A beginner should follow one currency pair only, because we all know Forex is risky and managing that risk takes time.
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Agrre with you , trading on many currency pair can make beginner volatile and confused , so it is more appropriate to follow just one currency pair and it should be major of curse , because ,major pair always safe and secure than others.
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Joined Mar 2016
|578 Posts
That is right, focusing on single major pair can be good for any beginner or expert. That way traders can be more clear about their trading, and it will easy to manage one pair trading.
{quote} Agrre with you , trading on many currency pair can make beginner volatile and confused , so it is more appropriate to follow just one currency pair and it should be major of curse , because ,major pair always safe and secure than others.
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yes, trading on major pair always positive for any kind of traders above all beginners level , still besides live trading i use all major pair in demo , its very supportive to enhance my trading performance rapidly.
{quote} yes, trading on major pair always positive for any kind of traders above all beginners level , still besides live trading i use all major pair in demo , its very supportive to enhance my trading performance rapidly.
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....
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I agree with you. But I recommended GBP/JPY, EUR/JPY, EUR/GBP. I trade a lot in EUR/GBP pair.
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Joined Jul 2020
|129 Posts
The fewer currency pairs you choose in Forex trading, the better for trading. The better the relationship you have with a pair, the better for trading. I have an acquaintance with a trader that the trader only works with one pair. I told him many times that there is a lot of good movement in other pairs but he doesn't listen to anyone and he says I am getting very good profit by trading in one pair. He has become so attached to a pair that even if everyone loses on that pair, he brings profit from that pair.
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Joined Jul 2020
|131 Posts
To me the fewer pairs you choose the better. Every pair has it's own kind of characteristics and moving patterns. If you follow a lot of pairs you will not be able to learn this. I personally only follow GBPUSD and EURUSD and trade on only GBPUSD.
