Focusing on 1 pair?
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  1. #1
    Join Date
    Mar 2006
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    Default 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?

  2. #2
    Join Date
    Mar 2006
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    6
    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...

  3. #3
    Join Date
    Mar 2006
    Location
    USA
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    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!

  4. #4
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    Apr 2006
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    Can you elaborate on fundamentals?

  5. #5
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    Mar 2006
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    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.

  6. #6
    Join Date
    Apr 2006
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    Great, thanks for the explanation.

  7. #7
    Join Date
    Sep 2013
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    13
    no mether what pair yuo choose- all you need is good enter sygnal and good exit signal

  8. #8
    Join Date
    Aug 2013
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    281
    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.

  9. #9
    Join Date
    Apr 2013
    Posts
    29
    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

  10. #10
    Join Date
    Sep 2010
    Location
    Cheshire, UK
    Posts
    1,807
    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.
    Last edited by Jezzode; 09-01-2013 at 06:42 PM.

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