Ideal number of pairs 4 beginner

I agree with those who said to start with one pair. Its always better to concentrate on one, and then you can build up.

It's is so common. Man, slow and steady, one by one, don't rush with 4 pairs. You have more than enough time to master all currency pairs. The better you start - the better you will continue.

Hi,

Am also a new trader and have been trading on demo for 5 months or so. From what I've encountered, EUR/USD seemed to be the more stable of the currencies to trade. I traded currencies combinations like USDCAD and noted it took quite a while to move and deliver the pips i expected (which are small - my strategy is smaller number of pips). While it lags, it gives me time to trade my strategy on other currency pairs. So to answer the question, i would state that the ideal number of pairs to trade differs with one's strategy but that as a beginner, its best to start with a few.

All in all, i recently got my first real account. Lets see how this goes. Trading is my new life.

Hi
Good luck to you Jud, this is really something changing your life.
I only think of starting a real account. While now trading on Demo. Like USD/JPY. The most stable currency pair I think.

The main reason a nubie should start with one pair is that it gives you time to learn nuances of just one pair. It also allows you time to study basics like MM and risk
management among other things you need to learn.

If you jump in and trade multiple pairs each individual pair price can be influenced by different things which will lead to confusion.

Thru my journey I concentrated on one pair at a time for years but I switched pairs occasionally. I only switched after months and months of watching that particular pair.

Everyone is different what worked for me may not work for you. But you want to give yourself time to learn some specifics first and you want some order in your trading life.

Set your rules and stick to them. If you don't make any rules your trading will be "chaos". That's the last thing you want.

Would someone please explain how much it costs to hold these positions overnight and whether its significant to quickly erode principal in a Micro account?

There is only one correct answer eurusd:

 

1. Tightest spread - easy to trade
2. Most traded currency pair
3. tightest intraday range.
4. A lot of information about it available.

Josef

You can trade as many as you want. They are all charts of peoples emotions. I’ve seen people start out with just one, and others that use them all and both have got similar results now so I would argue it doesn’t matter. The more important thing to focus on is your money management and trade execution across any pair.

I would say 1 or 2 depending on which ones they are, it all depends on liquidity.

If you can only handle one pair then EURUSD since it trades at all hours of the day.

If you want to do two then do a combination of two different sessions. For example, USDCHF (a european session) and USDCAD (a NY session). The smaller currencies could be a good starting off point because there is less to keep track of news wise.

Or what you can do is in a demo account trade any and all currencies for a while and check your results after a month or two. Which ever pairs you have the best "luck" with you can start focusing on.

The bold part is for sure the best solution.

All of currencies are correlated, more than or less. One, max 2 pairs is good option for beginner. Of course all depends of trading style, if you scalp, then you have to trade on one pair. If you prefer trading on H4/D1 it can be 30 pairs.