Specializing in one setup | Forex Factory

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Specializing in one setup

  • #1
  • First Post: Nov 26, 2009 8:01pm Nov 26, 2009 8:01pm
I'd like to hear what your thoughts are about trading just one setup in many different pairs vs trading just one pair. There's one setup that I like to trade over and over and I would have a few more opportunities if I scanned through the pairs to find the best looking setups. This is what I'm leaning toward doing right now. However, I've been trading just e/j for a while and I've gotten really attached to it.

What do you guys think and do any of you take one of the above approaches?

Many thanks.
  • #2
  • Nov 26, 2009 8:14pm Nov 26, 2009 8:14pm
Also, for the traders on this site that do only trade on setup...how did you develop the discipline? I can force myself to do it for a little while but then I lose some control and take some trades that I should not. What I'm doing at the moment is challenging myself to keep a tally and do 100 straight trades of only that one setup.
  • #3
  • Nov 26, 2009 8:28pm Nov 26, 2009 8:28pm
Two thoughts:

 

  1. Always put all your eggs into one basket. Goes contrary to conventional advice, but it means you have to pick the one currency pair (or other investment) that you are most confident in performing the way you analysed it. This approach is explored in great length and detail by Gerald Loeb in his "The Battle for Investment Survival", on of the best books on trading/investing I have ever read.
  2. Most trading systems work if you can only follow them and not let emotions get the better of you. Stick to one system that you are comfortable with for all your trading so that you can be consistent, disciplined and confident. Trade live when that system is second nature to you.
    An interesting discourse can be found in this free Webinar (in two parts); long, but in my opinion very valuable, even if you just pick up the philosophy and work with different indicators etc.:
    http://transcripts.fxstreet.com/2008...y-webinar.html
    http://transcripts.fxstreet.com/2008...y-webin-1.html

  • #4
  • Nov 26, 2009 9:19pm Nov 26, 2009 9:19pm
Quoting jesperweber
Two thoughts:
[list=1][*]Always put all your eggs into one basket. Goes contrary to conventional advice, but it means you have to pick the one currency pair (or other investment) that you are most confident in performing the way you analysed it. This approach is explored in great length and detail by Gerald Loeb in his "The Battle for Investment Survival", on of the best books on trading/investing I have ever read.[*]Most trading systems work if you can only follow them and not let emotions get the better of you. Stick to one system that you...

thanks. that is some good info. i will look into that book as well.
  • #5
  • Dec 3, 2009 5:38am Dec 3, 2009 5:38am
Yes I agree, especially if you are newbie. If u try to pay attention to more than one currency pair at once it’s not going to be a good trade. I would even say, for newbies, not focus on many currency pairs at all until u get the heck of the market, currencies are very diff from each other.
  • #6
  • Dec 3, 2009 10:04am Dec 3, 2009 10:04am
Quoting shaking it
Yes I agree, especially if you are newbie. If u try to pay attention to more than one currency pair at once it’s not going to be a good trade. I would even say, for newbies, not focus on many currency pairs at all until u get the heck of the market, currencies are very diff from each other.
This is not what I meant by putting all eggs into one basket. I suggest analysing different currency pairs and timeframes, and then picking only one trade to go through with. Before entering another that trade has to be closed, if the trade should stay open no other trade can be entered.

Thus you will always pick the exact one trade that you are most confident in.
  • #7
  • Last Post: Feb 3, 2013 12:57am Feb 3, 2013 12:57am
i would look at two pairs and maybe two setups. any more and my brain hurts
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