Is it best to start with just one currency pair to learn fundamentals?

[ElaineMDG]

We have many options in selecting which is the best currency for us and the main reason is that if we are trading in the currency pair that we are comfortable with then it will be easier for us

YIKES!! I found out the hard way this morning, that even if you see a great setup, that meets your strategy perfectly, and trade it in the middle of the night (US time), that these huge spreads can catch you off-guard!! I ended up paying a *12-pips spread* on GBPAUD this morning!! Although I won the trade; it certainly wasn't worth 12 pips just to take it!
I think I'd better stick with the USD pairs for awhile!

 

[EURUSD]

YIKES!! I found out the hard way this morning, that even if you see a great setup, that meets your strategy perfectly, and trade it in the middle of the night (US time), that these huge spreads can catch you off-guard!! I ended up paying a *12-pips spread* on GBPAUD this morning!! Although I won the trade; it certainly wasn't worth 12 pips just to take it!
I think I'd better stick with the USD pairs for awhile!

Very big spread maybe, what broker that used, maybe they not offer fixed spread so they can increasing spread if there are the market move very volatile, but as I know gbpaud included on cross pair and usually has bigger spread if compared with major pair

 

[ElaineMDG]

Very big spread maybe, what broker that used, maybe they not offer fixed spread so they can increasing spread if there are the market move very volatile, but as I know gbpaud included on cross pair and usually has bigger spread if compared with major pair

I actually spoke with the broker about it yesterday & they said it was because of 2 news announcements-although they were supposed to be "minor". He said to expect large spreads with GBP until Brexit decision in June as they expect a lot of volatility.

 

[EuroTrader]

I actually spoke with the broker about it yesterday & they said it was because of 2 news announcements-although they were supposed to be "minor". He said to expect large spreads with GBP until Brexit decision in June as they expect a lot of volatility.

I have been doing my trades in this pair and i have seen that the losses were more as i was not able to get the trends correctly

 

[ElaineMDG]

I have been doing my trades in this pair and i have seen that the losses were more as i was not able to get the trends correctly

I had my WORST trade, (by FAR!!) with GBPNZD last week. Actually, I entered OVER a week ago, (a week ago last Thursday), with the intention of following the trend long-term. It had met my qualification for my price action strategy (can't remember off-hand, but can look it up if anyone is curious), PLUS there were 2 other bearish continuation signals. Thank GOD it was only 2 microlots-STILL the biggest hit I've taken!! It SHOULDN'T have been QUITE that bad-but because I'd been stopped out on other attempts at long term trades, (I did good on 4 of them in the past month, got stopped out on two); I was overly cautious and used WAY too big of a stop loss!! I was just SO sure it couldn't be a reversal-even had Anna and David Coulling on their webinar a few nights ago, assuring me that both the technicals AND fundamentals were still signaling further down-trend.
Of COURSE, just an hour after I got stopped out yesterday, it started showing some bearish patterns... ((Sigh)) :,(
I'm going to take a break from charts today, get some things done around the house, maybe bake something for my new neighbors who are moving in. Then, I have some videos marked to watch on Sunday by Chris Capre on Price Action; as well as one on mindfulness and meditation for traders he did. I also practice meditation and yoga, so I'm hoping to hear "what I need", (so-to-speak )

I've also decided to stick with the USD pairs, maybe EURJPY; but as the topic of this thread implies, I need to just concentrate on more familiar pairs (not to mention a more reasonable spread), and DEFINITELY stay away from GBP for now. The ONLY GBP pair I didn't mess up this week was EURGBP-even THAT is now OFF my list altogether!!

 

[EURUSD]

I have been doing my trades in this pair and i have seen that the losses were more as i was not able to get the trends correctly

This is normal on pair that has high average movement, I am also trying luck on usdjpy now and sometime jpy has large volume transaction and pair move more volatile, similar with eurjpy and gbpjpy, last week move on large pips

 

[idimitrov]

Yeah, I would say that even if you are intermediate or advanced , you should be focused on small group of currencies.

 

[EuroTrader]

This is normal on pair that has high average movement, I am also trying luck on usdjpy now and sometime jpy has large volume transaction and pair move more volatile, similar with eurjpy and gbpjpy, last week move on large pips

I would tell you to stay away from trading in the USDJPY as of now and the reason is that many traders are facing loss in this pair due to uncertain currency movements

 

[ElaineMDG]

I would tell you to stay away from trading in the USDJPY as of now and the reason is that many traders are facing loss in this pair due to uncertain currency movements

See my post on the other thread...just a PS to that thread: my USDJPY trade I closed out this AM. While I had a decent 30 Pip gain, 5.1 was SPREAD! That's what I get for trying a "US Only" broker. Thank God it was a demo! (Because of the loss I took in the AUDUSD pair) I'll review this broker after a few more days.

 

[mlawson71]

My spread on USD/JPY is currently just one pips. I have no idea what it was during the news though, I've seen increases to 10, even 15 pips. It makes it almost impossible to trade during that time.