Jump to content

Exchange Blog Cryptocurrency Blog


All Pips



Is it advisable to trade on all currency pair as a newbie?


flybiz08

Recommended Posts

  • Replies 241
  • Created
  • Last Reply

Top Posters In This Topic

Its always better to start off with currency pairs that are more popular and there is good information available to help with analysis before jumping to others as a newbie. When you are comfortable then you can move to other currency pairs and take it from there.

and EUR/USD is the most popular :D, i also start with that pair and still dominate my trading activity rather than other currency, move to the other or trade with other pair will not hurt anyone, if you can manage it why not? if you know what are you doing, then you can go. some people even get decent profit from other currency pair

Link to comment
Share on other sites

It is going to take time to learn how a pair reacts in the market. It will be also not easy to trade even in one pair because, we should learn the pair and it's relationship in other pairs which have directly effect in the said pair. It's obvious that we need to learn other pairs to have better trading because, we will just have limited information in a certain pair which we can't maximize the potential of making profits.

Link to comment
Share on other sites

I think depending on the situations you can go with any of the currency pairs and i am sure that it is not a big task to trade with all the currency . If you know trading then you can trade with any of the currency . But i see that most of the times traders will be trading with the major currency pairs so i think first preference will be given to the major currency pairs .

Link to comment
Share on other sites

Always, we will see that major pairs as traded by many traders. This is no surprise because, everybody wanted to have volatile pairs that will be have their trading worked. I don't think they can't target of 100 pips or more in a non volatile pair in a short period of time or to do scalping in those not volatile pairs. So, it's technically peculiar to the traders to have this strategy.

Link to comment
Share on other sites

I think depending on the situations you can go with any of the currency pairs and i am sure that it is not a big task to trade with all the currency . If you know trading then you can trade with any of the currency . But i see that most of the times traders will be trading with the major currency pairs so i think first preference will be given to the major currency pairs .

but there is someone who think that combined more than one pair is a bad thing to do, but i think people should know the condition of market, that is so bad if they don't even know and only stick with one pair of currency, focused to one pair currency is okay but you also need to see other currency pairs condition/movement, if you can trade aside from your pair currency that you choose right now, it will be good to move.

Link to comment
Share on other sites

I'm sure newbies has hard time understanding and monitor one pair so I doubt if he can monitor multiple pairs. I'm trading eur/usd for five months before I add another pairs. that's how long its take me to understand the basic rules of forex trading and once I understand it its easy for me to apply in other pairs as well. But if you going to start with multiple pairs. I doubt if you going to understand how to monitor and analyst each pairs.

Link to comment
Share on other sites

2 pairs already enough for me, 3 is okay but i will try it later if i see that other pairs currency have better movement, it is better to consult with the other experienced forex traders, becuase it will give us more chance to earn knowledge from them and know which is the best pairs to trade

Link to comment
Share on other sites

Well, depends to you. As long as we can say that these 2 or 3 pairs are related to each other to learn their relationship and connections to learn further the market and those currencies. Because, there are pairs that have direct impact to other pairs which we can use in our trading. For example, USD will have stronger value overall then, the pairs connected to it will surely have weaker to dollar at that time or might have such chances.

Link to comment
Share on other sites

  • 2 weeks later...

and for newbie for their first time to trade i think it is better to start with one pair currency, when you gain more confidence i think it is good to take other currency pairs which profitable, i have plan to switch from EUR/USD, and i think i agree with riddick here in fact we can see that USD traded in many currency pairs

Link to comment
Share on other sites

if the goal is learning, it doesn't matter as far as newbie trading in demo account only. but it will only waste the newbie time in learning and in this case, better newbie choose one pair only and stick to learning with it till understand the habit before jump to another pair.

i think if they have some experience in other currency and that currency truly give them profit i think that is not a big deal, switch to the other currency pairs is not a sin for traders, just make sure that they know what they did and also with more currency pairs at least we will gain experience there

Link to comment
Share on other sites

Hmm, there's no such truly give them profits but that they can make profits or familiar on how the market on that pair or currency works. So, it's best that we should choose the pairs or currencies that we are good or convenient on learning and knowing it's nature. So that, we will have the advantage and use it for better trading.

Link to comment
Share on other sites

If you can't master one then how can you make profit in other pairs? that's why its good to master one pair at a time. Me its take me six months to master one pairs and when I jump to eight pairs hoping to exagerate my earnings I end up getting multiple MC and that's why I'm back to square one in which I'm maintaining three pairs and not eight as I use to. I want to have a strong accounts and pairs first before I expand again.

Link to comment
Share on other sites

No problem we can trade with all the currency pairs . If we know how to trade then all the currency pairs are same and we can trade them . There will be some currency pairs which will not give profits to the traders so its better to avoid that currency pairs most of the times . I suggest EUR/USD currency pair to be the best one for newbie traders to trade with .

Link to comment
Share on other sites

The problem is that are we able to familiar or recognize those pairs because, if we don't know how the trading there then, we can't make good analysis or not have good chance of profits. We should be more wise to have major pairs before other pairs like those exotic pairs that rarely to have analysis or signals from other traders.

Link to comment
Share on other sites

No problem we can trade with all the currency pairs . If we know how to trade then all the currency pairs are same and we can trade them . There will be some currency pairs which will not give profits to the traders so its better to avoid that currency pairs most of the times . I suggest EUR/USD currency pair to be the best one for newbie traders to trade with .

but for some newbie they will have problem with this site currency option, with that thing they need to understand more market movement of that currency before trade since i think mostly new traders really want to get fast profit, but it is better to choose which is safe currency pairs rather than only want to do experiments

Link to comment
Share on other sites

If you make money trading multiple currency then why not. My point is this. Theirs no don't and won't in forex trading even if you are a newbies as long you can handle the situation the right away. Most newbies though started to trade in forex without even doing some reviews and research and practice in demo account. So how do you expect them to learn and earn in forex? While other newbies has spend months attending seminars and practicing trading so of course they can handle multiple pairs right away.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×
×
  • Create New...