Main focus points are as follows
1-minute chart day traders, focus on trading one pair well, like the EURUSD. If it is really quiet for an extended period, consider trading the GBPUSD, but only trade one pair at a time.
Day traders trading 5-minute or higher charts, or that use partially or fully automated strategies, trading more than one pair is acceptable.
Swing traders, consider looking through multiple pairs. Each trade lasts longer, so there is lots of time to look through charts and find other trading opportunities. Pairs to consider are laid out in the chart below.
There is no reason to overwhelm yourself. It is better to trade really well on the trades taken, than to take too many trades or try to analyze too much and trade poorly.
Whenever trading more than one pair at once, be aware of correlation!
Highly correlated trades increase risk, while inversely correlated trades may reduce profit potential.
Each type of forex trader follows a strategic pattern and flow in order to maintain fewer risks and takes advantage of their respective market or pair. Day trading and Swing trading are among the most used types of trading as it helps allow people to work around their schedules and different lifestyles.
But this does not mean that you can get profits instantly. Trading is still a risk and you should only be able to trade what you can prepare to lose.
If so you need assistance with your trading styles, iBex Markets is available for any inquiries as well as you are assigned to your very own trading account manager who’ll help you understand the forex market.