moonchild
VIP Contributor
When starting out in Forex it is tempting to dabble into many pairs and trying out different strategies in other to make more profits, but as the saying goes always 'less is more'.
When starting out you'd like to have domain knowledge on one pair and understand how it moves, this is will put you ahead of others because while others are trying to learning everything about other currencies you've done half of the work by focusing on just one.
When you wake up everyday you know where you left off and how you can move forward with analysis instead if starting from scratch allover again.
Also, when selecting a forex pair as a beginner you want to focus on the less Volatile ones at first because of liquidation, Volatile currencies move fast which means you can get liquidated quite easily.
I can reflect this back to when I was starting out I was advised by my mentor to stick to one pair and I was a bit hesitant, which made me lose a good deal of my starting capital.
The currency pair I started out with was AUDUSD and that single decision really helped me to learn forex thoroughly
Some low Volatile pairs are
EURUSD
AUDUSD
USDJPY
When starting out you'd like to have domain knowledge on one pair and understand how it moves, this is will put you ahead of others because while others are trying to learning everything about other currencies you've done half of the work by focusing on just one.
When you wake up everyday you know where you left off and how you can move forward with analysis instead if starting from scratch allover again.
Also, when selecting a forex pair as a beginner you want to focus on the less Volatile ones at first because of liquidation, Volatile currencies move fast which means you can get liquidated quite easily.
I can reflect this back to when I was starting out I was advised by my mentor to stick to one pair and I was a bit hesitant, which made me lose a good deal of my starting capital.
The currency pair I started out with was AUDUSD and that single decision really helped me to learn forex thoroughly
Some low Volatile pairs are
EURUSD
AUDUSD
USDJPY