II

The best thing that I ever learnt to do as a trader was to trade one pair and one pair only. When I first started trading, much like the majority of new traders, I had a system that I wanted to use and I wanted to use it on every single pair possible. I was convinced that if the signal that I was looking for only ocurred once each day for each pair, I would need to trade on every available pair so as to be able to get enough opportunities. But this turned out to be completely wrong, and I found that my best trading happened when I focussed on only the one pair. 


The pair I trade is particularly volatile, and I like it that way, because volatility means movement, and movement means lots of chances to latch onto a good trade. But volatile can also mean new traders getting ripped apart in the market, so that's why I knew that if I wanted to trade that pair, I would have to get to know it. And the only way I could get to know it was to spend time studying it. I would go back and look at previous charts to see what had happened before and see if I could recognise any long-term patterns. I would look at my pair at every available opportunity, so whether that was first thing in the morning or later on in the day, and I would have people I knew test me about what was going on with the pair at random times, because a good trader should know what's happening with their pair all the time!


You'll find that this will make a huge difference with your trading, and rather than striving to be a trader who can trade well on any pair (and I have to confess, I don't know many traders who possess this skill at all!) spend the time becoming a true expert in the pair of your choice. Trust me when I say that to a good forex trader, every single pair has more than enough opportunities to make you a lot of money, so long as you know what you're doing.