Focusing on 1 pair?

Being a naturally contrarian sort, I will just disagree with most everyone else. I like to trade trends. I don’t care which pair I trade as long as it is trending. The more the better. By limiting myself to one pair and one pair only I may be missing fantastic opportunities on other pairs because the one pair I have locked myself into is flat.

True, certain pairs exhibit their own, unique personalities such as the “spikey,” long wick nature of the GBP/JPY but how hard is it to see that it displays this trait? 2 seconds? Trade 'em all, I say.

Very good question 4xlover.
You are right following 1 pair at the start, this really increases winning rates I experienced. Just try to watch 1/2 pairs,u do not need to trade but watch them to see what is happening with other currency. For example I mainly trade AUDUSD and sometimes USDJPY and watch EURUSD.So USD is common here and it gives me the idea what USD is doing overall

Happy trading.

Its true that as a newbie one should focus on one currency pair , if they do so then will be expert on currency must and will able to make profit must.

ha!

of all you choose gbpusd to play with, that’s a starter to kill.

try eur/usd, better…

I’d say yes. Trading multiple pairs requires skills. When you going to rock on one of the majors, you can try to do the one, that acts same way. And then go wider and wider until one day you figure out you’re trading rubles against INR and have no problems with that.

but why do people say diversify rather than focusing on one???

I’ve been trading only GBP/USD for the past five years with quite possibly higher returns than your average retail trader. Nothing wrong with it at all, it’s just a misunderstood pair :wink:

Although I don’t go any less than 1H when carrying out analysis, any less and I find noise starts to kick in.

Currently in a short from 1.5700, TP set to 1.5640, SL 1.5730, SL moved to BE at 1.5670 - See how this pre-European trade figures out. Would like to see the 1.5730 intra-day option barrier hold up for today.

I myself have decided to focus on one pair. I usually love scalping the EURUSD and USDJPY. Both pairs I understand them very well. I would love to learn about other pairs, but that will be in the future.

Fib says it all - pun intended.
Moving on, there’s no reason why you should not limit yourself to a single pair especially if you are starting out. However, later on, you may want to try other pairs but for now, just work out the strategies as they relate to the pair.
Any reason why you opted for GBP/USD?

After typing that trade entry all I was thinking was “[I]oh great, public humiliation here we come[/I]”

I personally trade GBP/USD in isolation as I find I have a reasonable understanding of how it works, being able to identify more times than not when it’s trending or range bound. I know ‘we’ traders can never be right 100% of time, and i’m definitely not suggesting that I am :wink:

I find I get enough trade options per month on average to more than satisfy my requirements - sure more would be nice, just like more money would be nice. However as it is i’m already on the absolute edge of my trade exposure per trade, an early heart attack would not be a nice pay off, lol.

It all comes down to “[I]If it isn’t broken, don’t try an fix it[/I]”!!

I disagree that it is necessary. It is a personal choice, but definitely not a necessity.

I agree with starting out with a single pair. Then, if you more or less know how the significant chart levels and behavior probability of that pair, you can move on to correlated ones.

For example, you can often get the same price action from AUD/USD and NZD/USD or EUR/AUD and GBP/AUD. It all depends on your risk tolerance though. You’re basically doubling up your exposure with this strategy. But hey, at least you have maximized your research efforts.

LOL, I know…currently at the exposure peak so unless a few trades get maxed out today, not planning to set up any new orders unless there’s a strong trend. Usually, I stick to USD, CHF, Cable and as for Yen, no thanks, not at the moment.

After navigating my way through the many different ways of approaching the market, I finally found my way now. I’m definitely going with one pair. I’ve been so spread out, not being able to be consistent with anything.
My pair is GBP/JPY now.
And I’m very happy with my results so far. Yes, Mr. JohnLeonard, very spikey, but I bet you I will profit more on the spikes than you will. Much more in tune with it than the casual on looker. Oh, and those spikes are $ don’t forget.
Mike

If you just a beginner, you need to sharp the skills trading on one pair live. On your demo account you can do whatever you like, but live account is something that you don’t want to mess with.

focusing or concentrate on 1 pair is good strategy but it is depends on trader and the system that they used.for me i just focus on 2 pairs

At the beginning, I focus only on 1 pair because that’s the only my little brain can handle… Then I upgrade it to 2 -3 pairs… Though, I only trade 1 pair at a time.

If I can barrow other brains from you guys then maybe I can do 28 pairs all at the same time with 5 monitors blinking on my screen (red and green color or maybe pink ;)) so it will be look like Christmas everyday :slight_smile:

Sorry, barrow what? Just could not resist :slight_smile:

No it is not necessary but do good practice with one pair and then try other one in trading . Demo trading is giving you chance to test all major currency pairs for a period you are not expert . you will gain more experience with practice how any pairs works in forex market.Then you can confidently interact with market.

During initial trading trade it is safe and sound to learn and trade with a one pair. When the time moves on you can learn and trade with others.