MoneyTec Traders Community Forum - View Single Post - No Win

glennki · 23-06-2005, 07:35

Well, most new traders whom I have come across don't have the patience to wait hours or days for signals_ on one pair, so they start jumping around multiple pairs, which leads to disaster. Personally, I can handle 6 pairs max then I get burnout or reach my risk limits. I prefer to stick to 4 pairs and do thorough analysis. I seldom trade 4 pairs simultaneously.

At a recent trader's support meeting that I was requested to attend, I was amazed at how equity EOD traders we analysing hundreds of stocks at a time. And then someone said he uses a magic thing called OmniTrader to do it for him. I gave up.

My opinion is that a totally new forex trader should start with analysing only the EUR/USD or GBP/USD, and then pick another pair with low correlation after a few weeks. My suggestion would be the EUR/JPY since the signals_ are normally wildly independant of the aforementioned pairs. But I have found the Yen a tricky one to trade in the past. However, as a learning process, I think the low correlation leads to some dispersal of entries and exits, so alleviates some of the impatience or boredom factor.

23-06-2005, 07:35	#46
glennki level 1 Join Date: Mar 2004 Posts: 68 Downloads: 0 Uploads: 0 Rep Power: 0	Re: No Win - No Fee, or Monthly Subscription? Well, most new traders whom I have come across don't have the patience to wait hours or days for signals_ on one pair, so they start jumping around multiple pairs, which leads to disaster. Personally, I can handle 6 pairs max then I get burnout or reach my risk limits. I prefer to stick to 4 pairs and do thorough analysis. I seldom trade 4 pairs simultaneously. At a recent trader's support meeting that I was requested to attend, I was amazed at how equity EOD traders we analysing hundreds of stocks at a time. And then someone said he uses a magic thing called OmniTrader to do it for him. I gave up. My opinion is that a totally new forex trader should start with analysing only the EUR/USD or GBP/USD, and then pick another pair with low correlation after a few weeks. My suggestion would be the EUR/JPY since the signals_ are normally wildly independant of the aforementioned pairs. But I have found the Yen a tricky one to trade in the past. However, as a learning process, I think the low correlation leads to some dispersal of entries and exits, so alleviates some of the impatience or boredom factor.