andisatria Posted February 1, 2013 Share Posted February 1, 2013 I really do not recommend beginners to trade with currency pairs using a lot because it will only lead to huge losses for them better trade using only one currency pair only because it would have produced a better result analysis and can also be get a good profit Quote Link to comment Share on other sites More sharing options...
Syrine22 Posted February 1, 2013 Share Posted February 1, 2013 Yeah that's true.Trading with different pairs would only be making them kind of get distracted and when they are their chances of losing would be high due to their negligence.sincerely newbies got to wise when they starting forex trading. Quote Link to comment Share on other sites More sharing options...
pepy Posted February 1, 2013 Share Posted February 1, 2013 Its always better to start off with currency pairs that are more popular and there is good information available to help with analysis before jumping to others as a newbie. When you are comfortable then you can move to other currency pairs and take it from there. and EUR/USD is the most popular , i also start with that pair and still dominate my trading activity rather than other currency, move to the other or trade with other pair will not hurt anyone, if you can manage it why not? if you know what are you doing, then you can go. some people even get decent profit from other currency pair Quote Link to comment Share on other sites More sharing options...
Syrine22 Posted February 2, 2013 Share Posted February 2, 2013 It is widely said that climbing a ladder of success isn't an overnight thing.it requires that we go taking a step at a time.how can we take a step at a time??we must ensure not to conbine so many things at a time such as trading pairs so that we concentrate. Quote Link to comment Share on other sites More sharing options...
riddick09 Posted February 2, 2013 Share Posted February 2, 2013 It is going to take time to learn how a pair reacts in the market. It will be also not easy to trade even in one pair because, we should learn the pair and it's relationship in other pairs which have directly effect in the said pair. It's obvious that we need to learn other pairs to have better trading because, we will just have limited information in a certain pair which we can't maximize the potential of making profits. Quote Link to comment Share on other sites More sharing options...
PROPENSITY100 Posted February 2, 2013 Share Posted February 2, 2013 I think concentrating on a few currency pairs is better than concentrating on all the pairs. I prefer currency pairs with lower spreads like eurusd, gbpusd and eurjpy. Concentrating on a few currency pairs makes us more expert in these pairs and helps us to know their behavior and style better. Quote Link to comment Share on other sites More sharing options...
chintu Posted February 3, 2013 Share Posted February 3, 2013 I think depending on the situations you can go with any of the currency pairs and i am sure that it is not a big task to trade with all the currency . If you know trading then you can trade with any of the currency . But i see that most of the times traders will be trading with the major currency pairs so i think first preference will be given to the major currency pairs . Quote Link to comment Share on other sites More sharing options...
riddick09 Posted February 3, 2013 Share Posted February 3, 2013 Always, we will see that major pairs as traded by many traders. This is no surprise because, everybody wanted to have volatile pairs that will be have their trading worked. I don't think they can't target of 100 pips or more in a non volatile pair in a short period of time or to do scalping in those not volatile pairs. So, it's technically peculiar to the traders to have this strategy. Quote Link to comment Share on other sites More sharing options...
pepy Posted February 5, 2013 Share Posted February 5, 2013 I think depending on the situations you can go with any of the currency pairs and i am sure that it is not a big task to trade with all the currency . If you know trading then you can trade with any of the currency . But i see that most of the times traders will be trading with the major currency pairs so i think first preference will be given to the major currency pairs . but there is someone who think that combined more than one pair is a bad thing to do, but i think people should know the condition of market, that is so bad if they don't even know and only stick with one pair of currency, focused to one pair currency is okay but you also need to see other currency pairs condition/movement, if you can trade aside from your pair currency that you choose right now, it will be good to move. Quote Link to comment Share on other sites More sharing options...
budado Posted February 5, 2013 Share Posted February 5, 2013 I'm sure newbies has hard time understanding and monitor one pair so I doubt if he can monitor multiple pairs. I'm trading eur/usd for five months before I add another pairs. that's how long its take me to understand the basic rules of forex trading and once I understand it its easy for me to apply in other pairs as well. But if you going to start with multiple pairs. I doubt if you going to understand how to monitor and analyst each pairs. Quote Link to comment Share on other sites More sharing options...
PROPENSITY100 Posted February 5, 2013 Share Posted February 5, 2013 It depends, I prefer currency pairs which have low spreads like eurusd, gbpusd and eurjpy. However I often trade with other currency pairs but just for a change. Selecting a few currency pairs enables us to give more concentrations towards those pairs and on the economic developments effecting the selected pairs. Quote Link to comment Share on other sites More sharing options...
Syrine22 Posted February 6, 2013 Share Posted February 6, 2013 It isn't for you.if you are a professional,why shouldn't you be going for many pairs.I would still be standing on the fact that newbies shouldn't be getting their minds divided but should be sticking to just a pair at every point of time till they mature. Quote Link to comment Share on other sites More sharing options...
pepy Posted February 6, 2013 Share Posted February 6, 2013 2 pairs already enough for me, 3 is okay but i will try it later if i see that other pairs currency have better movement, it is better to consult with the other experienced forex traders, becuase it will give us more chance to earn knowledge from them and know which is the best pairs to trade Quote Link to comment Share on other sites More sharing options...
riddick09 Posted February 8, 2013 Share Posted February 8, 2013 Well, depends to you. As long as we can say that these 2 or 3 pairs are related to each other to learn their relationship and connections to learn further the market and those currencies. Because, there are pairs that have direct impact to other pairs which we can use in our trading. For example, USD will have stronger value overall then, the pairs connected to it will surely have weaker to dollar at that time or might have such chances. Quote Link to comment Share on other sites More sharing options...
pepy Posted February 19, 2013 Share Posted February 19, 2013 and for newbie for their first time to trade i think it is better to start with one pair currency, when you gain more confidence i think it is good to take other currency pairs which profitable, i have plan to switch from EUR/USD, and i think i agree with riddick here in fact we can see that USD traded in many currency pairs Quote Link to comment Share on other sites More sharing options...
standart Posted February 20, 2013 Share Posted February 20, 2013 if the goal is learning, it doesn't matter as far as newbie trading in demo account only. but it will only waste the newbie time in learning and in this case, better newbie choose one pair only and stick to learning with it till understand the habit before jump to another pair. Quote Link to comment Share on other sites More sharing options...
rexway Posted February 20, 2013 Share Posted February 20, 2013 Its not good for the newbie to trade on all the currency pair this may result in some serious loss even the advance trader dont trade in all pair let alone newbie which is very dangerous Quote Link to comment Share on other sites More sharing options...
pepy Posted February 23, 2013 Share Posted February 23, 2013 if the goal is learning, it doesn't matter as far as newbie trading in demo account only. but it will only waste the newbie time in learning and in this case, better newbie choose one pair only and stick to learning with it till understand the habit before jump to another pair. i think if they have some experience in other currency and that currency truly give them profit i think that is not a big deal, switch to the other currency pairs is not a sin for traders, just make sure that they know what they did and also with more currency pairs at least we will gain experience there Quote Link to comment Share on other sites More sharing options...
riddick09 Posted March 2, 2013 Share Posted March 2, 2013 Hmm, there's no such truly give them profits but that they can make profits or familiar on how the market on that pair or currency works. So, it's best that we should choose the pairs or currencies that we are good or convenient on learning and knowing it's nature. So that, we will have the advantage and use it for better trading. Quote Link to comment Share on other sites More sharing options...
budado Posted March 6, 2013 Share Posted March 6, 2013 If you can't master one then how can you make profit in other pairs? that's why its good to master one pair at a time. Me its take me six months to master one pairs and when I jump to eight pairs hoping to exagerate my earnings I end up getting multiple MC and that's why I'm back to square one in which I'm maintaining three pairs and not eight as I use to. I want to have a strong accounts and pairs first before I expand again. Quote Link to comment Share on other sites More sharing options...
chintu Posted March 9, 2013 Share Posted March 9, 2013 No problem we can trade with all the currency pairs . If we know how to trade then all the currency pairs are same and we can trade them . There will be some currency pairs which will not give profits to the traders so its better to avoid that currency pairs most of the times . I suggest EUR/USD currency pair to be the best one for newbie traders to trade with . Quote Link to comment Share on other sites More sharing options...
riddick09 Posted March 9, 2013 Share Posted March 9, 2013 The problem is that are we able to familiar or recognize those pairs because, if we don't know how the trading there then, we can't make good analysis or not have good chance of profits. We should be more wise to have major pairs before other pairs like those exotic pairs that rarely to have analysis or signals from other traders. Quote Link to comment Share on other sites More sharing options...
pepy Posted March 11, 2013 Share Posted March 11, 2013 No problem we can trade with all the currency pairs . If we know how to trade then all the currency pairs are same and we can trade them . There will be some currency pairs which will not give profits to the traders so its better to avoid that currency pairs most of the times . I suggest EUR/USD currency pair to be the best one for newbie traders to trade with . but for some newbie they will have problem with this site currency option, with that thing they need to understand more market movement of that currency before trade since i think mostly new traders really want to get fast profit, but it is better to choose which is safe currency pairs rather than only want to do experiments Quote Link to comment Share on other sites More sharing options...
budado Posted March 13, 2013 Share Posted March 13, 2013 If you make money trading multiple currency then why not. My point is this. Theirs no don't and won't in forex trading even if you are a newbies as long you can handle the situation the right away. Most newbies though started to trade in forex without even doing some reviews and research and practice in demo account. So how do you expect them to learn and earn in forex? While other newbies has spend months attending seminars and practicing trading so of course they can handle multiple pairs right away. Quote Link to comment Share on other sites More sharing options...
gaban Posted March 14, 2013 Share Posted March 14, 2013 Not a problem just it's too risky. Better to trade with one pair to be focused while trading and we can make maximal profit from pair that we're using now. I also use one pair only when trading with instaforex. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.