Trading one currency pair

Hi everone
Am new here but always knew bout forex trading
Would just love to know whether it is advisible to just concentrate on on currency pair rather that trying to follow all the currency pair

Questions make one a better trader


Thanks

Yes, it's better to study one pair and learn it really well than to have a mild understanding of many... I trade the USD/JPY

Just starting out sure, focus on one. It also depends however what your techniques are. If you build a system based on indicators for 1 pair based on its characteristics (movement, range, timeframe, etc) then that system may not work well on other pairs. If you use price action (candlesticks, patterns, support/resistance, etc) then those work on all time frames quite similarly, so in that matter you can watch more pairs.

definitely one pair.
I trade other pairs now and then to catch a few extra pips, but I learn about and trade one pair. It is better to become an expert on one pair than to juggle many pairs esp. when you are starting out.

to get some good ops i think you have to understand first the relations between crosses.

example, understand what yen strenght can be about and then choose your best option.

lets say, yen weakened a lot but in a cross we have a currency who is overbought, which cross you gonna short?
i bet this, cause is probably gonna plunge by 2 factors, so chance increases.

understand relationships can be nice, then you gain some good confidence and your winning ratio can increase.

Welcome to ForexFactory.com

Practice with one pair until your completely comfortable with it. When you feel like you can watch another, go for it.

I hope that you enjoy trading the forex as many of us do and wish you a Happy New Year

I'll add up to what the guys before me said

Trade at the begging one pair, it's better and easier to be against the dollar, and choose a pair that it has volumes and news releases during your trading hours.
My suggestion is also to stick to the majors one: eur/usd, gbp/usd, usd/jpy or usd/chf. Or you could choose a currency that is lead by a commodity like usd/cad and oil

Instead of opening another thread I will use this existing one as the topic is exactly what I wanted to discuss.

So, in trading one pair only, which many people advise to do, I understand that the benefit is that you are really getting to know your only pair in depth. But what specifically to look for?

I was trying to come up with a list of ideas. I understand that what you are looking for depends on how you trade, so it probably not only the currency pair specific but also each trader specific so maybe my attempt won't go anywhere, I am not sure. So far I have:

1. how deep the retracements are
2. how it reacts to support and resistance
3. how it reacts to news
4. how it behaves in different time of the day, on different sessions
5. what it correlates to
6. what kind of bar typically starts a move/reverse
7. finding its rhythm on each timeframe (like the idea but don't understand what specifically to look for to get it)
8. is there any specific tool, like certain ema etc which describes its movement really close, a combination of tools
9. atr at different times/sessions
10. how it reacts to gaps if any

That's about all I could think of. I am sure there must be much more. Any ideas?