Focusing on 1 pair?

After typing that trade entry all I was thinking was “[I]oh great, public humiliation here we come[/I]”

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 :wink:

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 “[I]If it isn’t broken, don’t try an fix it[/I]”!!

I disagree that it is necessary. It is a personal choice, but definitely not a necessity.

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.
Mike

If you just a beginner, you need to sharp the skills trading on one pair live. On your demo account you can do whatever you like, but live account is something that you don’t want to mess with.

focusing or concentrate on 1 pair is good strategy but it is depends on trader and the system that they used.for me i just focus on 2 pairs

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 :slight_smile:

Sorry, barrow what? Just could not resist :slight_smile:

No it is not necessary but do good practice with one pair and then try other one in trading . Demo trading is giving you chance to test all major currency pairs for a period you are not expert . you will gain more experience with practice how any pairs works in forex market.Then you can confidently interact with market.

During initial trading trade it is safe and sound to learn and trade with a one pair. When the time moves on you can learn and trade with others.

Your brain Lol if there is anything left… Not trying be greedy here But I want to monitor 28 pairs or maybe 52 if it is even possible lol

One issue that I found when considering multiple pairs is that many of them provide the same signal at more or less the same time, especially pairs which have the cross as USD - obvious why really. As someone else mentioned in this thread, taking these trades at the same time is the same taking the same trade several times over in a single pair. This is one of the issues when you use the same trading strategy over several pairs - at least this is what I found.

Lol, that’s an idea.

You’re welcome to what’s left, after starting at the monitor for a day…keep seeing neon lights blinking in the background…
Oh I was not doing the newbie dance, where you stay hooked to the monitor for days on end, it was 'cause I saw some youtube videos of cats and got hooked…

I would advise you to keep an eye on 2 pairs. If you like GBPUSD then you can also follow EURUSD.

Most of the time one follows other.

Yes GBPUSD and EURUSD most volatity and many traders use it. But better do not use following - its wrong
Also good trend pait is USDJPY

But the question is about not how many pairs - i meen if you can not use 1 pair for profit thats not meen that you can use 2 pair better to get more profits that loss
EAFXProfit’s Profile | Myfxbook
Even if 1 pair show you little dd (17 %):


If in that strategy add more pairt it will be more dd (33 %):


senior. do you scalp or swing?

as a newbie, I just scalp for 1 pair Cross which is EURJPY because I have winning spree there. :slight_smile:

-scalping
-hedging
-tralling
-correlations

Its not about the pair its the signal.You should look at as many pairs until you find a good signal.If GBP/USD doesnt give that to you try GBP/CHF ,if that is not good either try EUR/USD.So you should check them all and pick that one which has the best signal.