Quote:
Originally Posted by IDR
On the other hand, forex pairs are much like spouses. Each has its own characteristics, its own way. And you would like to know it as much as you could. Again, it's easier to try and understand a would-be spouse rather than five would-be spouses, don't you think?
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Haha, if you're comparing forex pairs to marriage then you better call me the forex swinger, because I'm having one-night-stands with every pair available and as soon as one stops being attractive I dump it
. I don't care about all of the intimate details, if it looks good then I milk it dry and move on. Forex pimp! Okay way too much metaphor there, but you get the drift. At an absolute basic level, yes it could be good to focus on a single pair for a few weeks when you are starting just to learn in a consistent way.
After that though, splitting your trades into several small trades instead of one big one is a good way of "diversifying". It helps balance out your wins and losses instead of having one giant loss at the end of the week from a single trade gone bad. You can also learn a lot faster since you are going through the process of selecting trades multiple times at once instead of only one at a time. But it also depends on your trading strategy. You do have one, right?
As for only looking at the last dozen candles, that's kind of scary. You gotta look at the big picture, maaan.
If you haven't heard yet, "The trend is your friend".
And of course, if you haven't already gone all the way through the Babypips school, that's the best place to start before you even start trading.
(For the record in case you're interested in my "pip life", I've gone through 8 different pairs since Sunday night (Some more than once) and I'm money ahead. Usually 6 per week is enough to do it for me though.)
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