For every new trader, trading in multiple pairs is a big wrong. Trading in a multiple currency pair is so annoying and it barely bears profits for traders. Analyzing all the pairs all along is really difficult for a trader. On the other hand, analyzing a single pair at a time is really easy and traders can gain expertise easily.
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Most, if not all, pairs have characteristics that affect price movement. Once you have studied and learnt what to look out for, you are on your way to success. Strangely enough, by looking at and understanding other markets, there is a relationship with currencies.
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Sometimes trading in multiple currency pair can be good because it will give you more sense of knowing what you have to do in trading - that what are their volatility, price value, movement and so many more.
Of course, you can start with a single trading pair! But, that’s not like your final destination! Because, you won’t gets a good entry point in everyday on a single trading pair! That’s why, having a multiple trading pairs is useful; but again, new traders need to start with 1-2 trading pairs!
I tend to agree especially when starting I’m a great believer you have to have certain mindset to trade successfully with multiple trades open it can effect concentration .Though maybe traders might have longer term trades open with less wagered
that’s a good reply , start with single trading pair cant be a final destination , need more top add
A trader should have a diversified portfolio because your “favourite” can become very unpredictable at times. Have at least 3-4 currency pairs to trade with.
Everyone chooses what suits them.
There are traders who only trade on EURUSD.
There are people who don’t look at what asset it is at all and just see a “profitable situation” and open an order.
This is normal.
The main thing is that it has to work for you.
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Yes this I believe is such a great point ,watch the same pair move for years, whilst been aware of the fundamentals too .You will soon become successful
this is really difficult to mark the success point , actually success is not a random issue , its a result of daily some good activates.
yes success is a product of daily activities , not a random anything.
If currency pairs correlate with each other or are linked in a certain way, why not…
Imo, it is always a safe option to diversify your trading portfolio because sometimes pairs can be highly volatile due to an on-going crisis. However, in case you’re just starting out, trading with a single pair is a good approach.
Personally, I don’t like this idea because when you are depending on any specific pair that means, you’ll force this pair to generate the good entry points!