Anything with a spread less than 7 pips, I think was my criteria...
EURNZD is a particular pain in the arse. Just borderline spread wise.
And in that I would trade EURGBP against both EURUSD and GBPUSD which makes no sense at all in conventional FX thinking...it's either doubling up my position or hedging it. There will be similar examples in the rest of the pairs.
Thanks for all your replies and for your nice trading performance history. What I would like to know is that are there any struggling traders who have been trying to make money in forex market but have lost or have been losing? I know there are many, but what I would like to know is that are there any among those losing traders who trade more than 10, 15 different pairs manually? If yes, I would like to hear from you. Just send me a private message and will discuss further. Thank you all, keep up the good work!
@tolgupde Trading so many pairs shows lack of concentration, like others say. You can always do it, but there will be so much randomness that I can't see what good it's going to be trading so many pairs. Say you are trading CHF crosses, you will trade EUR/CHF and USD/CHF, and if you trade another cross you will center around 2-3, max probably 4 pairs. What's the point of trading so many, you will divert too much of your time onto other markets, just do one thing and do it well.
Unless of course you are hedging or find some amazing opportunity/idea to move into more pairs. there could be some nice opportunity to move into non-major currencies or rarely traded pairs on some signal or a view that the currency will gain or fall and make up for the very high spread. Hedging is also an idea if certain currency pair has a high or low (depending on what you are trying to do) correlation with your main trading pairs.
If you are inexperienced or new you can't hedge. Of course you can't hedge 1:1 on a FX portfolio! And what kind of an idiot is going to go for a such a massive hedge in response to an assuming large trade so that you gonna get badly hit on the NAV. Doesn't make sense. Thought you can get some rough hedging still even on a FX portfolio.
As for the 15 pairs, I meant trading it all the same time. What's the point of dipping your toes in 1 meaningless trade a month? And again even if you follow a code it still makes no sense trading 15 pairs when you can focus far more on less pairs - least of all put your money to a better use.
@ZOOM there are people that trade on the daily/weekly charts ... get it in your mind that these people dont need to be focussed staring at the screen all day long ... everything you said may be true for shorttrem traders, for long term traders is pure nonsense
What I'm saying is the higher the number of pairs you are trading the less concentrated your trading becomes, unless there is some very good reason, way better than a small daily swing, something like a great opportunity ahead.
@johnnycash What I'm talking about is more of long-term trading, far longer than 1-day time-frame. If you trade way too many pairs in a very short intra-day time frame wouldn't the chances be far higher you would get hit at a SL on a pair or your NAV will go down because there will be too many unpredictable swings. So tell me, why would it be nonsense to stay under 15 pairs for long term traders?
no, I did not say that trading 15 or less pairs is nonsense; I just said that its nonsense that you lose focus when its more than 15 pairs and timeframes like daily or weekly. I guess we misunderstood each other.