Concentrate on ONE major currency pair.

[santo504564]

It gets far too complicated to keep tabs on more than one currency pair when you first start trading. Stick with one of the majors because they are the most liquid which makes their spreads cheap.

You can be a winner at currency trading but, as in all other aspects of life, it will take hard work, dedication, a little luck, a lot of common sense, and a whole lot of good judgment.

[CHIHUAHUA]

most traders will trade eu (eur - usd ) pair as the spread can be really low on this pair , often 1 pip and when traders have better accounts like currenex they will have 0.2 pip spread on this pair ,
I started trading from cable ( GU , gbp - usd ) pair and traded it for quite a while , recently I do not like to trade one pair only as I do not like to miss any good opprtunities on any other pair.
trade well

[Numero16]

This suggestion is obviously targeted at newbies so that they would be focused, but for a seasoned trader, I fear it is near impossible, besides on the days that pair is dormant, the trader would seem lost.

[bulastika]

This suggestion is obviously targeted at newbies so that they would be focused, but for a seasoned trader, I fear it is near impossible, besides on the days that pair is dormant, the trader would seem lost.

I'm trading eur/usd right now and even if its goes dormant I still earn. I do earn 1 cent in swap alone almost daily. Meaning if I have lets say .10 lots I earn 10 cents almost every day. In one month if I can hold it I can earn 2 dollars more or less. So in short theirs many ways to earn even if your position stay dormant.

[Numero16]

I'm trading eur/usd right now and even if its goes dormant I still earn. I do earn 1 cent in swap alone almost daily. Meaning if I have lets say .10 lots I earn 10 cents almost every day. In one month if I can hold it I can earn 2 dollars more or less. So in short theirs many ways to earn even if your position stay dormant.

You know to use swap to your advantage because you are quite experienced, but some other traders with less experience would have tough time knowing what to do with a dormant pair especially if that is the pair they have been concentrating on.
However, I do not thing the EUR/USD pair has been dormant in recent times, the debt crisis in Euro zone is telling on the Euro, but it nevertheless have remained resiliently bullish

[challs12]

I'm much on GBP. I usually will look any other currency that pairs with GBP and look at the price action before deciding which one to go. I think I cannot stick to one currency pair if I can't see chances of winning. This is because the other currency pair probably will help me to reduce loss come from the first pair.

[fshakya]

Thanks for such a helpful advice. I am totally new in forex trading field and I am also interested to know more about this field and actual process included for trading.

[Numero16]

I am presently trading only the EUR/USD pair because every other pair obviously revolves arounds it and until the debt crisis is decisively addressed, the pair is sure to remain erratic.