I myself have decided to focus on one pair. I usually love scalping the EURUSD and USDJPY. Both pairs I understand them very well. I would love to learn about other pairs, but that will be in the future.
Fib says it all - pun intended.
Moving on, there's no reason why you should not limit yourself to a single pair especially if you are starting out. However, later on, you may want to try other pairs but for now, just work out the strategies as they relate to the pair.
Any reason why you opted for GBP/USD?
After typing that trade entry all I was thinking was "oh great, public humiliation here we come"
I personally trade GBP/USD in isolation as I find I have a reasonable understanding of how it works, being able to identify more times than not when it's trending or range bound. I know 'we' traders can never be right 100% of time, and i'm definitely not suggesting that I am
I find I get enough trade options per month on average to more than satisfy my requirements - sure more would be nice, just like more money would be nice. However as it is i'm already on the absolute edge of my trade exposure per trade, an early heart attack would not be a nice pay off, lol.
It all comes down to "If it isn't broken, don't try an fix it"!!
I agree with starting out with a single pair. Then, if you more or less know how the significant chart levels and behavior probability of that pair, you can move on to correlated ones.
For example, you can often get the same price action from AUD/USD and NZD/USD or EUR/AUD and GBP/AUD. It all depends on your risk tolerance though. You're basically doubling up your exposure with this strategy. But hey, at least you have maximized your research efforts.
LOL, I know..currently at the exposure peak so unless a few trades get maxed out today, not planning to set up any new orders unless there's a strong trend. Usually, I stick to USD, CHF, Cable and as for Yen, no thanks, not at the moment.
After navigating my way through the many different ways of approaching the market, I finally found my way now. I'm definitely going with one pair. I've been so spread out, not being able to be consistent with anything.
My pair is GBP/JPY now.
And I'm very happy with my results so far. Yes, Mr. JohnLeonard, very spikey, but I bet you I will profit more on the spikes than you will. Much more in tune with it than the casual on looker. Oh, and those spikes are $ don't forget.
At the beginning, I focus only on 1 pair because that's the only my little brain can handle.. Then I upgrade it to 2 -3 pairs.. Though, I only trade 1 pair at a time.
If I can barrow other brains from you guys then maybe I can do 28 pairs all at the same time with 5 monitors blinking on my screen (red and green color or maybe pink ) so it will be look like Christmas everyday