1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

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

Discussion in 'Beginners Bootcamp' started by Reggieroo, Oct 21, 2014.

  1. ElaineMDG

    ElaineMDG Corporal

    Joined:
    Feb 6, 2016
    Messages:
    119
    Likes Received:
    29
    I keep hearing from experts, (and I'm talking about REAL "experts", mentors and traders; that we will get to the point in our trading-successful trading-that the process should and "will" be "boring" to us.
    You know, I don't think I WANT it to ever become "boring", lol!!
    I didn't THRIVE in my work in Emergency Rooms in hospitals, fly search and rescue and disaster management with the Red Cross for almost 30 years because I like "boring"!! :p

    OKOK...YES, I *know* it's NOT even close to being the same; HOWEVER, I believe there's plenty of ways to keep the excitement up in this field AND consistently make a profit. Perhaps that's why, after the past 3 weeks, I've fallen in love with using the Fundamentals as my primary strategy...WITH of course some Technicals such as Trends and Support & Resistance, (simple Price Action concepts), included for entry, exit and stop-loss (Risk Mgt). Using this strategy makes it unlikely I'll be concentrating on just a set number of currency pairs.
    I suppose you *could*....but then it wouldn't be quite as "exciting"!! :D
     
  2. celeryleaf

    celeryleaf Corporal

    Joined:
    Mar 25, 2016
    Messages:
    91
    Likes Received:
    9
    Hm quite an interesting concept. I mean it was boring for me at the beginning to some extent but at the same time I was just startign out and you know this excitement of a new player. Thats how it was for me.
     
  3. EURUSD

    EURUSD Sergeant Major

    Joined:
    Mar 3, 2015
    Messages:
    1,120
    Likes Received:
    44
    Look on fundamental analysis how to work, often news high impact giving instant impact to currency, but sometime also will corelated with another currency, but might usually if trader look for news hence will focus on news that relation with currency that he traded
     
  4. EuroTrader

    EuroTrader Sergeant Major

    Joined:
    Aug 31, 2015
    Messages:
    1,019
    Likes Received:
    36
    Whenever we are doing our trades we have to look for the news and the events that may affect our trading and the profits that we can generate with the help of them :)
     
  5. downtrend

    downtrend Sergeant

    Joined:
    Dec 13, 2014
    Messages:
    846
    Likes Received:
    56
    When you will keep your learning limited to only one currency pair, then its obvious that you will learn quickly about that pair, as it won't take your attentions to other factors.
     
  6. dianajs

    dianajs Private, 1st Class

    Joined:
    Dec 9, 2015
    Messages:
    778
    Likes Received:
    41
    In general, I agree, but I think it's also good to branch out to watching and learning the behaviour of other currency pairs as well sooner or later. It's good to be able to rely on several different currency pairs, because market circumstances change and trading opportunities appear at different times and on different charts.
     
  7. Froso@FXNET

    Froso@FXNET FxNet.com Representative

    Joined:
    Nov 22, 2013
    Messages:
    395
    Likes Received:
    11
    It is necessary to see the routine and behavior of any currency pair regularly to know all about its fundamental. You should read daily news and international matters that can effect on currencies. Then there is easy to trade on fundamental.
     
  8. kingsman

    kingsman Corporal

    Joined:
    Sep 3, 2015
    Messages:
    166
    Likes Received:
    8
    Being a newbie you are confused and every newbie is confused in the beginning, you will learn with the passage of time fundamental of forex and you should start with only one currency pair i.e. EUR/USD in order to get the fruitful result.
     
  9. downtrend

    downtrend Sergeant

    Joined:
    Dec 13, 2014
    Messages:
    846
    Likes Received:
    56
    It will be easy on your part when you only trade on single pair.By this your concentration will be limited to one pair and you will learn better and faster.
     
  10. dianajs

    dianajs Private, 1st Class

    Joined:
    Dec 9, 2015
    Messages:
    778
    Likes Received:
    41
    While I agree it's a good idea to start with one currency pair, that pair doesn't necessarily have to be EUR/USD. While there is a lot of information about it, EUR/USD can be very choppy and prone to long periods of consolidation, which aren't very comfortable to trade if you don't have experience.
     

Share This Page