Sticking to One Pair in Forex Trading?

[moonchild]

When starting in forex you'll have access to many pairs and most times you'll feel overwhelmed to keep up with the movements of such pairs due to some being volatile and others non volatile but nevertheless it's important to pay attention to limit your attention to pairs that speak to you, what I mean by that is that pairs that actually have what you're looking for in terms of volatility, movements and volume.

After figuring this out the next thing to pick one and study, this will limit your exposure to other pairs and set you on a path of mastery, because with time you'll master and become a better trader and then you can add others to the list.

 

[FXOchartist]

In forex CFDs there are dozens of currency pairs that have the potential to provide gain and risk, choosing and focusing on one pair is indeed better in my opinion than choosing several pairs at once, in the sense that when trading on one pair it is much easier to manage risk and strategy than trading on several pairs at a time.

 

[FinTrader]

I think it is better to study one trading pair well and trade it successfully than to try to trade all pairs in a row and not understand at all.

 

[Amata]

I think it is better to study one trading pair well and trade it successfully than to try to trade all pairs in a row and not understand at all.

Focusing on mastering one trading pair allows for deeper understanding and more successful trading outcomes. It's about quality over quantity, emphasizing expertise and strategy over spreading efforts thinly across multiple pairs.

 

[FinTrader]

Focusing on mastering one trading pair allows for deeper understanding and more successful trading outcomes. It's about quality over quantity, emphasizing expertise and strategy over spreading efforts thinly across multiple pairs.

That's right. After all, in addition to technical analysis of price movements for a certain currency pair, we must also monitor fundamental data for this currency in order to earn money more often and more consistently. Therefore, the more you know about any financial instrument being traded, the better and more profitable the trade will be.