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[Razor1911]

Hello beer forum members, how y'all doing?

Actually I am in this forex trading business since past couple of years. I had traded with many brokers with many types of accounts like micro, mini, ECN etc. Though I have come across all varieties of trading, in most of the time I used USD as the base currency of my forex account.

But, recently I had found out a reputated broker offering INR ( Indian Ruppee) as the based currency. I was astonished as it is rare for broker to provide such currency for trasnactions. I created an account and I traded with it. But I somewhat felt discomfort to switch onto a new currency as there is a Difference of calculations and conversions. Which really annoyed me to change it to USD again.

I want to hear from other forex traders, Is it advisable to trade with currency other than US dollar. And should I Pratice more with my own currency or stick with USD?

 

[LutherKing]

Well , The Answer Is In The Words You Have Said " You Felt DisComfort " If You Felt Like That You Should Trade In USD , And When You Receive Payment Convert That To Your Local Value In Your Bank That's The Solution Actually Tbh

 

[Synediz]

Well , The Answer Is In The Words You Have Said " You Felt DisComfort " If You Felt Like That You Should Trade In USD , And When You Receive Payment Convert That To Your Local Value In Your Bank That's The Solution Actually Tbh

Why write everything with a capital letter?

 

[Oluwaa]

One thing about forex is that you get good with whatever type of currency you start with be it minor or major and it's all profitable so you don't have to worry about loss

 

[Acrosin]

In my opinion, regardless of the type of pair, regardless of the type of instrument, the analysis is the same, we can use our trading system, the only difference being that the movement may be more volatile and the spread value may be very large, such as GBP/JPY, or USD/MXN.

Exactly you have hit the nail on the head. No matter the currency you choose, the analysis is the same. But what difference is the spread and how volatile they are. So if you want to use USD, continue with it

 

[Wisdom01]

It's not compulsory you do so , it depends on the plan you have ,if you prefer making use of your local currency than USD you could make use of it ,the only thing you should note that most times dollar always have advantage in gains and value compared to other local currency

 

[microunit]

It would kinda be dependent if the profit is worth it , though most of the time people mostly deal with dollar as it mostly gains value although that is also dependent on the economy of the country

 

[GoldenLady]

Hello beer forum members, how y'all doing?

Actually I am in this forex trading business since past couple of years. I had traded with many brokers with many types of accounts like micro, mini, ECN etc. Though I have come across all varieties of trading, in most of the time I used USD as the base currency of my forex account.

But, recently I had found out a reputated broker offering INR ( Indian Ruppee) as the based currency. I was astonished as it is rare for broker to provide such currency for trasnactions. I created an account and I traded with it. But I somewhat felt discomfort to switch onto a new currency as there is a Difference of calculations and conversions. Which really annoyed me to change it to USD again.

I want to hear from other forex traders, Is it advisable to trade with currency other than US dollar. And should I Pratice more with my own currency or stick with USD?

If you eventually have to convert back to USD at the end, it's not worth it. This would probably be best only for the citizens of that country since they can spend their profits immediately.

 

[a_jerobon]

I think the main thing here is that you have the skill and strategy needed in forex trading. Such that even if you choose a minor or major currency you apply the correct strategy or analysis and make your profits.

 

[ashim kate]

The United States dollar is equal to see that the greatest percentage of forex traders use and they usually claim that they are usually more comfortable with it. This does not mean that it is the only currency and a lot of forex brokers provide other currencies as well so if you are comfortable using other ones then it is absolutely fine.

 

[BALABALA111]

Actually that has come to many people's mind the particular currency to use while Trading Forex but I don't see it as a challenge because the entire forex market if you look at it critically it's based on dollar if you can trade in USD it is still the best because your profits comes in USD and your loss also goes away that way so trading with minor currency can be ok but it's all the same I like your domestic currency or foreign currency it is just in an exchange rate

 

[BALABALA111]

I prefer using the dollar to trade over my domestic currency because dollar is the basis of the the market I think the whole world uses dollar to estimate the stock exchange the New York Stock Exchange most everything works in dollar if I'm not mistaken

 

[dorcasy]

People like trading USD pairs because of the spread that the broker like giving it.
I bet you INR will definitely have a large spread and you will hardly make profit.
Like my local currency in the forex platform is suppressed by every other currency and even the chart pattern is zigzag,not to talk of the large spread.

 

[Lobardi]

USD should be the main currency and you should follow the one that you have used mostly but yes if you are used to any other and don't have to make calculations in the mind you can choose that too the thing is that you just need to focus and trust on the process and let the good happen to you

 

[MayorKayz]

Should that be a problem. No don't think that is a problem after all when we trades it is not the currency alone that we trade with other currencies. The currency will just remain in our wallet and it will increase and decrease as we trade on the platform. Either it is rupee or naira or pounds, it has no meaning

 

[infinitytech]

I prefer using the dollar to trade over my domestic currency because dollar is the basis of the the market I think the whole world uses dollar to estimate the stock exchange the New York Stock Exchange most everything works in dollar if I'm not mistaken

The United States dollar is the currency that the majority of forex traders use, and they frequently remark that it is more comfortable for them. This does not imply that it is the only currency available; many forex brokers offer other currencies as well, so if you are comfortable with them, you can use them.

 

[a_jerobon]

I prefer using the dollar to trade over my domestic currency because dollar is the basis of the the market I think the whole world uses dollar to estimate the stock exchange the New York Stock Exchange most everything works in dollar if I'm not mistaken

That is true. The dollar is a very powerful currency that most people use to measure the market. That is why most people like using it for most of their trading. Which is great because it popularity makes it the most trustworthy currency.

 

[infinitytech]

That is true. The dollar is a very powerful currency that most people use to measure the market. That is why most people like using it for most of their trading. Which is great because it popularity makes it the most trustworthy currency.

That shouldn't be a problem. No, I don't think that's a problem; after all, we don't just trade with one currency; we also trade with different currencies. The currency will simply remain in our wallet, fluctuating in value as we trade on the platform. It makes no difference if the currency is euros or dollars.

 

[ektalakra]

Forex offers its users to make forex mini account as a beginner to engage in foreign exchange accounts trusting smaller sizes, which is popularly known as mini lots. This is good for newbies it allows them to trade, learn and experiment while minimizing the risks.

 

[Ofonime]

Forex offers its users to make forex mini account as a beginner to engage in foreign exchange accounts trusting smaller sizes, which is popularly known as mini lots. This is good for newbies it allows them to trade, learn and experiment while minimizing the risks.

I dont know if I get you right are you talking about micro account?if you can see this is the first time which I reply to this thread,when I first read this thread I was hoping that the thread starter talk about others currency.
Well if it is the micro account that you are talking about then I beleive that traders can really make account with micro account but the issue which I do have is that sometime the profit you make will be so small for instant if you are trading with micro account your lots will be small if you make 10pips which suppose to be like $10 if you use bigger lots size you may even end up getting $1 only that is the disadvantages I do have with mico account. But its very good for newbie