I am getting my strategy right only on nzd/usd since past few days.
I have managed to my account by 7% in the past one week by trading in this currency pair.
so my question is, is this normal?
like your strategy works only on one currency.
i use fibo retrace levels and rsi.
also any opinion on forex megadroid would be appreciated as well.
Are you only executing your strat correctly on nzdusd, or is it only working more often on nzdusd? And if it is the latter, you probably don’t have a big enough sample size to properly analyze the results.
7% in a week is large by any standard. It is probably not sustainable. And when whatever you’re doing stops working, the risk you’re taking to achieve 7% in a week, will start working against you.
If you’re trading technically, any working strategy should apply to anything that can be charted (assuming the trader understands the mechanics of the instrument being traded).
That doesn’t tell me anything
I have no opinions of EA’s. I prefer to learn how to trade.
Yes, pairs function quite differently.
For example, EURUSD is substantially more quiet and less volatile than GBPUSD. EURCHF is almost always ranging. A strategy that works on EURUSD may not work at all on GBPUSD if your goal is to have tighter stops, etc…
This is all true except when it’s not 
That’s sort of like suggesting that evolution works except when you can’t see it working.
Ah I don’t think the EURUSD is any less volitile than the GBPUSD now, two years ago maybe… not anymore…
I offer a different opinion, that pairs tend to behave the simularly they go up, they go down, you just need to adjust your “plan” to fit the uniqueness of each pair…
And exactly what Akeakamia said… its all true cept when its not… haha
You should proceed with the winning formula on this pair and start out with another pair (On a Demo) After you have proved successful with the new pair before you can then implement on your trade… My 2cent.
Hi,
to be honest with you I think you’ve got lucky. A strategy should be able to cope across at least all the major pairs and give positive results for greater periods of time than a week.
As for the robot there is so much opinion out there on that particular EA I really wouldn’t want to add mine to the pile, googling ‘forex robot tests’ should get you some answers.
I would be wary of any strategy that appears to work on just one currency pair.
There are some circumstances where that would be expected like in some hedging strategies, but unless you know exactly why it is working on that pair and not others, and there is a very good reason for it, in other words a reason that makes you sure your strategy SHOULD work with that pair and not others, you may be running a strategy that is only performing well right now because a specific set of temporary circumstances is in effect that may not last.
In my opinion, E/U is king of currency. If it goes up, notice most E/* go up and */E go down and vice versa for U
Of course you can make money with one pair, the problem is that one pair wont give you good entry signals everyday, so you will have to wait more time to enter a trade.
When you trade different pairs you search for the best entry signal. But is a little more difficult for a newbie to look and analize more than 2 or 3 pairs at the same time. So i will suggest that you learn with one pair (eur/usd is okay for newbies), and after you have developed your system then you can try another pairs to see if it works on them.
Hope that helps!
Hmm…if I were in your shoes, I would be wondering why it is currently working on NZDUSD, perhaps it’s something to do with the pair’s volatility level or its price action characteristics?
I think we can all agree that volatility and price action characteristics change over time.
I would be curious to find out why it works before I can find out why it doesn’t work on other pairs. Keep back testing, see if it has worked in the past 3-6 months on other pairs. Maybe this will help you develop it further to work more effectively.
i trade 13 pairs, more because of spreads and opportunity. this gives me the opportunity to cover losing positions overall. 1 or 13, comes from who you are and what your personailty is. if you comfy with 1, then trade the crap out of it and be profitable. BE PROFITABLE