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The Top 20+ Forex Buying And Selling Currency Pairs You Need To Succeed In 2019 - Investment - Nairaland

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The Top 20+ Forex Buying And Selling Currency Pairs You Need To Succeed In 2019 by iwillteachucryp: 1:07pm On Aug 19, 2019
Who can really teach Forex? I guess the one who has been beaten and battered over the years in Trading.

One Fact about Forex is that you carefully study the fundamentals before thinking of the Technical Analytics. So today, let's see the Buying And Selling Currency Pairs you need to know, mostly as a Beginner.


Of courser, Forex trading is the simultaneous buying of one currency and selling another. Currencies are traded through a broker or dealer, and are traded in pairs.

For example the euro and the U.S. dollar (EUR/USD) or the British pound and the Japanese yen (GBP/JPY).

When you trade in the forex market, you buy or sell in currency pairs.
Imagine each currency pair constantly in a “tug of war” with each currency on its own side of the rope. Exchange rates fluctuate based on which currency is stronger at the moment.

Major Currency Pairs

he currency pairs listed below are considered the “majors.”

These pairs all contain the U.S. dollar (USD) on one side and are the most frequently traded.

The majors are the most liquid and widely traded currency pairs in the world.

Currency Pair Countries FX Geek Speak
EUR/USD Eurozone / United States “euro dollar”
USD/JPY United States / Japan “dollar yen”
GBP/USD United Kingdom / United States “pound dollar”
USD/CHF United States/ Switzerland “dollar swissy”
USD/CAD United States / Canada “dollar loonie”
AUD/USD Australia / United States “aussie dollar”
NZD/USD New Zealand / United States “kiwi dollar”

Major Cross-Currency Pairs or Minor Currency Pairs

Currency pairs that don’t contain the U.S. dollar (USD) are known as cross-currency pairs or simply as the “crosses.”

Major crosses are also known as “minors.”

The most actively traded crosses are derived from the three major non-USD currencies: EUR, JPY, and GBP.

Euro Crosses


Currency Pair Countries FX Geek Speak
EUR/CHF Eurozone / Switzerland “euro swissy”
EUR/GBP Eurozone / United Kingdom “euro pound”
EUR/CAD Eurozone / Canada “euro loonie”
EUR/AUD Eurozone / Australia “euro aussie”
EUR/NZD Eurozone / New Zealand “euro kiwi”
EUR/SEK Eurozone / Sweden “euro stockie”
EUR/NOK Eurozone / Norway “euro nockie”

There is Yen Crosses + Pound Crosses (I can fix them all in this Nairaland editor)

Let's talk about Exotic Currency Pairs


No, exotic pairs are not exotic belly dancers who happen to be twins. Exotic currency pairs are made up of one major currency paired with the currency of an emerging economy, such as Brazil, Mexico or Hungary.

The chart below contains a few examples of exotic currency pairs. Wanna take a shot at guessing what those other currency symbols stand for?

Depending on your forex broker, you may see the following exotic currency pairs so it’s good to know what they are.

Keep in mind that these pairs aren’t as heavily traded as the “majors” or “crosses,” so the transaction costs associated with trading these pairs are usually bigger.

Currency Pair Countries FX Geek Speak
USD/BRL United States / Brazil “dollar real”
USD/HKD United States / Hong Kong
USD/SAR United States / Saudi Arabia “dollar riyal”
USD/SGD United States / Singapore
USD/ZAR United States / South Africa “dollar rand”
USD/THB United States / Thailand “dollar baht”
USD/MXN United States / Mexico “dollar mex”
USD/DKK United States / Denmark “dollar krone”
USD/SEK United States / Sweden “dollar stockie”

There is more on the list. And G10 Currencies + Table

The G10 currencies are ten of the most heavily traded currencies in the world, which are also ten of the world’s most liquid currencies.

Traders regularly buy and sell them in an open market with minimal impact on their own international exchange rates.


BRIICS


BRIICS is the acronym coined for an association of five major emerging national economies: Brazil, Russia, India, Indonesia, China and South Africa.

Originally the first four were grouped as “BRIC” (or “the BRICs”). BRICs was a term coined by Goldman Sachs to name today’s new high-growth emerging economies.

BRIICS is the term used by the OECD, the rich-country think tank adds Indonesia and South Africa.

I can't explain everything in one Post...Hope this helped. Like it let's see if Moderators will take it to semi-front page


Want to learn more. take this Forex Quiz and see why other have Failed Many of them... wink good luck

Forex Quiz on: How Do You Trade Forex?

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Re: The Top 20+ Forex Buying And Selling Currency Pairs You Need To Succeed In 2019 by WordpressPhysco: 11:43am On Aug 20, 2019
Thanks for this
Re: The Top 20+ Forex Buying And Selling Currency Pairs You Need To Succeed In 2019 by iwillteachucryp: 1:52pm On Aug 20, 2019
Yes, glad you are getting value from it...

Have you taken the quiz, how did you fare with it? smiley
Re: The Top 20+ Forex Buying And Selling Currency Pairs You Need To Succeed In 2019 by iwillteachucryp: 2:54pm On Aug 20, 2019
Part 5

When Is It Okay to Trade Against The Trend?

Some days most Forex pairs are just going in one particular direction and it makes no sense to go against the herd.

However, if you’re a fan of picking tops or bottoms and if you think that these strong trends are already exhausted, you shouldn’t be afraid to take a contrarian approach to your Forex trades.

When all charts point to a single direction and the current market sentiment is supported by the newswires, it’s easy to understand why many traders hesitate to go against the herd.

But as investment pundit Warren Buffett famously said, “We should also be fearful when others are greedy and greedy when others are fearful.”

You see, just because a majority of the traders out there have a certain trading bias, it doesn’t necessarily mean that they’re right.

Sometimes, strong momentum merely reflects the entrance of trading amateurs that just go with the flow without knowing what’s driving price action.

This is why following the flock blindly can lead to herding bias – one of the 5 common trading mistakes traders make.

Ask anyone who has successfully tried trading against the herd and they will tell you that it can feel intimidating when your analysis leads you to an unpopular bias. But sometimes, it pays to go against the herd and be the odd one out – to be the contrarian.

[b]Contrarian trading [/b]is a forex strategy that favors going against the current market bias in anticipation of a shift in market sentiment. It involves buying a currency when it is weak and selling it when it’s strong.

Contrarian traders try to take advantage of moments when the markets get carried away by strong momentum.

When everyone and his grandma is ready and willing to push prices higher, it can sometimes lead to overpriced assets. Likewise, when everyone is hell-bent on selling an asset, opportunities to buy at a bargain arise.

One of the main benefits of contrarian trading is that it allows you to get good prices and catch reversals right as they begin. In turn, this often leads to very attractive reward-to-risk ratios, giving you more bang for your buck.

However, contrarians trade against the trend, and that doesn’t always work out in their favor. As the saying goes, “the trend is your friend,” but it can be a mean son of a gun when you fight it.

When a trend is particularly strong, it can bust right throw potential reversal points and wash away those who go against the flow.

By no means am I saying that you should go against the trend just for the heck of it.

What I’m merely saying is that if, after thoroughly conducting your own fundamental and technical analysis, you have enough reason to believe that the market is about to turn, don’t be afraid to go against the herd and take a contrarian position.

Remember, you don’t always have to go with the flow; plenty of lucrative trading opportunities arise from straying from the crowd.

But always keep in mind that although contrarian trading can be rewarding, it’s not without its dangers.

Good luck..

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