Profit is all about having a good strategy and applying good money management. Your email address will not be published. Skip to content. Home EA Coding Blog Forex calendar Downloads Contact us. Advantages of trading many pairs You get more entry opportunities. When one pair is sluggish with no clear signs of entry, another may be active. Profits may be multiplied across multiple pairs.

If you trade say EURUSD, GBPUSD, USDJPY, AUDUSD together, you have four pairs with a common currency in them USD in this case. If some high impact news affecting the USD came in, and you made an entry in the favorable direction, then you will have four trades in profit.

Profitable pairs may cancel out loses from other pairs. Disadvantages of trading many pairs It takes more time and concentration to analyze and follow up on many different charts. Basically a person trading say five pairs will be doing five times the work a person who trades a single currency pair does in regards to chart analysis.

Losses may be multiplied across multiple pairs. The reverse is also true if the market moved against you. Losing pairs may cancel out profits from the profitable pairs. Advantages of trading only one pair It requires less input. Less input equals less stress and less confusion. Canadian TL Fuel Surcharge November Rates Update Ian Whitworth 3w. Capesize Market Suffering, Drags Dry Bulk Rates Lower Jenny Drouga 10mo.

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India Factoring Newsletter India Factoring and Finance Solutions Private Limited A Member of the FIMBank Group 2mo. For this, I recommend reading Stan Weinstein's Secrets For Profiting in Bull and Bear Markets or taking a look at the lesson below in which I explore the topic in details:. The Exclusive Lesson: Understanding The Market Click the link below to watch the lesson:. You do not seem to have access to this Exclusive Lesson.

If you purchased this training before, simply login to gain access. If you haven't purchased this lesson, here's a way to get access! You'll need to practice before you can figure out when a currency pair changes from one phase to another.

When it comes to defining trading plays that you are comfortable with, keep in mind that you shouldn't enter trades based solely on a change in the market phase. For instance, a range breakout might not work at all times. It is important for you to know what characteristics your most successful trading plays have. That is where confluence comes into play. A breakout in a strong uptrend, for instance, is much more likely to turn into a successful trade. Remember those times when the teacher was asking you to come up front and draw on the board in front of the class?

At any point in time, you should be able to identify areas on your chart at which you'd be willing enter a trade. It doesn't mean you'll get in the market at that exact area, but you'll want to pay closer attention to price movements. I'll agree with you here. Price movements aren't always perfect. When the price is going all over the place without respecting the market phases, you can decide to stay away from trading until you identify a clear trade opportunity.

That's part of a trader's job.

Many traders, including myself, have been wondering what was best for a long time. And given that there's so much misinformation out there, I decided to explore the issue myself.

Is there really one best way to do things? I don't think so, but I wanted to turn this article into a guide so you can understand what trading a single currency pair means, but also how to do it.

The content below won't be what you've seen everywhere online. I am basing this article on my own experience and experiments I performed. The first thing I wanted to bring your attention to is the idea of trading multiple currency pairs. Most traders, including myself, will select a few currencies that they think are acceptable to trade. Then, traders will watch those currency pairs throughout the trading period for intraday trading or throughout the week swing trading until they are able to execute on their trade plan.

Thinking to trade a single currency pair involves several steps, all of which are described in-depth below. Then, the trader needs to be flexible enough and come up with several plays. That being said, he could have more than 1 plays in his trading playbook. If you are looking to show up as a Forex trader and trade a single currency pair, read on and I'll guide you through the steps.

If you still aren't sure whether you should give it a go, I recommend you evaluate your current trading methodology. Are you satisfied? Is it profitable? Do you feel confused? If you jump into trading a single currency pair, make sure that you try it for an extended period of time before judging. You can't trade one pair for a week and be frustrated if you don't make any money. I'm always amazed by how many articles exist on "the best currency pair to trade". That is nonsense and won't apply to everybody anyway.

While I'd love to provide you with "the winning system", that wouldn't be a smart idea. There are countless ways to trade the market , but you need to find something that makes sense for you and become the expert at it.

If you want to trade a single currency pair, you need to become very articulate with the concept of market phase , that is, identifying in what stage of price movement the market is currently in foundation, rise, consolidation, decline. For this, I recommend reading Stan Weinstein's Secrets For Profiting in Bull and Bear Markets or taking a look at the lesson below in which I explore the topic in details:. The Exclusive Lesson: Understanding The Market Click the link below to watch the lesson:.

You do not seem to have access to this Exclusive Lesson. If you purchased this training before, simply login to gain access. If you haven't purchased this lesson, here's a way to get access! You'll need to practice before you can figure out when a currency pair changes from one phase to another. When it comes to defining trading plays that you are comfortable with, keep in mind that you shouldn't enter trades based solely on a change in the market phase. For instance, a range breakout might not work at all times.

It is important for you to know what characteristics your most successful trading plays have. That is where confluence comes into play. A breakout in a strong uptrend, for instance, is much more likely to turn into a successful trade. Remember those times when the teacher was asking you to come up front and draw on the board in front of the class? At any point in time, you should be able to identify areas on your chart at which you'd be willing enter a trade.

It doesn't mean you'll get in the market at that exact area, but you'll want to pay closer attention to price movements. I'll agree with you here. Price movements aren't always perfect. When the price is going all over the place without respecting the market phases, you can decide to stay away from trading until you identify a clear trade opportunity. That's part of a trader's job. But if you decide to trade a single currency pair and go through the previous 3 steps, you have ONE more thing to do.

You might start the month feeling excited. You might get discouraged because you've taken too many or too few trades two weeks in. By now, you have a complete overview of how traders trade a single currency pair.

To recap, here are the steps you need to go through:. Did that article influence you to change the way you trade? What results have you gotten from trading a single currency pair?

How To Trade A Single Currency Pair And Make Money — The Ultimate Guide. What's the difference? Single currency pair No risk of trading correlated pairs Better ability to focus Feeling of understanding the price movements more Can be a struggle to stick to ONE pair Feeling of missing out when big moves happen on other pairs. I Need Help With. Related Posts. SHARE How To Trade A Single Currency Pair And Make Money — The Ultimate Guide.

Bikashkali Das 5mo. The content below won't be what you've seen everywhere online. The trader may get impatient and make wrong decisions. Disadvantages of trading many pairs It takes more time and concentration to analyze and follow up on many different charts. Most traders, including myself, will select a few currencies that they think are acceptable to trade. If you trade say EURUSD, GBPUSD, USDJPY, AUDUSD together, you have four pairs with a common currency in them USD in this case. Skip to content.

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