Hi guys, I’m still new at trading And doing not so badly though 
. Wanted to ask if it’s healthy to stick to one pair only in your learning and back testing stages. And also does this apply to time frames too. I try to trade on the 1hr timeline using the daily time frame for my bias but this gives fewer opportunities so I wanted to know if it’s healthy to at least follow two pairs closely to keep me occupied
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The answer is in what trader you want to become, and which suits you and your lifestyle. There are many traders that focus on one or two major pairs, and others that trade anything that moves. The same with TF’s.
IMO, it is a good idea to become proficient trading one pair, which would set you up to try a different pair for experimenting.
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Absolutely its key to have a steady set of parameters and keep the variables as little as possible
I am all in favour of focus. That is to say, when you decide upon a market to trade, stick with it, follow it’s story and path. Don’t go skimming through multiple charts looking for some pattern that you vaguely recognise.
However, if you trade EURUSD, and EURUSD is stuck in a grindy range, and trading grindy ranges just aint your thing, then find something else that looks more appealing to your style. Early this week, I was trading GBPUSD long, I focused purely on that, including for intraday scalps. Today, I started by looking at AUDUSD for a short. It never set up, so then I started considering an AUDUSD long, but I never felt quite comfortable hitting that one long either, but closely following that markets story, I ended up taking a short which is currently sitting at 2.3:1 rr, aiming for 3.5…(only small position size though…bugger), and still have a long entry for much larger position size sitting down below, but of course, will keep on reassessing it as the market progresses.
As for timeframes, I remember the trader whose courses I done telling me once, when I had 4 time frames on my chart…
“Matthew, I would prefer you just stick to one timeframe”
I hate that guy.
Multi timeframe analysis is key to being a proficient trader. Trading is all about forming the correct bias, in reference to the bigger picture…so if you aren’t already packing multiple monitors, if you are serious, then you should be…or at least 1 or 2 large 4K screens, capable of cleary showing multiple time framed charts.
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