Not a good idea to follow many pairs

UweMoench posted:
I don't like to follow too many pairs. For my trading I just trade EURUSD and GBPUSD pairs. I comprehend these two pairs more as I have done good research on them. To me it is a smart thought to trade a couple of pairs. I figure each trader should begin with a single pair.

I think one should concentrate on working with major pairs while trading so that you have enough knowledge and news in hand while placing the trades.

Many people take a lot of currency pairs for trading, and then they begin to complain that they cannot earn money, because you cannot concentrate on a certain moment of trading and are scattered over many moments.

Do not flow into the opinions of others. If you are an experienced trader and think that you can work on increasing pairs for trading, go for that. I would suggest that try to manage each trade with clarity, most of the time traders get lost which position to open or close. Be careful about that.

Typically, it is best to start off with one pair or two pairs, until you are more comfortable with forex trading . Later, you can trade on multiple pairs which suits you most but avoid trading more than 5-8 pairs, too many things can become a headache.