the most traded pairs in the market
EURUSD, GBPUSD, USDCHF, AUDUSD, NZDUSD, USDCAD, USDJPY.
And then you have the cross pairs such as EURGBP, GBPJPY, GBPAUD, EURAUD etc.
These are typically traded less, which is why most of them are very volatile and also the spreads are larger.
For any beginner, I would suggest trading the majors at the start as the spreads are very good even 0 now. Then as you get the hang of the market you can eventually start adding some cross pairs into your trading.
Trading for the last few years I have realized that every pair has its own season when it can be tradeable. For instance, we could have shorted NZDCHF around 6 or 7 times for the last couple of months 0.63100 getting an average of at least 70 pips. Then EURGBP we have been able to consistently short at 0.8590 several times since July 2021. In other words, every pair can be traded for a certain amount of time when it provides a setup. We have to put the pair aside when it is untradeable and move on to a different pair.
In 2022, the majors have been tough to trade due to the war situation in Ukraine. We have seen some very big moves on these pairs because of Dollar strength. We haven’t had the pullbacks we wanted to our levels, hence why we have had limited opportunities on these pairs.
I have had more trade opportunities with the cross pairs and they have been more profitable for me in the long term.
Learn from the Experienced
Here at FMP Marcs M2 and Pierres E&S strategy can be used to trade any pair. It is one of the most consistent strategies I have seen that work more times than not. It has clear-cut rules and makes us aware of the pairs we shouldn’t try to trade during certain times. So even a beginner will be able to trade in a few months if he follows the rules. If you are very disciplined you will get very far in a smaller amount of time. Almost every week we have had a set up on at least 2 pairs. We also share the setups in advance with our members in our weekly blog post. This allows our traders to compare their analysis with ours and also helps them trade.
Furthermore, we provide private coaching and mentoring for students who are interested in improving their results and are serious.
If you can prove that you can be consistently profitable we will also give you funds to trade and get a profit share.
If you want to receive a substantial profit share you only need to make 3 to 5% per month. You can find a copy of the brochure here: Trade for Clients
We also provide a free course trial for 14 days if you are interested In learning forex and making it another stream of income. The Pandemic has taught us that we cannot rely solely on one job as the employer could make you redundant any day. You have to learn to be flexible, be creative and find other ways to make money. Forex is just one of them.