5 Things I have learned in 5 years of trading!

[momo3HC]

There are patterns that are clear to see on a daily basis if you study one pair. No need to jump between pairs as many do.

Good advice. Focus is essential.

 

[sebking1986]

Directed focus certainly.

 

[Larosh]

Focus on one pair is indeed good for understanding the character pair, but sometimes traders learn the correlation between pairs, this also gives valuable lesson if every pair has uniqueness correlation

I am from this type of traders!!! I always explore the correlation and mutual influence of the particular currency pairs and it brings me not only a real satisfaction, but also it helps me to understand the regularities happened from time to time to the market.
It's quite fascinating, I try to trade either major currency pairs or cross ones, but sometimes I can even look at the gbp/brl pair for example and make particular conclusion about the sustainability of the pound. Yeah, sometimes it's just a waste of time, but I don't regret. It brings me knowledge, it brings me particular skills then why I should refuse such an interesting activity? =)

 

[Lainadar]

It seems to me that it's cool to talk here about trading strategies.
I mean that one and the same strategy may be suitable for one trader and another will not like it.
It is like a design program for a web designer: some choose Figma, others like Photoshop or XD.
Even if you don't know this software you know what I mean.
Trading strategy depends on 3 things:
- character of the trader;
- favorite assets;
- trading method.
I'm sure everyone agrees with me!

 

[Kelemeena]

Certainly most major pairs are interconnected and influence each other to some extent, and it's good to understand that. However, exploring several pairs at the same time is only really advisable to experienced traders.

Sure. I wonder why there are some rookies who take several pairs into consideration and tracking right away. probably, they don't know that such actions and moves will never lead them to something outstanding and never help them to reach the success. Multitasking is a perspective strategy and skill, nevertheless it's not for newcomers at all. Even professional traders stay off the idea of trading several pairs simultaneously, because there is nothing good in it.

First things first, rookies have to pay attention to major currencies or cross ones, because they have a high liquidity and it means that it's easier to trade them.

 

[fxoday]

Actually, we can focus trade one instrument trading, while we can explore learning another instrument, demo account can be utilized since we can trade on real trading on another computer or trading platform.