Is it wise for me to only trade one currency pair that I roughly understand or many currency pairs that I know nothing much about?
I say stick to one pair until you are consistent for a very long time. If you try trading too many pairs at once, you will have way too much information to keep track of. Trading one pair will condition to successful habits and faster.
Depends on your time frame. If you’re a day trader, focusing on one pair is probably a good idea. If you’re more of a swing or position trader, then you’ll probably need to have multiple pairs on your radar so you have sufficient trading opportunities.
My learned friend, good question you asked back there. but I’ll tell you one thing I understand in forex. Forex is not about mastering one particular pair or most of the pairs, there’s no studying and mastering of any pair, or surport and resistance levels as most forex traders might put it. Forex is about knowing what is happening to a particular currency in that hour or that day or that week. If you want be a good trader I suggest you start by trying to know what is happening to any of the 8 major currencies ( USD, GBP, EUR, CHF, CAD, JPY, AUD and NZD ) and their Country’s economic setuation. Try to identify which currency is weak and which is strong at that time, and you pair the strong against the weak. on a serious note, that’s how the market goes, if the base currency is strong it will push the quote currency that is weak up and the price will go up, if the base currency is weak and the quote currency is strong then the quote currency will drag the price down.
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Hey,
To predict a pair for example AUDJPY. I need to have an overview of all the cross pairs for AUDJPY.
Others will see differently but for me this is the key to understanding forex at a deeper level than most.
By analysing all the cross pairs you will be giving yourself an advantage over a large number of traders who
will not have access to the insight this will give. 
yes too many pairs a difficult to focus. One can be puzzle or confused. He may use more amount in trading that will bring margin call . Do trading in one or 2 pairs at a time so that you will manage your trades well . you have to see market ups and downs to close them at right point.
I started out by sticking to just the major pairs so I wouldn’t be too confused while still learning the ropes in trading. But watching several markets does have its upsides too, as the crosses tend to provide more opportunities for pairing a strong vs. weak currency. Just try to add a little at a time to your watchlist so you’re not overwhelmed.
Hello Bryan,
and welcome.
This question has been asked a few times, of course;
have you seen this thread already?
There is never a straight answer to this, as you can see from the answers on your thread and on the one
I have linked here.
Good luck, whatever you decide, and…
happy trading!
I say do what rhodytrader said.
I find on the higher timeframe trading I juggle lots of currency pairs - it give more setups, and frankly on the higher timeframe’s a chart’s a chart!
Well, if it isn’t Simon himself! Long time no see!
Good to see you around! I hope all is well with you!!
Lol yes all well, thank you, very well, just been flat out busy! Hope things are all well with you, too? Glad to see you still around these parts.
Hey SimonTemplar, nice to see you back here!!
Yes, indeed, me too!
I hope that you and the family are well, and still balancing it all!!
I am not a dad (yet), fingers crossed in the near future.
In the meantime, it is business as usual
Shucks, thank you!
Fingers crossed indeed. My youngest is now two, she’s our fourth and last, so we’re slowly emerging back into the world from our previous storm of nappies/naps/feeds etc., so thought I ought to dust off my BabyPips password. I’ll try to be more regular from now on.
Oh THAT’S WHY…
We all wondered where you got to …
That is marvellous news!
Congratulations and many happy days/weeks/years/decades ahead!!
I could not bear my BabyPips name were I not to add:
Happy Trading!
If you are a starter then trade only the 4 major pairs. Sticking to only one pair will cause frustration at times when you won’t get any trading signal for too much time.