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!
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.
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.
Trades are like buses, there is always another one around the corner
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.