How many Pairs do You Trade?

Generally I stick to 1 pair, in my early days I tried trading numerous pairs at the same time and it was just futile, generally I think 3 is plenty, but for newbies I definitely think that it’s best to stick to one of the main pairs.

had to hasitate between the 3 or 4…4-8 definately out of the question though…
only 1 at a time, very rare occasion that i have position open on 2 pairs.

3 pairs would be my main focus. EUR/USD, GBP/USD and Gold.

I’ll watch plenty of other pairs just out of interest and occasionally I might trade one of them if something presents itself but I’d say that 90%+ of my trades are in the 3 above.

Demoing EUR/USD and GBP/USD with the EUR/GBP chart to help me decide which might be a better option.

(I’m already driving a virtual Porshe but my virtual trophy wife’s run off with with her tennis pro:mad:)

22, averaging around 60 trades per year.

For me things started to get a lot clearer when I began looking at only one pair. I chose EURUSD. “They” always said to focus on one pair, learn its personality. I never believed “them” until I tried it in my own trading. Now I find little idiosyncrasies all the time. I still feel like there is a lot for me to learn about the old chap too.

I think it actually think that there is another issue in play here, which is how currencies are behaving at this current period in time, yes we all now that pairs will trend and range alternatively, but if you are concentrating on one pair you see the change, so it becomes disproportionally more difficult when you follow more.

Totally new to forex trading and sticking with just one. the EUR/USD.

Used to watch five charts at a time: E$, G$, GY, EY, djia, & sometimes A$ & $Y would pop on and off the screen, at 4hr timeframe. Had to stop at some point because 100pip-stop trading cant work well all the time, and to loose the mad GY/EY. Now its only three charts on: G$, E$ & djia/dollar-index. No trades on the latter.

I look at eur/usd gpb/usd eur/jpy eur/gpb aud/usd usd/cad.Anything with a normal pip spread.

gpb/jpy also nice but 6 pips pipspread

I like looking at all the major pairs but recently switched to trading just USD/CHF due to time commitments. It feels a bit like life in the slow lane but helps to keep the emotions in check.

I also like EUR/USD and will be looking to reintroduce some automated strategies on this pair.

Just one for me — the GBP/USD.

I think that trading lots of pairs in itself is not a bad thing as long as it suits your strategy. If, for example, you are a technical trader who only likes very clean trends on higher timeframes then it takes only moments to open a chart and see whether there might be a setup, then you find yourself only doing any detail work on the handful of charts that fit the overall criteria on a given day. If you are a purely fundamental trader then keeping an eye on umpteen pairs is going to give you headaches! I realize that there are many shades between those two, and that there are many more examples, but my basic point is that I do not think that it is the number of pairs traded that can be a problem per se, I think that this needs to be looked at in the context of the strategy being applied.

There is something to be said for “personality” of the pair, though, and I don’t think you can really appreciate this if you’re looking at more than a handful.

At least for me, patterns and quirks that appear regularly on one pair are easily forgotten (or remembered incorrectly) if I’m looking at another pair. It becomes a mish-mash in my brain, and I end up with analysis-paralysis because I anticipate things in pair B that may only be personality traits of pair A.

Did that make sense? My point is that studying 1 pair religiously has some serious benefits but you won’t perceive them until you force yourself to have that discipline.

With that said, I do totally understand what you’re saying Simon – I guess watching more pairs would become more appropriate the higher timeframe you look for setups in.

Hey, dusktrader

Raghee Horner made a very similar point, just this morning, in her daily ForexAM broadcast. She was talking about the Cable — my weapon of choice in the forex market — and she said:

"For me price-action is price-action, but the Cable seems to have its own little rhythm. The Cable hears its own music, and that’s what it’s dancing to. It tends to be not necessarily what everybody else is hearing.

I think the Cable has voices in its head — and, that’s fine. You just need to know that’s the personality of the Cable. I call it the Drama Queen, and it behaves as such."

Well guess I’m the odd ball. 26 pairs Wouldn’t have it any other way.

I trade 4 pairs, though never more than one position open between them. E/U, G/U, A/U, U/J.

This. Personally, I focus on technicals and watch 14 pairs. I don’t try to keep on top of the fundamentals of all 14.

Day Trade two pairs (GBP/USD. EUR/USD), If you understand the price movements on two pairs, I think its enough.
Swing or Position trade the day trade pairs, and commodity currencies if the right opportunity arises.

USDCAD,Gold/XAUUSD
I love trading these, there my favourite pairs!:slight_smile: