There are many currencies in the world that you can Trade, but only focus on Trading Major Currencies because is cheap to trade them, you can then trade minor currencies when you have experience.
8 Major and most traded currencies (in no specific order)
1. U.S. Dollar (USD)
2. Canadian Dollar (CAD)
3. European (EUR)
4. Great British Pound (GBP)
5. Swiss franc (CHF)
6. New Zealand Dollar (NZD)
7. Australian Dollar (AUD)
8. Japanese Yen (JPY)
Each Currency is named using the Three Character Symbols, Know these Currency Symbols
USD, CAD, EUR, GBP, CHF, NZD, AUD, and JPY
Currency Pairs
Currencies are Traded in Pairs because you bet a value of a Currency against another currency
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.
The 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 currency Pairs
OPEN YOUR TRADING SOFTWARE and SEE
Your MT4 shows currency pairs like that.
USD is paired with many currencies because dollar is the most traded currencyo sell its pesos first and buy U.S. dollars.
If Currencies are paired with USD, during USD forex news, all the pairs that are paired with the USD will react more like the same, here is example
During USD forex news that happened at 15:30 South African Time, All currencies that paired with USD had a massive move Up because news said USD was gaining value.
NB, All currency pairs that USD is on the Left went UP. All Pairs were USD in on the Right went down because it is an Inverse move, for example check the EURUSD pair in the above image
When Trading news you take advantage of these moves
we will explain in detail in the strategy chapter
