This is my first post here though I have been lurking for some time.
I am fairly new to FOREX, May 2009. I have been paper trading except for a quick attempt at live trading in September with less than favorable results so I went back to paper trading to hone my skills and educate myself further.
One of the things I found that was distracting me was that I was trying to monitor too many pairs. So onto my question.
How do I decide which pairs to focus on? From everything I read when starting out you should only monitor 2 to 3 pairs max. I am assuming it should be the more liquid pairs i.e. EUR/USD, USD/JPY but am not sure and would like to hear it from you more experienced traders.
Thank you in advance for your time.
TJC
I am fairly new to FOREX, May 2009. I have been paper trading except for a quick attempt at live trading in September with less than favorable results so I went back to paper trading to hone my skills and educate myself further.
One of the things I found that was distracting me was that I was trying to monitor too many pairs. So onto my question.
How do I decide which pairs to focus on? From everything I read when starting out you should only monitor 2 to 3 pairs max. I am assuming it should be the more liquid pairs i.e. EUR/USD, USD/JPY but am not sure and would like to hear it from you more experienced traders.
Thank you in advance for your time.
TJC