forex trading strategiesTrading the 28 major forex pairs can be a great way to diversify your trading strategy and take advantage of different market conditions. Here’s a comprehensive guide to help you trade like a pro:

Understanding Forex Pairs

Forex pairs are combinations of two different currencies traded in the foreign exchange market. The value of a forex pair is determined by the exchange rate between the two currencies. For example, the EUR/USD pair represents the Euro and US Dollar exchange rate.

To navigate the forex market like a pro, you must have good grasp of the pairs, this post will give you a complete list of the 28 major pairs in forex and how best to understand them.

Complete Guide to the 28 Major Pairs List

The 28 major forex pairs list include the most traded and liquid pairs in the forex market. These pairs are divided into three categories: major pairs, minor pairs, and cross pairs.

The 7 Major Pairs in Forex

These pairs involve the US Dollar and are the most traded pairs in the forex market:

1. EUR/USD (Euro/US Dollar)
2. USD/JPY (US Dollar/Japanese Yen)
3. GBP/USD (British Pound/US Dollar)
4. USD/CHF (US Dollar/Swiss Franc)
5. AUD/USD (Australian Dollar/US Dollar)
6. USD/CAD (US Dollar/Canadian Dollar)
7. NZD/USD (New Zealand Dollar/US Dollar)

7 Minor Pairs in Forex Trading

These pairs do not involve the US Dollar but include other major currencies:

1. EUR/GBP (Euro/British Pound)
2. EUR/JPY (Euro/Japanese Yen)
3. GBP/JPY (British Pound/Japanese Yen)
4. CHF/JPY (Swiss Franc/Japanese Yen)
5. EUR/AUD (Euro/Australian Dollar)
6. GBP/AUD (British Pound/Australian Dollar)
7. AUD/JPY (Australian Dollar/Japanese Yen)

13 Cross Pairs in Forex Trading

These pairs involve two major currencies but exclude the US Dollar:

1. EUR/CHF (Euro/Swiss Franc)
2. EUR/CAD (Euro/Canadian Dollar)
3. GBP/CHF (British Pound/Swiss Franc)
4. GBP/CAD (British Pound/Canadian Dollar)
5. AUD/CHF (Australian Dollar/Swiss Franc)
6. AUD/CAD (Australian Dollar/Canadian Dollar)
7. NZD/CHF (New Zealand Dollar/Swiss Franc)
8. NZD/CAD (New Zealand Dollar/Canadian Dollar)
9. EUR/NZD (Euro/New Zealand Dollar)
10. GBP/NZD (British Pound/New Zealand Dollar)
11. AUD/NZD (Australian Dollar/New Zealand Dollar)
12. CAD/JPY (Canadian Dollar/Japanese Yen)
13. NZD/JPY (New Zealand Dollar/Japanese Yen)

What are Cryptocurrency Pairs?

Cryptocurrency currency pairs like forex involve exchange of currencies this but encrypted currencies known as cryptocurrencies, popular cryptocurrency currencies are Bitcoin, Ethereum, Ripple.

Trading on Cryptocurrencies is against traditional fiat currencies, like the US dollar, the Euro or the Japanese Yen.

6 Major Cryptocurrency Pairs

1. BTC/USD (Bitcoin/US Dollar)
2. ETH/USD (Ethereum/US Dollar)
3. XRP/USD (Ripple/US Dollar)
4. BCH/USD (Bitcoin Cash / US Dollar)
5. LTC/USD (Litecoin/US Dollar)
6. ADA/USD (Cardano/US Dollar)

We believe with this list of the 28 major forex pairs, you are now fully acquainted with the major fore currency pairs.

Forex Trading Strategies that can help you Trade like a pro

Here are some popular forex trading strategies that can help you navigate the forex market more effectively:

Scalping

Scalping involves making numerous trades throughout the day to capture small price movements. Scalpers aim to profit from small price changes and often hold positions for just a few minutes. This strategy requires a lot of time and attention, as well as quick decision-making.

Day Trading

This involves opening and closing trades within the same trading day to avoid overnight risks. Day traders rely on technical analysis and chart patterns to make trading decisions. This strategy requires a good understanding of market trends and the ability to react quickly to market movements.

Swing Trading

Swing trading involves holding positions for several days to capture short- to medium-term market moves. Traders use technical analysis to identify entry and exit points and often combine it with fundamental analysis to understand market trends. This strategy is suitable for traders who cannot monitor the market constantly.

Position Trading

Position trading is a long-term strategy where traders hold positions for weeks, months, or even years. Here, traders rely on fundamental analysis to make their trading decisions and are less concerned with short-term market fluctuations. This strategy requires patience and a deep understanding of economic indicators and market fundamentals.

Trend-Following

Trend-following strategies involve identifying and following the direction of the market trend. Traders use technical indicators like moving averages and trend lines to determine the trend direction and make trading decisions. This strategy works well in trending markets but can be challenging in sideways markets.

Counter-Trend Trading

Counter-trend trading involves trading against the prevailing market trend. Traders look for overbought or oversold conditions and aim to profit from market corrections. This strategy requires a good understanding of market psychology and risk management, as it can be risky to trade against the trend.

Price Action Trading

Price action trading focuses on analyzing historical price movements to make trading decisions. Traders use candlestick patterns, support and resistance levels, and other price-based indicators to identify trading opportunities. This strategy does not rely on technical indicators and is suitable for traders who prefer a more straightforward approach.

Breakout Trading

Breakout trading involves entering a trade when the price breaks through a significant support or resistance level. Traders look for high volatility and strong momentum to capture substantial price movements. This strategy requires careful monitoring of key levels and quick execution.

Range Trading

Range trading involves identifying and trading within a range where the price is oscillating between a defined support and resistance level. Traders buy at the support level and sell at the resistance level. This strategy works well in sideways markets but can be challenging in trending markets.

News Trading

News trading involves making trading decisions based on economic news and data releases. Traders look for significant news events that can impact currency prices and enter trades based on their expectations of the market reaction. This strategy requires staying informed about economic calendars and being able to react quickly to news events.

Tips for Developing Your Own Strategy to Trade like a Pro

1. Back testing: Test your strategy on historical data to see how it would have performed in the past.
2. Demo Trading: Use a demo account to practice your strategy in real market conditions without risking real money.
3. Risk Management: Always use stop-loss orders and manage your position sizes to control risk.
4. Continuous Learning: Stay updated with market trends and continuously refine your strategy based on your trading experience.

If you have any specific questions or need further details on any of these strategies, contact beoforexacademy.com or you take advantage of our mentorship courses to develop your strategies.

Trading Tips and Strategies

1. Understand Market Trends: Keep an eye on global economic indicators and news that can affect currency values.
2. Use Technical Analysis: Utilize charts and technical indicators to identify trading opportunities.
3. Risk Management: Always use stop-loss orders and manage your risk to protect your capital.
4. Diversify: Trade multiple pairs to spread your risk and take advantage of different market conditions.
5. Stay Informed: Continuously educate yourself about forex trading strategies and market developments.