Forex trading is a great way to make money but for a beginner it can be overwhelming. Before you start trading or do any transaction, it is of great importance that you understand the best currency pair to deal with. In this type of trade you will always work with a pair. Each currency has a three letter code. The first two letters denote the name of the country while the last letter is for the name of the currency. For instance USD stands for United States Dollar.
There are seven major currencies in this trade. They are major because a lot of trade is done against this currency. . These currencies are USD, EUR (the euro, used by many countries in Europe), JPY (Japanese yen), AUD (Australian dollar), GPB (British pound), CAD (Canadian dollar), and CHF (Switzerland Franc). However, you don’t have to use all these currencies. For instance the Rev Trader pro software deals with only EUR/USD, NZD/USD, GBP/USD and AUD/USD currency pairs. Choosing a currency pair to trade with is the most important decision to make when trading.
How do you know the best currency pair to deal with? First you should know that the US dollar is involved in almost 85% of foreign exchange trades. It is the master of all currencies and hence a currency pair that includes USD has more profitability as one can predict easily. Pairs that do not have USD are referred to as cross pairs. Cross pairs involve a lot risk than major pairs(pair that has USD).A beginner should always trade with the major pairs especially when using the Rev trader pro. It is advisable that you trade on EUR/USD which is the most traded pair in the world. The popularity of this pair is an indicator that getting alert and news regarding them will be very easy.
It is advisable that you use Rev Trader pro as it has an easy to use layout which will not confuse you while choosing a currency pairs. It also has an efficient alert and email system that will always alert you on any available trade. Choose your currency pair wisely and start climbing the ladder of success in Forex trade.