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Best Forex Trading Currency Pairs Foreign exchange market is one of the biggest financial markets in the world where the Forex market reached more than 2.0 trillion dollars in transactions. This market is based on buying and selling currencies where the traders buy one currency and sell another one. The brokers and the professional players in this market naming the buy and the sell currencies "The currency pairs" which mean you must buy one currency only and sell only one at each transaction. In Forex world there are more than ten of them but you should know that there are major ones and exotic ones. The major ones are the most profitable and the most active ones where the exotic ones are inactive ones and not so profitable. Most Forex traders prefer to trade with the majors, but the problem in the high competition and for that some professional players focus on the exotics where the competition is low. The following list contains the best major currency pairs in the Forex world:- * EUR/USD * GBP/USD * AUD/USD * USD/CHF * USD/JPY * USD/CAD If you are interesting in trading with the exotics then you should trade with the following exotics:- * EUR/GBP * GBP/JPY * NZD/USD If you are a basic or newbie trader then you should focus on the majors because you can monitor and analysis each one of them very fast using any Forex platform. Also you should focus on trading between 8:00 A.M. to 3:00 P.M. because these are the active hours on the Forex market where you can hunt a good trade. Finally, Forex market contains many currency pairs but you should focus on the major ones and you should trade on the active hours.

The Best Forex Trading Techniques For Beginners Before you start trading you need to develop your own approach to the Forex market which is both successful and have a good match between your personality and your trading behavior. The scope and size of the Forex market can make developing an approach difficult for most beginners. Where do you start? Here's the best Forex trading techniques for beginners: Step 1 - Macro economic overview Start the trading day to get a broad macro economic look at the overall feeling of the world. The best way is to watch news station such as CNN or BBC and then ask yourself - what is the world facing? Is it impending war, global terrorism, oil prices etc? Step 2 - Market sentiment This is where you review the actual currency markets and the general feeling surrounding the currency market. Read analyst reports and watch live news channels to get an idea on what direction the market should be heading toward. Is it a G7 meeting, a central bank rate meeting, the latest comments from Bernanke? Knowing this is critical in developing a smart trade. Step 3 - Macro indicators Based on the macro economic environment, you should now have an idea of currency pairs that will be volatile and what you should focus on. What are the most important indicators - ISM manufacturing, unemployment rate, PMI manufacturing etc. Be aware of that each indicator affects markets differently. Step 4 - Basic technical Watch the technical patterns and the psychological trading levels - support and resistance. The rule of thumb is to buy on support and sell on resistance. Set stop-loss a safe distance under support level (long position) or over resistance level (short position). Step 5 - Micro indictors This is where you define the actual entry and exit points before your trade is executed. Whether you use candlestick, Bollinger bands or MACD as technical indicators is up to you.

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