To earn cash via online trading in Israel, you need not only to figure out the financial specifics but also to know how to choose a decent broker. An intermediary between a trader and the Forex market will help you clarify the details of the Forex realities, support you in selecting a trading strategy, provide training programs, provide leverage if necessary, and so on.
Today, you can see hundreds of reviews about the DotBig exchange online. Most of the feedback about this company is positive, which draws attention to the broker, its service, tools, and analytical and training materials. Find out where to start for a beginner and which currency pairs to choose for the most productive start in Forex.
Currency Pairs Specifics and Types
All operations in modern stock trading are performed in seconds. Traders work via the Internet, making transactions directly from their computers. The Forex currency market is no exception and operates according to this principle, attracting investors from all over the world. The main instrument in Forex is a currency pair. Traders make a profit by buying and selling currencies.
There are several currency pairs which are divided into 5 main groups:
- basic;
- exotic;
- cross-country;
- commodity and raw materials (trading in precious metals);
- mirrored and symmetrical.
The effectiveness of a trading strategy largely depends on the correct choice of a currency pair. Each financial instrument has its specifics and certain patterns. To make the right choice, you should familiarize yourself with each group in detail.
Things to Consider When Choosing Currency Pairs
Forex participants who do not have much trading experience, when entering the terminal for the first time, face several difficulties. When trying to understand the intricacies of currency trading, they cannot focus on a specific pair. For beginners, the EUR/USD currency pair immediately catches their eye, and they start trading it. Another common mistake of beginners is trading all pairs at once. Therefore, if you do not know which currency pair is better for a beginner to trade, it is better to trade little by little and carefully.
What Should a Beginner Choose?
To be fair, no distinction between currency pairs is suitable only for beginners or only for experienced professionals.
The choice of a currency pair should be based on a specific trading system that shows the best results on some previously tested currency pairs. Therefore, you should not look for something better; it is enough just to master trading in a proven way.
There are trading systems that prefer the most volatile currency pairs with the largest movements over the same periods. There are those where, on the contrary, the most calm currencies are needed without strong trends and sudden impulse movements within the day.
Which pairs are traded more often? There is an answer – you can also choose the most popular and widespread currencies in the world and the pairs formed with their participation: EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDCAD, NZDUSD. These pairs contain the currencies of the world’s strongest economies, which is why they are used for the number of currency transactions.
It is necessary to monitor the release of important news with the participation of the countries that own these currencies. Look through the calendar of events every day, which shows a schedule for the release of crucial macroeconomic indicators. Such a calendar can be found on various news portals and the DotBig broker‘s website.
The Easiest Currency Pair for a Forex Beginner
The EURUSD pair is often recommended as a starter for beginners.
It is the most popular currency pair, which accounts for some of the highest trading volumes. In terms of liquidity, it is one of the most liquid instruments. However, in the case of Forex, it is unlikely that you will have enough money to experience a shortage of liquidity for the most unpopular currency pairs.
For beginners, this pair is often recommended as a starter, but it has its difficulties, and lately, they have become more noticeable. Because there are a huge number of traders trading on EURUSD with various approaches, strategies, and trading styles, manually and using robots, it has become quite challenging to conduct classical analysis. And many traditional systems began to show a decrease in their results. Although minor, because the logic underlying them and the mechanics of the market itself will always remain unchanged, and such systems are based on them.
DotBig Broker Offers
The DotBig investments platform provides access to a set of currency pairs, flexible terms, and modern tools for market analysis. Here, you can work with popular currency pairs, manage transactions quickly, and use automation functions, which makes the broker an excellent solution for all traders.
With DotBig, you can trade on the international currency market 24 hours a day. The platform provides high liquidity and prompt order processing, which allows traders to quickly respond to market changes while maintaining their investments.
Among the main DotBig Forex broker advantages:
- Access to major currency pairs and their combinations — the platform allows you to work with currency assets, including basic and exotic pairs.
- Minimal delays in the execution of transactions — the speed of execution of orders ensures no delays and minimizes risks.
- Flexible spreads and leverage conditions — users can adapt trading conditions to their strategies and goals.
Tips from DotBig Experts
If to summarize recommendations regarding the choice of currency pairs and after viewing the DotBig reviews, it will look like this:
- The US data affects the economics worldwide. The dollar is the main currency of the world, hence the reaction to the data from the United States.
- JPY may present a surprise in the form of a central bank intervention. It has already happened in 2022, and the exact date of such events cannot be predicted without insider information.
- The Canadian Dollar is a commodity currency. Therefore, it is sensitive to the oil exchange rate. Minor fluctuations in black gold are not particularly important, but a bright rise in price/cheaper oil will affect the USD CAD rate.
- AUD and NZD are called barometers that assess the ratio of big money to risk. They are highly dependent on the geopolitical situation and the Chinese economy.
- The Swiss Franc is traditionally considered a safe currency asset, and it strengthens in times of crisis.
Summary
The DotBig Forex offers Israeli traders fruitful opportunities for successful work in the global exchange market. The platform is focused on providing comfort and safety, as well as user support at every stage of work. With automation features, favorable terms, and a friendly interface, DotBig is becoming a promising choice for traders of currency pairs.
If you are looking for a platform capable of providing a high level of comfort and security, DotBig has all the necessary conditions for your fruitful experience and professional growth.