Focusing on 1 pair?

Should a beginner like myself pick one currency pair to follow and stick with?
For example, I am new and I am basically just looking at and playing around with GBP/USD. Do you think this is best or should I look at other pairs as well?
What were some of your experiences when you started?

I would say just focus on one pair starting out! Each pair has a distinct behavior compared to the others. So master the characteristics and learn the economics of those countries before you start DEMO trading them…

I agree with DCtrader. all pairs do not react the same to the same indicators as another pair would. But what I would study first is fundamentals and economics. That’s what the pros watch and it’s what moves the market. Study fundamentals and it will vastly improve your trading!

Can you elaborate on fundamentals?

Fundamentals refer to economic factors that affect the market (i.e. news reports). BabyPips actually has a good lesson on both technical and fundamental analysis applications to the forex under their school section.

Great, thanks for the explanation.

no mether what pair yuo choose- all you need is good enter sygnal and good exit signal

I asked the same question of myself …concentrate on one pair…or flip thru a basket of pairs? I decided that for myself I would do both…quickly flipping thru a basket looking for that one favorite however fleeting setup as it comes into existence…and also watch closely price behaviour of that one favorite pair…which happens to be USD/JPY for me. So, I do both.

I am starting off with Eur/Usd and GBp/Usd they move usually have the same movement. I think these 2 pairs are great for beginners

Ever since I first looked into trading FX I started with GBP/USD, now five years later I still only trade GBP/USD. Absolutely no reason why you can’t make all the fortune you wish in a single pair - you just need to become acquainted with it in great detail which as ever is much much easier said than done.

In fact I would go as far to say that what takes the longest time when getting to know a pair is the typical noise which it produces, and being able to distinguish between this noise and the real deal.

Drum roll… Fibonacci sequence, ah enough said.

That really depends on you. I would recommend against it, but that is me; others trade one currency pair so don’t take any advice from anyone and ask yourself as you need to be happy with it.

For beginners it is necessary that they should trade with single pair in the beginning and after experience it well go for other pairs to perform better trading.

I usually just follow the aud/usd or nzd/usd they move alike ones a little bit more erratic, if i am off these pairs in just scalping a hot hand.

Being a naturally contrarian sort, I will just disagree with most everyone else. I like to trade trends. I don’t care which pair I trade as long as it is trending. The more the better. By limiting myself to one pair and one pair only I may be missing fantastic opportunities on other pairs because the one pair I have locked myself into is flat.

True, certain pairs exhibit their own, unique personalities such as the “spikey,” long wick nature of the GBP/JPY but how hard is it to see that it displays this trait? 2 seconds? Trade 'em all, I say.

Very good question 4xlover.
You are right following 1 pair at the start, this really increases winning rates I experienced. Just try to watch 1/2 pairs,u do not need to trade but watch them to see what is happening with other currency. For example I mainly trade AUDUSD and sometimes USDJPY and watch EURUSD.So USD is common here and it gives me the idea what USD is doing overall

Happy trading.

Its true that as a newbie one should focus on one currency pair , if they do so then will be expert on currency must and will able to make profit must.

ha!

of all you choose gbpusd to play with, that’s a starter to kill.

try eur/usd, better…

I’d say yes. Trading multiple pairs requires skills. When you going to rock on one of the majors, you can try to do the one, that acts same way. And then go wider and wider until one day you figure out you’re trading rubles against INR and have no problems with that.

but why do people say diversify rather than focusing on one???

I’ve been trading only GBP/USD for the past five years with quite possibly higher returns than your average retail trader. Nothing wrong with it at all, it’s just a misunderstood pair :wink:

Although I don’t go any less than 1H when carrying out analysis, any less and I find noise starts to kick in.

Currently in a short from 1.5700, TP set to 1.5640, SL 1.5730, SL moved to BE at 1.5670 - See how this pre-European trade figures out. Would like to see the 1.5730 intra-day option barrier hold up for today.