In forex trading, currencies are always traded in pairs, and these pairs are categorized into three types: major pairs, minor pairs, and exotic pairs.

Major Pairs

1. Major currency pairs are the most traded in the forex market and always include the US Dollar (USD) as one of the currencies. These pairs are highly liquid, meaning they have a lot of market activity and tighter spreads, which can make them easier to trade.
2. Examples of major pairs include:
   1. EUR/USD (Euro / US Dollar)
   2. GBP/USD (British Pound / US Dollar)
   3. USD/JPY (US Dollar / Japanese Yen)
   4. USD/CHF (US Dollar / Swiss Franc)
3. Major pairs represent the largest economies in the world and have consistent market attention due to their global importance.

Minor Pairs

1. Minor currency pairs are pairs that do not include the US Dollar, but consist of other major currencies like the Euro, Yen, or British Pound.
2. These pairs may have slightly wider spreads compared to major pairs, but they are still fairly liquid and commonly traded.
3. Examples of minor pairs include:
   1. EUR/GBP (Euro / British Pound)
   2. EUR/AUD (Euro / Australian Dollar)
   3. GBP/JPY (British Pound / Japanese Yen)

Exotic Pairs

1. Exotic currency pairs consist of a major currency paired with the currency of a smaller, less-traded or emerging market economy. These pairs tend to be less liquid and can have wider spreads, which makes them more volatile and potentially riskier to trade.
2. Exotic pairs can be influenced by local political and economic events in the emerging markets, creating unpredictable price movements.
3. Examples of exotic pairs include:
   1. USD/TRY (US Dollar / Turkish Lira)
   2. EUR/ZAR (Euro / South African Rand)
   3. USD/THB (US Dollar / Thai Baht)

Understanding these different types of currency pairs can help traders decide which ones to focus on based on their goals, risk tolerance, and preferred trading style.