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Specialize in only one market

  • #21
  • Aug 12, 2016 10:56am Aug 12, 2016 10:56am
Hi!

My perspective is why limit yourself? All markets are inter-correlated with each other. Some traders even use it as price discovery.

Cheers!
Safe Trade with Conviction and Win or Gain Profit Consistently
  • #22
  • Aug 12, 2016 11:47am Aug 12, 2016 11:47am
Quoting maximuscx
Hi! My perspective is why limit yourself? All markets are inter-correlated with each other. Some traders even use it as price discovery. Cheers!
Hi. Limiting yourself can be bad but in this case as a beginner I think it is a good idea. I have not made a decision wether I am going to only trade one market or not.
  • #23
  • Aug 12, 2016 11:51am Aug 12, 2016 11:51am
When you truely understand FX, you will realize Currencies and Commodities are the same market and affect one another. The emerging markets in particular tend to hold a strong relationship to the price of commodites. When commodites fall pairs like ZAR BRL MXN etc fall as well.
Quant Trader - My Blog: quantstop.blogspot (dot) com
  • #24
  • Aug 12, 2016 8:57pm Aug 12, 2016 8:57pm


Don't be stupid!

Trading forex like fishing at sea. Trade *only one pair* like going to sea without checking the weather.

EUR/USD is up, you take long EUR/USD because you trade only EUR/USD, you will have a hard time if EUR/JPY is down.
When you lose, I'm the loudest who laugh at your face )
  • #25
  • Aug 12, 2016 11:28pm Aug 12, 2016 11:28pm
Quoting swetrader
Hi traders and FF members, I have been thinking lately about trading ONLY one currency pair/commodities/stock (whatever market you like to trade). There is two reasons why I think it is a good idea. I have a full time job and do not always have much time to spend with the computer going over a lot of different markets. The second reason that have been running through my head is, if you specialize in example GOLD or EUR/USD you should become a "expert" trading the market. Am I wrong? I opened this thread because I want to discuss the benefits and...
Hello,

I am trading exclusively EURUSD, it's much better I think because you are much more confident about the sentiment you have on the pair, thus making it less emotional. I do a dozen trades a day in average lasting 1 hour, why would I get myself all over other currencies and just had chaos to the already chaotic market ?
LDFX Trading Ltd
  • #26
  • Aug 13, 2016 2:44am Aug 13, 2016 2:44am
Quoting Zelo
Don't be stupid! Trading forex like fishing at sea. Trade *only one pair* like going to sea without checking the weather. EUR/USD is up, you take long EUR/USD because you trade only EUR/USD, you will have a hard time if EUR/JPY is down.
Hi Zelo. What I mean is to only place trades on e.g. EUR/USD but still have a eye on other markets which may be affect EUR/USD price.
  • #27
  • Aug 13, 2016 2:50am Aug 13, 2016 2:50am
Quoting LDFX
{quote} Hello, I am trading exclusively EURUSD, it's much better I think because you are much more confident about the sentiment you have on the pair, thus making it less emotional. I do a dozen trades a day in average lasting 1 hour, why would I get myself all over other currencies and just had chaos to the already chaotic market ?
Interesting. You are daytrading, right? I want to take a little more longer positions. Swingtrading.
  • #28
  • Aug 13, 2016 3:12am Aug 13, 2016 3:12am
Quoting swetrader
{quote}I want to take a little more longer positions. Swingtrading.
If so, you should add more pairs. You have a whole weekend to analyse markets. Or it will be boring!
When you lose, I'm the loudest who laugh at your face )
  • #29
  • Aug 13, 2016 4:12am Aug 13, 2016 4:12am
Quoting swetrader
{quote} Interesting. You are daytrading, right? I want to take a little more longer positions. Swingtrading.

Yes I am, I understand for longer term to screen multiple markets in order to have more opportunities, it can also be done by switching to lower time frames on only one market, works great for me so far, you get really to feel the pair you trade all day long, support, resistance, behavior, range, fundamentals, etc...
LDFX Trading Ltd
  • #30
  • Aug 13, 2016 4:29am Aug 13, 2016 4:29am
Hi! Agree with Zelo, use your weekend to analyse markets. You may want to search for every Major Currencies CB websites to get the initial idea (Look at their target, current data and current challenges). Open few websites discussing about Major Currencies and comparing their analysis. The rule of thumb is to determine all these Major Currencies fundamental. Then you'll know the trend. At least, this is sufficient for you to get the idea on where to start your SwingTrading. Technical itself is not sufficient to safe your back when the sentiment as out of control. You can say it is working. The truth is how long can you survive in the market with your capital without being swiped off and force you to re-depo your capital.

Have a Safe Trading

Cheers!
Safe Trade with Conviction and Win or Gain Profit Consistently
  • #31
  • Aug 13, 2016 4:45am Aug 13, 2016 4:45am
Quoting maximuscx
Hi! Agree with Zelo, use your weekend to analyse markets. You may want to search for every Major Currencies CB websites to get the initial idea (Look at their target, current data and current challenges). Open few websites discussing about Major Currencies and comparing their analysis. The rule of thumb is to determine all these Major Currencies fundamental. Then you'll know the trend. At least, this is sufficient for you to get the idea on where to start your SwingTrading. Technical itself is not sufficient to safe your back when the sentiment...

Sounds so complicate, analyzing the technical and fundamentals of already 1 pair is tremendous work, so a few..., no need to make it a science IMHO.
One could argue that it is not a thread about time frame, but I would answer that it is a lot correlated, trading on short time frame gives you much more opportunities so you can trade only one pair, which for me is a real advantage.
LDFX Trading Ltd
  • #32
  • Aug 13, 2016 4:55am Aug 13, 2016 4:55am
There are many good suggestions here. My suggetions are:

 

  1. Clarify for yourself why you want to trade Forex. Why forego other markets? You could trade a portfolio of markets e.g. equities (some low-priced stocks can give returns of 1000% or more in a few years), foreign equities markets indices, ETFs of market sectors e.g. energy, and forex. Only you can decide how risk averse you are and what your required return on investment is. For example, if you want a return of 100% p.a then you wont invest in the SP500 because it does not deliver such profits.
  2. Short term trading is risky. Several posters have alluded to the problems of day trading and how news releases can wipe out trades. Your first priority is to preserve your day job as it provides your basic needs. You cannot afford to be continually distracted at work by wondering how your trades are doing. So, as others have suggested, use longer term charts for trading decisions.

  • #33
  • Aug 13, 2016 4:57am Aug 13, 2016 4:57am
Quoting maximuscx
Hi! Agree with Zelo, use your weekend to analyse markets. You may want to search for every Major Currencies CB websites to get the initial idea (Look at their target, current data and current challenges). Open few websites discussing about Major Currencies and comparing their analysis. The rule of thumb is to determine all these Major Currencies fundamental. Then you'll know the trend. At least, this is sufficient for you to get the idea on where to start your SwingTrading. Technical itself is not sufficient to safe your back when the sentiment...

I would add that this is the worse thing to do, unless you want to add more confusion, keep it simple, it is not a science.
LDFX Trading Ltd
  • #34
  • Aug 13, 2016 5:08am Aug 13, 2016 5:08am
Quoting Shabs19
You could trade your favoured currency pair and keep one eye on the rest using a currency strength meter. There are many available on this forum.

Hello Shabs,


would you mind to elaborate why keeping an eye on other currencies while trading only one ?
LDFX Trading Ltd
  • #35
  • Aug 13, 2016 5:37am Aug 13, 2016 5:37am
Hi LDFX,

It seems complicated and difficult only at the early stage. You can just update the status quo once you are in picture. Its like you first driving your car. You won't see you gear during driving once you've got the license. My 2 cents.

Cheers!
Safe Trade with Conviction and Win or Gain Profit Consistently
  • #36
  • Aug 13, 2016 6:25am Aug 13, 2016 6:25am
Quoting LDFX
{quote} Hello Shabs, would you mind to elaborate why keeping an eye on other currencies while trading only one ?
The OP mentioned the time factor analysing all currencies due to to his full time job and whether he can specialise in only one pair.

He could do this by observing strengths & weaknesses across the major pairs to see the flow either into or out of one side or both sides of his
specialist pair. Easily done by looking at the indices of major pairs and their daily performance. Sites such as finviz are worth looking at.
Currency strength meters are also another way of guaging overall strength / weakness of the majors.

Also he could simply do his analysis on a single pair, depending on his technical skill & knowledge of the pair.
It never gets easier, you just get better
  • #37
  • Aug 13, 2016 6:31am Aug 13, 2016 6:31am
Quoting swetrader
{quote} Hi Shabs19. That may be a good idea. Never had any experience with a currency strength meter so not 100% sure how to use one correctly.
I am not endorsing or promoting anyone in particular, do your own research on the platform tech forum. One popular one is the MADash.
Plenty of discussion on how to use the tool.
It never gets easier, you just get better
  • #38
  • Aug 13, 2016 6:52am Aug 13, 2016 6:52am
Quoting Shabs19
{quote} The OP mentioned the time factor analysing all currencies due to to his full time job and whether he can specialise in only one pair. He could do this by observing strengths & weaknesses across the major pairs to see the flow either into or out of one side or both sides of his specialist pair. Easily done by looking at the indices of major pairs and their daily performance. Sites such as finviz are worth looking at. Currency strength meters are also another way of guaging overall strength / weakness of the majors. Also he could simply do...

It make sens.
LDFX Trading Ltd
  • #39
  • Edited 7:06am Aug 13, 2016 6:54am | Edited 7:06am
Quoting maximuscx
Hi LDFX, It seems complicated and difficult only at the early stage. You can just update the status quo once you are in picture. Its like you first driving your car. You won't see you gear during driving once you've got the license. My 2 cents. Cheers!

If driving a car is trading, then I can say I am racing.

The gears are at my finger tips and no automatic, and I can only be the best pilot at one car at a time and better be it mine that I drive every day.
LDFX Trading Ltd
  • #40
  • Aug 13, 2016 7:12am Aug 13, 2016 7:12am
Quoting LDFX
{quote} If driving a car is trading, then I can say I am racing. The gears are at my finger tips and no automatic, and I can only be the best pilot at one car at a time and better be it mine that I drive every day.
You not only have to master the car but the track also. Conditions of both can change at any time.
Winning the race is as important as coming out alive after the race.
It never gets easier, you just get better
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