How many Pairs should be traded?

[Waseempk]

Hy Senior Members of this Forum !
I have a very interesting question in my mind. Plz give your suggestion as a professional trader
my question is
As a Price Action Trader if we trade on daily TF then how much pairs we should analyse or on how much pairs we should look for trade..
as almost after one month we have to install window again and that's why it is a serious problem to install mt4 again with so much pairs and all the resistance and support level again . . . .
This is too much headache ..

Plzz give any suggestion about it

 

[Kakon]

Mostly traders do part time trading and some do full time. I personally a part time trader and spend 2 to 3 hours in trading. What about you? How much time you spend daily in forex and how many pips you earn?

 

[TheForexGuy]

I think you should just focus on a handful of major currency crosses. The classic ones like EURUSD, GBPUSD, AUDUSD, USDJPY, EURJPY, GBPJPY, AUDJPY and maybe some other crosses like EURGBP, EURAUD, GBPAUD

That's enough to get started.

 

[tjenarvi]

I watch these everyday:
GBPJPY
GBPUSD
GBPAUD
GBPNZD
GBPCAD
GBPCHF

EURJPY
EURUSD
EURAUD
EURNZD
EURCAD
EURCHF
EURGBP

AUDJPY
AUDUSD
AUDNZD
AUDCAD
AUDCHF

USDJPY
USDCAD
USDCHF
USDSGG

NZDJPY
NZDUSD
NZDCAD
NZDCHF

CHFJPY
CADJPY
CADCHF

BRENT OIL
GOLD
SILVER

How to avoid headache : only look for clear uptrend / downtrend, and always trade with the trend. Avoid sideway movement. That's it.

 

[Fazal123]

Thanks for this effiective information...............

 

[Kenny Kristo]

If you want to be successful then take 1 pair at a time, it is usually highly beneficial to keep focus on one pair which brings positive results like it has done for me so far. I am extremely lucky that I work with Nova FX broker where I get proper knowledge about everything including every pair, so that really helps me work well since I am well aware of what’s the strong and weak points in certain pair and that helps me make good profits consistently.

 

[erebus]

Think of it like this, you can WATCH each of 28 main cross pairs and then TRADE the pairs that have valid signals according to your strategy

So are you "trading" 28 pairs or maybe "trading" only 3 or 4 pairs?

 

[tjenarvi]

we can focus on 1 pair with only 1 strategy
that could put our risk regarding losing streak a lot less

 

[davidson333]

I think you can start with as many pairs as you wish. I prefer to trade forex with EUR/USD

 

[davidson333]

You can trade as many pair of currencies you like but as a newbie in forex you should only limit your self to minimum pair of currencies. My favorite is EUR/USD

 

[erebus]

So, I've been thinking about this question and wonder if the answers thus far have helped anyone, please respond.

What I have done since I recently heard somewhere that 80% of trade volume is on US pairs, is break down the 28 main pairs into 4 groups.

In case you are brand new to FX, just looking at the 8 major currencies, and crossing them with each other - 8 x 7 = 56 and divide by 2 because they are paired = 28.

This picture will give you a good idea, hope it helps.

 

[erebus]

This is my currently daily chart of the 1st group, all the USD pairs, theoretically by assimilation, I should find 80% of my trades from this group.

The Breakout indicator helps me show direction and the CSM - Currency Strength Meter is confirming - here there is USD strong

 

[erebus]

Here is my 2nd group of 7, EUR x GBP and 3 other pairs as shown on the breakout indicator, not much interesting on these crosses today.

 

[erebus]

This is my 3rd grouping, bit of a mixture, NZDCAD is showing a possible short trade

 

[erebus]

Finally, my 4th group, highly unlikely that I would ever get this far looking for a trade set up, spreads are high, they just don't appeal.

If this has helped you in any way, please comment and like the posts

 

[Farel]

Mostly traders do part time trading and some do full time. I personally a part time trader and spend 2 to 3 hours in trading. What about you? How much time you spend daily in forex and how many pips you earn?

I too think that the best option - a few hours, but sometimes it's hard to break away!

 

[penny128]

i usually go with 3-4

 

[Ali Raza]

Hy Senior Members of this Forum !
I have a very interesting question in my mind. Plz give your suggestion as a professional trader
my question is
As a Price Action Trader if we trade on daily TF then how much pairs we should analyse or on how much pairs we should look for trade..
as almost after one month we have to install window again and that's why it is a serious problem to install mt4 again with so much pairs and all the resistance and support level again . . . .
This is too much headache ..

Plzz give any suggestion about it

 

[Ali Raza]

For new trader this is most importa t to choose 2 pair GBPUSD And NZDUSD which are more stable and new trader can get profit easily