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

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

  1. downtrend

    downtrend Sergeant

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    Trading only on one pair will make you understand its reaction to the different news outcome and then you can predict it with ease on next same news release.
     
  2. dianajs

    dianajs Private, 1st Class

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    I don't think that news outcome can be predicted with ease, but I do agree that the more one watches and learns about a pair, the easier it becomes to analyze it outside of news-related volatility.
     
  3. downtrend

    downtrend Sergeant

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    If you have proper understanding of the outcome of different news related to a currency pair, you can easily predict the outcome of a major news and then act accordingly to trade on that pair.
     
  4. Pharaoh

    Pharaoh Colonel

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    At least until there's a big, confusing revision in the previous release or else a conflicting simultaneous release. Then things get crazy.
     
  5. dianajs

    dianajs Private, 1st Class

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    I agree. When it comes to news trading unpleasant surprises are always possible. That is why I generally avoid trading during news events.
     
  6. holycow

    holycow Master Sergeant

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    I also usually avoid trading during the high impact news release as i am bit conservative in taking risks, however anyone who wishes to take start should rely trading on just one pair i guess.
     
  7. dianajs

    dianajs Private, 1st Class

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    Initially? Yes. At least until one learns basic trading rules. After that it's a good idea to start expanding one's knowledge and branching out to other pairs.
     
  8. Pharaoh

    Pharaoh Colonel

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    Guess I should keep quiet about crashing MT4 because I had too many charts open at once. :D
     
  9. dianajs

    dianajs Private, 1st Class

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    Just how many tabs did you have open? Because sometimes I've had a few dozen tabs open and MT4 still didn't crash.
     
  10. Ken Smith

    Ken Smith Private

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    Yes. Initially it is best to choose one single pair. Spend time to observe that pair as much as you can. Every pair has Its own characteristics. You will find some unique characteristics of that pair. Study them and test them. It's a trail and error process. Once you are well familiar with one pair. You can choose another pair.
     

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