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

[GoldGuru.in]

I don't trade much using fundamentals but my advice is that you should pay less attention to all the news coming out every day. Only some major news should be looked at so that you won't face any sudden loss in your trade positions.

Ever observed those traders at mql5 ? I have not seen any single successful trader who trades news.

No offense to anyone, following news is a bad idea IMO.

 

[qitiandasheng]

Only one currency is risky for traders, I suggest more than two inter-action currency to reduce trading risk. Such as USD EUR and GBP etc.

 

[Froso@FXNET]

When you plan for fundamental analysis try in only one or 2 pairs in the start. It is quite difficult to understand about fundamentals. Many pairs will confuse you so focus on one to get practice of fundamentals.

 

[EuroTrader]

When you plan for fundamental analysis try in only one or 2 pairs in the start. It is quite difficult to understand about fundamentals. Many pairs will confuse you so focus on one to get practice of fundamentals.

There are a lot of options of doing Fundamental analysis in our trading and we have to understand them before doing our trades. If we will have correct trading knowledge then trading will become a lot more easier for us

 

[downtrend]

When you plan for fundamental analysis try in only one or 2 pairs in the start. It is quite difficult to understand about fundamentals. Many pairs will confuse you so focus on one to get practice of fundamentals.

You are right, fundamentals are difficult to absorb so in start one should trade with less pairs. One or two max, in this way you can concentrate properly on every news event and its effect on that particular pair.

 

[mlawson71]

Only one currency is risky for traders, I suggest more than two inter-action currency to reduce trading risk. Such as USD EUR and GBP etc.

That is actually a very good point. Trading a single pair isn't always the best approach, because sometimes the market conditions make it all but impossible to profit from it. Stubbornly sticking to it leads to losses. I've actually seen that happen with a friend of mine who was obsessed with trading only EUR/USD and it was very hard for her to accept that she couldn't do it all the time. Needless to say, we were both newbies at the time.

 

[lucie_fxtrader]

I think it depends on each person and their interests when it comes to the analysis they use. Me personally, being a newbie as well, I am the opposite of you, I understand much better the fundamentals rather than the technical. it is easier for me to comprehend how a currency can be affected by certain economic events rather than analyse the charts. If you want to start with fundamentals though I would suggest following the NFP tomorrow. Employment rates are a good indicator of a country's economy and can affect the currency strength. I think watching the market movement after a big announcement will help you understand the fundamentals.

 

[downtrend]

Less is more in forex trading, you can trade on less pair and still earn a good amount of money. All you need is patience while you do this.

 

[JoJos]

Now to start learning fundamentals is it best to chose a currency pair & focus on news about that one pair so I'm not trying to take in too much info & get confused & overwhelmed?

I would say that you need to focus on one currency pair in any case. Especially when you are just starting out. The best idea for the beginnes is the EUR/USD I believe. And for non-beginners too.

 

[dianajs]

Ever observed those traders at mql5 ? I have not seen any single successful trader who trades news.

No offense to anyone, following news is a bad idea IMO.

Following news is necessary so you'd be aware when there'll be great volatility and what kind of news is the type that affects the market the most, like anything to do with FED or the ECB. From then on I'd say that trading news is something that people should try when they've gained some (or a lot) of experience.