Why would you only trade one pair at a time?
There are many small habits that can be detrimental to your success as a forex trader, none least of which is placing trades on multiple pairs at the same time. This habit is in fact no different from overleveraging which in itself is not sound money management.
Trading more frequently or trading more than one pair at a time just makes you lose focus and weakens your overall concentration. Always keep things simple, that's the rule. In forex there is no correlation between trading more equating to better profitability. It just makes more work in the long run.
Advantages of single currency pair trading.
1. It's less stressful.
2. A single pair can be allotted the full 2% leverage.
3. Every pair has its own idiosyncrasy and behaviour. Learn how it behaves when particular news related information is released especially when it concerns the two countries. Plus although I am not into indicators I do use an ATR (average true range) set on a 14 candle period. This of which will help you to set reasonable stop losses. Different pairs have varying degrees of volatility, which is important to observe.
4. To a lesser degree be vigilant of the pairs support and resistance levels no matter which timeframe you are trading from.
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