Discuss Forex Day Trading For Beginners

This topic is the comment feed for the article Forex Day Trading For Beginners.

  • This topic has 7 replies, 2 voices, and was last updated 4 days ago by Thorian.
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  • #183221 Reply
    DT Admin
    Keymaster
      DayTrading.com Team
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      • #183251 Reply
        Thorian

          Are exotic currency pairs suitable for day trading? The article mentions they are highly volatile so it sounds like they could be? And what are the most traded exotic pairs?

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          • #183264 Reply
            James Barra
            Moderator
              DayTrading.com Team

              Hi Thorian,

              Thanks for your message.

              Exotics can be suitable for day trading but there are some key considerations to weigh up:

              • Exotics tend to exhibit higher volatility than majors, providing opportunities to profit from significant price movements over a short period.
              • Exotics tend to have lower liquidity than majors which may result in slippage (the difference between the requested and actual price).
              • Exotics tend to have wider spreads and higher trading costs than majors which can impact the profitability of short-term trading strategies.
              • Like day trading any currency pair, risk management is essential.

              Among the most popular and traded exotic currency pairs are:

              • USD/ZAR (US Dollar/South African Rand)
              • USD/SGD (US Dollar/Singapore Dollar)
              • USD/INR (US Dollar/Indian Rupee)
              • USD/HKD (US Dollar/Hong Kong Dollar)
              • EUR/TRY (Euro/Turkish Lira)
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            • #183561 Reply
              Thorian

                Do you have a full list of all exotics James?

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              • #183828 Reply
                James Barra
                Moderator
                  DayTrading.com Team

                  Hi Thorian,

                  We don’t maintain an exhaustive list of all exotic currency pairs.

                  However, CMC Markets is the broker we’ve evaluated with the most extensive range of currency pairs, with more than 300, including a long row of exotics. If you open a demo account you can view all the available options.

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                • #183870 Reply
                  GreenbackScalper

                    Take a look at the list of exotics on TradingView – https://www.tradingview.com/markets/currencies/rates-exotic/

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                  • #184203 Reply
                    Thorian

                      Good man cheers.

                      Reply
                  • #183879 Reply
                    Omar_Rahl_4421

                      You mention things like “inflation, GDP, employment, retail sales, trade balances” and so on can impact currency prices but do you have more information or examples of how these economic indicators can specifically effect market values?

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