Which Currency Pair(s) Should I Choose To Trade?

There are many currency pairs to choose from but which pairs should you trade? In my opinion, the currency pair(s) you choose to trade should be based on your trading style and trading experience.

Three main types of currency pairs are:

The majors: EUR/USD, USD/JPY, USD/CHF and GBP/USD.
The commodity pairs: USD/CAD, AUD/USD and NZD/USD.
The currency crosses: most popular are the EUR/GBP, EUR/JPY and EUR/CHF.

Here are some tips on why you should choose certain pairs:

Are you US dollar bullish or bearish? Choose a major currency pair to trade against the dollar.
Trade a commodity pair if you like to focus on Gold or Oil prices.
Are you new to forex? Start trading a less volatile pair such as the EUR/USD or EUR/GBP.
Focus on one currency pair only and try to learn everything about it. Become an expert!
Avoid the GBP/USD and GBP/JPY when you are afraid to lose 100 pips in 15 min, learn how to trade them first.

The below table illustrates the 30-day average pip range, typical broker spread, type and preferred level of trading experience for the most popular currency pairs.

Pair	30-day Daily Range	Typical Spread	Pref. Level Of Experience	Type
GBP/JPY	191 PIPS	6-9 PIPS	Expert Trader	Cross
GBP/CHF	130 PIPS	7-9 PIPS	Expert Trader	Cross
GBP/USD	125 PIPS	4-5 PIPS	Expert Trader	Major
EUR/CAD	111 PIPS	6-9 PIPS	Expert Trader	Cross
EUR/JPY	101 PIPS	3-4 PIPS	Advanced Trader	Cross
EUR/AUD	100 PIPS	10-15 PIPS	Expert Trader	Cross
USD/CHF	85 PIPS	4-5 PIPS	Advanced Trader	Major
EUR/USD	75 PIPS	1,5-3 PIPS	Novice Trader	Major
USD/CAD	75 PIPS	4-5 PIPS	Novice Trader	Commodity
USD/JPY	72 PIPS	2-4 PIPS	Novice Trader	Major
NZD/USD	67 PIPS	5-7 PIPS	Advanced Trader	Commodity
CHF/JPY	64 PIPS	3-5 PIPS	Advanced Trader	Cross
AUD/USD	52 PIPS	2-5 PIPS	Novice Trader	Commodity
EUR/CHF	46 PIPS	3-5 PIPS	Advanced Trader	Cross
EUR/GBP	31 PIPS	2-4 PIPS	Novice Trader	Cross