Should I stick to one pair?

I�m still fairly new to the Forex and I was just wondering if I should stick to just one pair for now. If so, which pair do you recommend I start with?

Thank you for your help!

Yes, you should definitely stick to one pair because it allows you to focus your concentration. I recommend starting with the USD/JPY. It’s one of the most liquid pair and also one of with the tightest spread (not that it matters since you are DEMO trading right?).

I’d recommend EUR/USD as well but the Euro-zone consists of multiple countries so trying to learning fundamentals can get a bit tough. With USD/JPY, you can follow just two countries: US and Japan, and that’s tough enough.

I stick to one pair of socks all week. Then I flip them inside out and wear them for another week.

I trade two pairs e/u and g/u, but i do not recomend anything, cuz basicly, pipdiddy said it all!:slight_smile:

First off, piplicious is anything but that… more like pipbusted…

As for the question, I agree, the EUR/USD is good to start off with. I also like trading the cable because it�s a little more volatile than the EUR/USD. Be careful though, the spread is slightly bigger.

Another benefit on sticking to one pair is that it allows you to become a specialist. Each pair has its own personality and you can really learn its movement if you stick to one pair. You�ll understand its rhythm and you�ll start to get a feel for how it moves at certain times.

Sticking to one pair is favoured, especially you are starting your job in FX.
EURUSD is much easier, but a good point noted above , you got to study more fundamentals. USDJPY is one, couldn’t agree more!

Another view could be that if you only want to trade using technicals and not fundamentals than you can look at many pairs assuming you check to make sure there are no major news announements coming out. I personally love the way all our experts here at babypips trade by mixing the fundamental analasys with technicals.

are we all talking about day trading? If not I’d suggest some of the correlated pairs such as EUR/CHF as the pair is bound to give good swing oportunities

/A

for FX-MEN member, you usually do a technical “homework” for many pairs. Do you trade them all based on your analysis, if not all, some of it?

I am also thinking of trading EUR/CHF since right now I am in Europe. But I think the way the market is going, you’ll make more money out of EUR/USD. I have the feeling that by March things will come down so I’m prone to trade earlier than that. But I am very new in this… and still a little chicken!

That’s what makes Demo / Game trading so valuable :slight_smile: You can learn while not losing your shirt.

Thank you for this,I couldn’t agree more,I’m still in the process of learning forex.I find this very useful and would definitely be of help to me :slight_smile:

Hi Ese11.
Although a 9 year old thread its still valid.
Worthwhile studying at the free school on here, there’s tons of useful stuff to learn.
Good luck

a sudden 9 year resurrection :slight_smile: ese11 do chek the school of babypips, take some time to tackle it and learn from it and best of luck

There are a lot of good Topics in the Babypips forum which we can use and this will also enable us to learn better and do good trades :slight_smile:

Trading with only one pair is easier than using multiple pairs because you can focus on one trade only and you only need to analyze condition of country in 2 countries only (sometime you need to know another country too) as consideration of making decision for market’s movement because one pair will contain 2 currencies only. But in other hand, it is easier to reach target when you’re using multiple pairs too. So, it’s back to your own consideration in trading. If you’re ready to trade with more than one pair then it’s okay but if you are still newbie in forex so it’s better to use only one pair in trading.

I will always prefer to do my trading in the Pairs that i am more comfortable with :slight_smile:

What that means is that in some of the Forex pairs i am able to get very clear Trading Signals.

And this is also a reason why i am getting profits from my trades in those pairs.

This all depends on your strategy and your implementation. There are strategies that require trading many markets but do not require a lot of study about all the central banks or phony government economic data from various political regions. One such strategy is diversified systematic trend following. One can profitably trade dozens of pairs using that method knowing nothing more than weekly price data and adjusting orders just once a week in less than an hour.

-Adrian

It will require a great patience if you trade in only one pair, because you have to wait long for a signal to appear. But if you have the patience then its best to trade single pair.