Specializing in multiple pairs or just one?

I'm a new member to FF and am looking forward to picking up a few tricks of the trade to help improve my own trading. As soon as I think I have something figured out... the rules change on me. Now I just focus on the "general principles" and carve my own path from there.

My first (of many, I hope) group of questions directed to those more experienced (and hopefully profitable) FX traders out there...

Do you find that each pair has it's own "personality" (whether that be a range or a way of reacting to news, etc).

Do you focus on trading just the one pair you know the best or do you trade multiple pairs? If so, why and how many do you juggle at once?

Thanks in advance for the guidance!

...AggieTrader...

My advice is to focus on one pair when you're starting out. One system and one pair until you really get the feel of the pair you're trading. Then move on. Don't get distracted when you're new trying out every system that someone mentions and jumping around from pair to pair. It won't help your results.

Squid

one pair. my strategy was to find a pattern on one currency, fine-tune the pattern till everything was very simple and specific and profitable, and just trade this one pattern on this one currency.

That sounds intelligent .

Thanks for the feedback! Now... here's the magic question...

How do you know when you know you've "got it down?" Profitable for a few weeks, months, years?

I agree starting with one pair seems the best route... just not sure when it's good to make that move to adding another.

...AggieTrader...

Easier to say than put into practice but my sugestion would be to study Momentum.
Not by plunking a MOMMA on a chart and watching the line though.

Do this by scrolling to the Leftmost bar on a Naked Chart and Zoom in. Then Study the Rightmost bar on the chart as you scroll One bar at a time to the most Current Bar on the Chart.

It is Important that you practice having to make a descision On Every Bar as it appears. Enter, Hold, Exit, Flip?

Doing this will teach you to include the historical inner intricacies of the Pair under the microscope so to speak. Not to mention that there is more to CS Patterns than the last 3-5 sticks.

After less time than you probably think, you will be looking at that chart in Standard Zoom and saying things to yourself like {We All speak to ourselves All Day, Don't we}
"Wow! Opprtunity Knocks. I better have a closer look at this one."
"Any Reprots due?"
"How does it look on a Higher Timeframe?"

btw, The higher Timeframe will be just as easy to read.

Once you are through the woods on this one, you will instantly recognize Indicators {if reqd.} that suit Your Style as they will read in accordance with you thoughts.

Good luck and see you at the Grad.
{I'll be the chaperone in the corner with the laptop}

start with one pair, and work with it until you think you are very comfortable with it, once you are then its best to move on. being very good at trading one pair is better than trading half-assed with 10 pairs.

Sure each pair has its own unique behavior. Some systems can work fine on one pair and fail on others. There are systems that work on some group of pairs, etc. So, how many pairs you can trade, - it depends on a trading system you use. Example, I use trendlines in my analysis, they work for about 10-15 pairs. So I trade all of them!