how many currency pairs should I follow | Forex Factory

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how many currency pairs should I follow

  • #1
  • First Post: Sep 13, 2018 3:28pm Sep 13, 2018 3:28pm
Hello to the forum, an advice. To do swing trading, how many currency cross should I follow? Some say that following so many cross leads only to confusion, but establishing them before seems a stretch because there may be lateral side
  • #2
  • Sep 13, 2018 11:16pm Sep 13, 2018 11:16pm
I recommend you pick two that you get to know very well (I like Gbp/Jpy and Eur/Jpy) and then find three or four that you can switch off/on when nothing is going on. For me, I've found watching more than six pairs becomes labor intensive, since each pair has at least four time frames to cycle through. But I always have Gbp/Jpy and Eur/Jpy on the screen....
  • #3
  • Sep 14, 2018 12:20am Sep 14, 2018 12:20am
Quoting moneymaker2
I recommend you pick two that you get to know very well (I like Gbp/Jpy and Eur/Jpy) and then find three or four that you can switch off/on when nothing is going on. For me, I've found watching more than six pairs becomes labor intensive, since each pair has at least four time frames to cycle through. But I always have Gbp/Jpy and Eur/Jpy on the screen....
six is the exact number that I follow at this time and I have no difficulty. It would be nice if there was a sort of scanner, to know when the cross are the trends to remove one and add another ... is there something like that?
  • #4
  • Sep 14, 2018 1:01am Sep 14, 2018 1:01am
Good morning.
I am a newbeginner , and i wonder for many hours during the day you people use trading ?
  • #5
  • Sep 14, 2018 4:12am Sep 14, 2018 4:12am
Quoting moneymaker2
I recommend you pick two that you get to know very well (I like Gbp/Jpy and Eur/Jpy) and then find three or four that you can switch off/on when nothing is going on. For me, I've found watching more than six pairs becomes labor intensive, since each pair has at least four time frames to cycle through. But I always have Gbp/Jpy and Eur/Jpy on the screen....
Well said! for a newbie its better to focus on one or two pairs, with the passage of time your understanding will be better then you can increase no of pairs as well.
  • #6
  • Sep 18, 2018 3:22am Sep 18, 2018 3:22am
I think you should follow all the major pairs that include the USD, EUR, GBP, JPY, GBP, AUD, NZD, CAD, etc. If following all these gets too overwhelming then you can pick any 2-3 pairs till you get a hang of them
  • #7
  • Oct 16, 2018 7:13am Oct 16, 2018 7:13am
Maybe follow a couple of highly watched major pairs and a couple of the lesser watched crosses such as GBPNZD I find the crosses to be less erratic therefore easier to follow a few more at a time.
  • #8
  • Oct 16, 2018 7:38am Oct 16, 2018 7:38am
How many currency we have to follow, it’s a tough question to answer , because it completely depends on your trading knowledge and experience , if you have good experience , then you can follow too many currencies in demo to see the performance how it works. Otherwise as a newcomer it is more appropriate not to follow too many currencies at the same time, it can make volatile beginners.
  • #9
  • Oct 16, 2018 10:39am Oct 16, 2018 10:39am
If you're totally new to trading start with just one, get used to it, learn as much as you can about it, trade it, and then slowly expand your horizons.
  • #10
  • Oct 16, 2018 11:24am Oct 16, 2018 11:24am
Trading one pair is a very bad trading approach because you miss out on other opportunities.
  • #11
  • Oct 18, 2018 1:25pm Oct 18, 2018 1:25pm
Quoting Rdr
Hello to the forum, an advice. To do swing trading, how many currency cross should I follow? Some say that following so many cross leads only to confusion, but establishing them before seems a stretch because there may be lateral side
If you are a newbie; then follow 1-2 trading pairs and 3 is the maximum number!
  • #12
  • Oct 25, 2018 2:06am Oct 25, 2018 2:06am
I am newbie and plan to only focus on two pairs - USD/MXN and USD/CAD in the beginning. I am located in the U.S. and I know that Canada and Mexico are the two biggest countries we export too. So it seems logical that I will have a better "feel" for those markets.

Although I don't know if any of that matters... I'm REALLY New.
If you're gonna be a bear, be a grizzly
  • #13
  • Oct 25, 2018 3:15am Oct 25, 2018 3:15am
Quoting mlawson71
If you're totally new to trading start with just one, get used to it, learn as much as you can about it, trade it, and then slowly expand your horizons.
Actually the opposite is true: a person new to forex should follow as many pairs as he/she possibly can.

I will leave for you to figure out why.

Beside the obvious reason, the fact that everyone advices the new guy to follow only 1-2 pairs should be another reason to do exactly opposite.
  • #14
  • Oct 25, 2018 4:21am Oct 25, 2018 4:21am
New to Forex myself, however advice from what I have learn't from a course and also other experienced traders is that at least two pairs, as each pair will have different patterns and you learn more slightly quicker than if you were following one pair.
  • #15
  • Oct 25, 2018 5:59am Oct 25, 2018 5:59am
Quoting warrensapp
I am newbie and plan to only focus on two pairs - USD/MXN and USD/CAD in the beginning. I am located in the U.S. and I know that Canada and Mexico are the two biggest countries we export too. So it seems logical that I will have a better "feel" for those markets. Although I don't know if any of that matters... I'm REALLY New.
Unlikely...stay away from weird pairs with wide spreads...especially if you are new...also a much higher chance of getting screwed by market makers and huge gaps over the weekend etc...I say stick with EUR/USD, USD/JPY...If you want a faster pair try GBP/JPY or GBP/USD...Keep it simple...I don't even recommend USD/CAD to start with but you probably wont listen
  • #16
  • Oct 25, 2018 6:37am Oct 25, 2018 6:37am
Quoting yanetjellen
{quote} Unlikely...stay away from weird pairs with wide spreads...especially if you are new...also a much higher chance of getting screwed by market makers and huge gaps over the weekend etc...I say stick with EUR/USD, USD/JPY...If you want a faster pair try GBP/JPY or GBP/USD...Keep it simple...I don't even recommend USD/CAD to start with but you probably wont listen
I will listen.

I am trying to learn as much as possible before I make any move into forex. I have experience trading stocks, but am completely new to forex. I am going through the babypips course now and I also plan on practicing with a demo account before doing anything. Obviously I'd liked to learn as much as possible from joining this forum too.

I still don't even have a complete grasp on the "spread", Leverage, and margins.

as I mentioned before, I am REALLY new.
If you're gonna be a bear, be a grizzly
  • #17
  • Edited 9:33am Oct 25, 2018 9:22am | Edited 9:33am
Quoting warrensapp
{quote} I will listen. I am trying to learn as much as possible before I make any move into forex. I have experience trading stocks, but am completely new to forex. I am going through the babypips course now and I also plan on practicing with a demo account before doing anything. Obviously I'd liked to learn as much as possible from joining this forum too. I still don't even have a complete grasp on the "spread", Leverage, and margins. as I mentioned before, I am REALLY new.

For instance CAD is a commodity currency and has connections to oil...and as far as spreads EUR/USD will always be the lowest because it is the most liquid and most traded...depending on if your broker charges spreads AND commissions it can be as low as 0.3 pips or so...lower the spread the less you start underwater...Exotic pairs have much higher spreads and volatility...much more dangerous for a beginner especially...finally I would recommend starting with $100 max and go from there
  • #18
  • Oct 30, 2018 10:23am Oct 30, 2018 10:23am
True. If you're just beginning to learn how to trade don't pic any exotic currencies, because on top of everything else they are also terribly dependent on politics you may know nothing about.
  • #19
  • Oct 30, 2018 1:46pm Oct 30, 2018 1:46pm
Depends on timeframe. You want consistency so on H1+ timeframes the more instruments, the better results as you wont be limited to worse quality setups.
Necessity knows no law except to conquer
  • #20
  • Oct 30, 2018 8:05pm Oct 30, 2018 8:05pm
Quoting mlawson71
True. If you're just beginning to learn how to trade don't pic any exotic currencies, because on top of everything else they are also terribly dependent on politics you may know nothing about.
That’s the real point mate; thanks for your valuable hint. Besides, major Forex pairs are reliable to use.
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