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how many currency pairs should I follow

  • #21
  • Oct 31, 2018 10:38am Oct 31, 2018 10:38am
Quoting GeorgeBaile
{quote} That’s the real point mate; thanks for your valuable hint. Besides, major Forex pairs are reliable to use.
Any currency pair can be reliable if you know how to use it, the issue is learning how to use it.
  • #22
  • Oct 31, 2018 11:12am Oct 31, 2018 11:12am
It's not a case of how many you should trade but rather a case of identifying and pairing strongest against weakest. You can get away with the majors and a few others and have ample opportunity to make money. Don't focus on exotics while learning and don't limit yourself to one or two pairs because it won't work in the long run. You will see other pairs moving and this will shift your focus and you will end up running around like a headless chicken
  • #23
  • Nov 1, 2018 10:46am Nov 1, 2018 10:46am
Quoting EcoTrader
It's not a case of how many you should trade but rather a case of identifying and pairing strongest against weakest. You can get away with the majors and a few others and have ample opportunity to make money. Don't focus on exotics while learning and don't limit yourself to one or two pairs because it won't work in the long run. You will see other pairs moving and this will shift your focus and you will end up running around like a headless chicken
Which ones do you prefer to trade in general?
  • #24
  • Nov 1, 2018 1:02pm Nov 1, 2018 1:02pm
Quoting mlawson71
{quote} Which ones do you prefer to trade in general?
I follow these economies and pair trades strongest with weakest within this group

Gbp
Usd
Cad
Eur
Aud
Nzd
Jpy
Chf
  • #25
  • Nov 2, 2018 1:01am Nov 2, 2018 1:01am
Quoting EcoTrader
{quote} I follow these economies and pair trades strongest with weakest within this group Gbp Usd Cad Eur Aud Nzd Jpy Chf
I also prefer trading majors.
  • #26
  • Nov 2, 2018 4:06am Nov 2, 2018 4:06am
trade as much as you can handle, just don't go full force without backup.
  • #27
  • Nov 2, 2018 9:55am Nov 2, 2018 9:55am
Quoting redman25
trade as much as you can handle, just don't go full force without backup.
Going all in on a trade is generally inadvisable unless you are absolutely sure you know what you're doing.
  • #28
  • Nov 2, 2018 10:10pm Nov 2, 2018 10:10pm
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
Ya'know whats really funny and relevant.

I put in a lot of this time this past week studying and experimenting in my demo account and concluded that everything you recommended is spot on as to what pairs I need to be focusing on...
If you're gonna be a bear, be a grizzly
  • #29
  • Edited 12:59am Nov 4, 2018 12:46am | Edited 12:59am
Well, I can tell you how I got good. Up to you to choose this path or not. It really doesn't matter how many pairs you follow. They all do the same things. It doesn't matter what time frame you trade. They all move the same way. First, decide what pair you would like to trade when you learn how to trade. The decision should be based on required margin because that is going to determine how fast you can compound your earnings. Second, start watching that pair on a 1M chart. Try to demo trade it using a 1M chart. It will show you all the patterns and conditions in a much shorter period of time. By studying on a 1M chart, you might see 20-30 trades a day versus using a 4 hour chart and seeing 1-5 trades a week. The more patterns you see, the faster you learn what to trade and what not to trade. You are not trying to make money on a 1M chart...you are studying market movement. As you adjust to the various patterns, then use the 5M and 15M charts to validate head fakes and consolidations. When you think you have a clue, build a system on a 30M chart. Then adapt that 30M chart system to the time frame you want to actually trade. Apply it to the pair you have been monitoring. Do analysis and make modifications as required until you are winning more than you are losing. Then, apply it to other pairs to test it. Depending on what you have created, and the time frames you have chosen, the number of pairs you can effectively trade will be determined by your ability to implement your system.

Money is made from money, not pairs. You can trade one pair for 10 pips on 20 accounts with 10 lots per account and probably make more money, more easily, than by trying to trade 6 pairs, and then walk away for the day, everyday. It isn't about pairs nor pips. It is about risk. You need to focus on being able to risk money consistently and confidently and less on how many pairs you can watch.
You cannot be extraordinary by being normal
  • #30
  • Nov 5, 2018 8:02pm Nov 5, 2018 8:02pm
I will suggest for single currency pair focus for every trader because it is difficult to handle more then 2 trade at the same time.
  • #31
  • Nov 6, 2018 8:39am Nov 6, 2018 8:39am
Quoting Butterscotch
I will suggest for single currency pair focus for every trader because it is difficult to handle more then 2 trade at the same time.
I have seen people claim they follow up to ten currency pairs at the same time, every person is different.
  • #32
  • Nov 7, 2018 8:47pm Nov 7, 2018 8:47pm
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.
I also did the babypips course and looked at Investopedia too. Their definitions are really on point for understanding the termonology. As a newbie the concept of even a pip was foreign to me. I've been trading demo for a little while now and time on the charts will also teach you those concepts. On demo I concentrate on only GBP/JPY and GBP/USD mostly because of my time zone. I've found it useful to get used to just a few pairs at first.
  • #33
  • Nov 7, 2018 8:49pm Nov 7, 2018 8:49pm
Oh and a more experienced trader suggested that I do babypips again (even just sections of it) because the second look will make more sense now that I have some basic knowledge and have tried out a few things on demo.
  • #34
  • Nov 13, 2018 8:17pm Nov 13, 2018 8:17pm
Many traders can manage more than one currency pairs for trading but if you are pro trader then focusing on single one pair is better for you.
  • #35
  • Nov 14, 2018 12:21am Nov 14, 2018 12:21am
Quoting Butterscotch
Many traders can manage more than one currency pairs for trading but if you are pro trader then focusing on single one pair is better for you.
Why would it be better to limit yourself? Geez...
Necessity knows no law except to conquer
  • #36
  • Nov 14, 2018 8:01am Nov 14, 2018 8:01am
It depends on trading conditions , as a newcomer you can follow all major pairs but not in a live account , you can trade in demo to see the performance how it works , following too many currencies always supportive to increase trading ability but at the same time sometimes it causes great hamper when trading practically.
  • #37
  • Nov 14, 2018 9:10am Nov 14, 2018 9:10am
I agree. If you're a newbie, stick to the major currency pairs, don't start your trading journey by trading exotic, you may end up losing your account rather quickly if you do.
  • #38
  • Nov 14, 2018 9:32am Nov 14, 2018 9:32am
any major pair is safe for any kinds of traders particularly for beginners, newcomers should use it first in demo then in a cent account.
  • #39
  • Nov 17, 2018 9:31am Nov 17, 2018 9:31am
Quoting NathanAstel
any major pair is safe for any kinds of traders particularly for beginners, newcomers should use it first in demo then in a cent account.
How many currency pairs do you prefer to trade at the same time?
  • #40
  • Nov 17, 2018 12:36pm Nov 17, 2018 12:36pm
If you are looking for unbridled volatility then go for the Dragon of Forex Market: GBP/JPY.
However, whatever you do, you need to follow the Dollar Index at all costs.
Compare Dollar Index (DX on investing.com) with Euro, and you will find an amazing correlation: they are inversely correlated.
Then you move on to Pound which is positively correlated with Euro.
As GBP and Euro moves almost always in the same direction you can consider them as one.

Next up is your choice whether you want to follow Yen or Australian Dollar. As a rookie you might want to look into AUD/JPY. It is a pair whose price is below 100 in the market. It means that if you have a 1000 dollars in your account and you buy a micro lot there is no way your account will get washed out . But that too if you are a buyer only. Be a buyer. Buy in dips. Selling will make you weak psychologically for trading.

Similarly if you have 10,000 dollars in your account then buying a mini lot of AUD/JPY will also ensure that you do not lose your money. Do not take big risks. Begin small.

Most importantly only follow ONE item in the forex market. Some like gold for beginners. As you cannot dx directly Euro should be your choice if you want to trade in currencies.

In the end, follow only one and only product. Those who make money in forex are usually the ones who trade in one product only.

Pick one currency pair only so that it is easy for you to follow its news as well as economic indicators. Following two items is always bereft with danger.
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