respected, professional, seniors, juniors, everyone…
I am wondering in order to start my trading career, should I focus on only one or two currencies (countries) as what i am facing right now is a kind of sea of news that I feel like I have to cover in order to keep myself updated with what is happening with the world. maybe its too much to cover, would it be better if I start covering just lets say USD and Europe news. by doing that I wil cover USD, GBP, CHF and EUR… suggestions???
When I first started I definitely took the advice of baby pips and focused on one pair which was USD/JPY for me. Over the time as I became more comfortable spotting trends that fit my strategy I started slowly incorporating more currency pairs. I think sticking to one/two pairs and understanding the relationship & how different news alters the market sentiment of those pairs will give you a better understanding of what you’re dealing with.
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how did you follow the pair? apart from technical analysis, how did you focused on the fundamentals? which news channels, newspapers, or media did you use to keep yourself updated? I am ok with technicals but its the fundamental analysis which makes me scared of going into the trades. I feel like maybe i dont know enough about the country’s economic or political situation and that can cause some wrong decisions???
Yeah don’t try to over analyze it. I have a respective economic calendar in my trading platform & I also use baby pips calendar since it has most of the majors. If not I also use myfxbook to just keep on track of scheduled report dates. I really try to take in as little as possible because it’s like you said, the news coming in so fast you’ll start trying to analyze every little report that comes out. It’s best to stay up to date on the most important calendar report days and be aware of that when your trading. My strategy is combined with technical analysis I get a read from charts and try to confirm market sentiment. As long as you’re keen on the important reports like GDP, PCE, CSI, & etc you’ll be pretty much on track.
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I think you are right in saying not to overanalyse or over-complicate things. Being a beginner, there are just many questions, which are unanswered and which causes fear. like this question might be really stupid for me but I still have it and i am firing it out now. so you keep track of scheduled reports, but what about the high government office bearers statements coming all the time from their speeches and other smallest interviews. I feel like these things move the market soo much. from your own experience I want to know whether these statements, speeches, interviews are actually portraying the same picture which comes out as a scheduled report or they have their own effects and price movements??
Ok I’ll be frank, I’m pretty certain the bigger institutions will get market news slightly ahead of us. Yes these speeches do move the market slightly, but trust me if there is an important speech it’ll be blasted on everyone timeline.
See my calendar indicators. Red = high / orange = medium / yellow=low.
I really look out for the medium/high these type of reports move the market substantially usually.
Any other questions mate?
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great. Thanks mate for your time. I truly appreciate it. 
i think babypips calendar is also pretty enough for newbies like me… I just have to stick to it and see the happenings in advance in order to be ready for the price movement. Thankks again mate.
Yeah I mean trust me you don’t need to overwhelm yourself and sike yourself out. I did that in the beginning and I learnt it’s easier to just look for the important news & get into the market sentiment. More importantly I always look at the position from both angles, which it can go my direction/or go against me.
https://www.myfxbook.com/forex-economic-calendar
^^They also have a good detailed economic calendar if your messing with more pairs.
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yepp. that was the reason i was just unable to go into any trade… and it gets a bit frustrating when you spend 2 hours in the morning just going through the world updates before actually looking at the price charts. I am looking at this calendar now. this is cool, just got the app through google playstore. you can always share your experience mate. as you know that I will walk down the same path as any other trader, so it would be nice to know how to walk through that path and what to expect.
For sure my advice is to be wary/cautious. Always manage your risk more importantly. SL are your friend, it’s ok to lose - don’t think you’ll be 100% right. The best traders in the world aren’t batting 100% and you won’t either. The market is larger than all of us and can instantly change directions and swallow up your position. Don’t second guess yourself and not try to over complicate things. I’ve learned keeping it simple has kept me profitable.
“Don’t second guess yourself and not try to over complicate things. Keep it simple.”
Thanks mate. I will keep this sentence in mind.
have a good trading week ahead. this will be my first.
Trust me this will be something you’ll repeat in your head constantly. I didn’t take a bunch of trades because my emotions took me out of it. I was 2nd guessing so much I was knocking myself out of really good positions. After that I made it imperatively clear since I created the strategy let me trade off that with no emotions involved and set up my TP/SL. As soon as I did that my trades were closing with better rates and I started truly minimizing my losses. I think what separates the good trader from the bad is literally how one thinks when they’re trading. Usually when your emotions are involved with you losing potential money you’ll end up messing up more trades I’ve noticed.
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