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Thread: Forex Pairs.

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    Forex Pairs.

    Forex pairs trade in 1000, 10,000 and 100,000 units, called micro, mini and standard lots. When starting out in forex day trading it's recommended traders open a micro lot account. Trading micro lots allow for more flexibility so risk remains below 1% of the account on each trade. When the USD is listed second in the pair, as in the EUR/USD or AUD/USD, the value of the pip is fixed. If you hold a 1000 micro lot, each pip movement is worth $0.10. If you hold a 10,000 mini lot then each pip is worth $1.

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    Quote Originally Posted by Dustin View Post
    Forex pairs trade in 1000, 10,000 and 100,000 units, called micro, mini and standard lots. When starting out in forex day trading it's recommended traders open a micro lot account. Trading micro lots allow for more flexibility so risk remains below 1% of the account on each trade. When the USD is listed second in the pair, as in the EUR/USD or AUD/USD, the value of the pip is fixed. If you hold a 1000 micro lot, each pip movement is worth $0.10. If you hold a 10,000 mini lot then each pip is worth $1.
    Profit targets are also important to set because we need care equally about exit and entries

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    Quote Originally Posted by Dustin View Post
    Forex pairs trade in 1000, 10,000 and 100,000 units, called micro, mini and standard lots. When starting out in forex day trading it's recommended traders open a micro lot account. Trading micro lots allow for more flexibility so risk remains below 1% of the account on each trade. When the USD is listed second in the pair, as in the EUR/USD or AUD/USD, the value of the pip is fixed. If you hold a 1000 micro lot, each pip movement is worth $0.10. If you hold a 10,000 mini lot then each pip is worth $1.
    Profit targets are also important to set because we need care equally about exit and entries

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    I personally don't get much joy from USD/JPY.. however, I do really like GBP/USD and GBP/JPY. I hate NZD as a base currency. Never touch it, got myself burned more than once with it.

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    It is recommended to start with just one currency pair and the best one for the beginning is EUR/USD as it has the smallest spread and there is a lot of information and analysis available on these currencies to make sound predictions on their value.

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    It seems to me that without any serious macro-data being published today, the EURUSD will most likely retain its position give or take 50 60 pips. That is to say that the pair should stay within the confines of the double top (1.2480 1.2520) and its corresponding low point (1.2350 1.2390).
    Last edited by Josesv; 02-16-2018 at 06:24 AM.

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