When trading Forex, it is beneficial to look for a currency
pair that is very commonly traded. This is because you're going to get a better
spread on a pair like this than you are on an exotic pair. This'll take some of
the stress out of trading by making it a lot easier to take home a profit. In
addition, it is also much easier to track commonly traded Forex pair. If you
look at the news to try and find out news about the US dollar since you're
trading that, it will be a lot easier to find out that news that it will be
about a more obscure currency.
The most commonly traded currency in the world is the US dollar. This currency is traded in numerous different pairs, in particular the USD/CAD and the EUR/USD. These two represent to the most major currency pairs available on the Forex market. By watching these, you can easily and quickly trade Forex simply by analyzing the news and analyzing your Forex signals. It is much easier to track and can be done without hunting down obscure sources of information.
Not only that, but on these pairs you are typically being offered an excellent spread. Being offered a tight Forex spread means you are taking a much better profits. If your current broker does not offer you the spread that you want, then it is a very good idea to change brokers. There are plenty of excellent brokers offer one or two pip spreads on both of these major currencies. Some of them even offer small spreads on more obscure currencies.
Some other examples of excellent pairs to trade are the AUD/USD and the USD/CHF. The AUD/USD is an excellent pair to trade because it commonly follows the same pattern as gold. Since gold is the primary export of Australia, the AUD/USD tends to spike whenever the price of gold spike. This is simply because Australia has such a small economy that is so reliant on the export of gold. Take advantage of this while trading and learn the scalp pairs like this whenever you can find a correlation in the markets.