Unpopular trading advice: fall in LOVE with one pair ONLY
In a world where you can love anyone and anything your heart desires, fall in love with ONE currency pair ONLY.
The notion of "the more pairs I trade, the more money I will make" is false. If you wanna be a consistently profitable trader, it is more beneficial to focus on a small selection of securities and master them, and there is a concrete reason for that. Concentrating on one or two currency pairs instead of trading every single major, minor, and exotic pair will be more efficient, less confusing, and more profitable. When you study every single movement of any given pair, you get more experienced at trading it and you make more rational decisions and analyses.
Looking at the chart illustration, we might observe the trading log of all transactions we executed in April and May so far. With 8 trade entries and all of them being EUR/GBP, a total return of +9.6% has been generated constituting an approximate win rate percentage of 70%. Obviously, not every trade resulted in being profitable as we encountered 2 losses and a breakeven closure. Nevertheless, as we always indicate, trading is a game of big numbers and probabilities. Instead of trading 10 securities, we have only been focusing on one single currency pair recently.
One crucial thing that needs to be noted is the following: not always will the one specific currency pair of your choice provide you with clear swing opportunities as the example of EUR/GBP portrayed on the graph. Periods of long and dull consolidations, indecisions, and some other moments will take place and make a derivative unlikeable and less efficient to trade for a period of time.
Therefore, always have one or two other trades on the radar to eventually monitor and analyse along with the currency pair of your preference.
Love will save the world.
Investroy.
The notion of "the more pairs I trade, the more money I will make" is false. If you wanna be a consistently profitable trader, it is more beneficial to focus on a small selection of securities and master them, and there is a concrete reason for that. Concentrating on one or two currency pairs instead of trading every single major, minor, and exotic pair will be more efficient, less confusing, and more profitable. When you study every single movement of any given pair, you get more experienced at trading it and you make more rational decisions and analyses.
Looking at the chart illustration, we might observe the trading log of all transactions we executed in April and May so far. With 8 trade entries and all of them being EUR/GBP, a total return of +9.6% has been generated constituting an approximate win rate percentage of 70%. Obviously, not every trade resulted in being profitable as we encountered 2 losses and a breakeven closure. Nevertheless, as we always indicate, trading is a game of big numbers and probabilities. Instead of trading 10 securities, we have only been focusing on one single currency pair recently.
One crucial thing that needs to be noted is the following: not always will the one specific currency pair of your choice provide you with clear swing opportunities as the example of EUR/GBP portrayed on the graph. Periods of long and dull consolidations, indecisions, and some other moments will take place and make a derivative unlikeable and less efficient to trade for a period of time.
Therefore, always have one or two other trades on the radar to eventually monitor and analyse along with the currency pair of your preference.
Love will save the world.
Investroy.
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