For trading in the Forex market, there are a variety of currency pairs. Most often, traders open their positions on the known EUR/USD and GBP/USD pairs. But in addition to these pairs, there are lots of other currencies and metals. What currency pairs are best to trade Forex, what tools to exclude from your portfolio?
Let's start with the fact that there are 3 groups of currency pairs:
- The major currency pairs (Majors);
- Cross pairs (Crosses);
- Exotic pairs (Exotics).
Major currency pairs are pairs that have the U.S. dollar and the currencies of the most important countries (groups of countries). Here they are:
- EUR/USD – Euro/US Dollar;
- GBP/USD – British pound/US Dollar;
- AUD/USD – Australian dollar/US Dollar;
- NZD/USD – New Zealand dollar/US Dollar;
- USD/JPY – US Dollar/Japanese yen;
- USD/CHF – US Dollar/Swiss franc;
- USD/CAD – US Dollar/Canadian dollar.
Where to find all these tools? Pairs and metals available for trading are seen in the "Market watch" window (in the upper left corner of the terminal).
By default, this window contains not all the tools. To add or remove, click on the "Market watch" right click -> Symbols. You can also select "Show all symbols" and "Hide all symbols" as well. After you have formed a list of desired tools, you can save it. And if you accidentally lose your set of currencies, you can easily restore by simply downloading the saved set.