Getting to know currencies

[pipsmagoo]

Hey guys,
So what's the deal with knowing a currency pair? I've heard some traders swear by it, others say it's irrelevant. I personally feel that price action would be the same across all currency pairs, but then I only trade a few major pairs. So I guess my question would be is there such a thing as currency pairs having their own "personalities"if you will, or do all pairs generally behave the same way?

 

[TheForexGuy]

I know different currencies will behave differently because of the different economies and their active hours.

 

[pipsmagoo]

Ah ok, That makes sense. Thanks for the response!

 

[vickie]

I know this post is somewhat old, but I just wanted to add that I think that much of the value of focusing on one pair and getting to know a currency pair intimately, is that you are more focused. Less risk of over trading imo, less confused about trying to monitor all the charts and catch all the signals, and instead you can focus on really learning how price action works. Especially for new traders, that could be priceless experience; knowledge about price action learned with one pair does apply to the other pairs - so when you are comfortable you can add more to your 'watch list'. The downside of only trading one pair (or maybe a couple of pairs) is that you might be tempted to force trades when you should be sitting on the sidelines because there are no good trades to be had - but traders wanna trade. Personally, I've never been patient enough to stick to one pair, but I can see the value in it IF you can recognize when you need to do nothing - that's a lesson too.

 

[tjenarvi]

There is another option : we can always trade only high impact news on forexfactory and focus on specific pairs only

 

[hafizhanif84]

If u trade on daily tf, it takes too long time to generate a good signal..but on h4, u can stick to one pair i think