trade

Should You Trade Just One Forex Pair - with FX Coach Andrew Mitchem

how many currency pairs should you look

at trading let's talk about that no more

right now high priced traders is Andrew

Mitchum here the five traded couch video

and podcast number 250 I want to talk

about how many can't you pair should you

look at and the reason I want to discuss

that on today's video and podcast is

because as you know I have surveyed over

thirty-five fairs and forest traders

recently and one of the common themes

that came through from people's answers

was I'm not sure how many trades I

should look at Henry consciously pairs I

should look at should I focus on just

one currency pair and get that right

or should I look at multiple currency

pairs so for me you definitely should

not just focus on one currency pair I

think you should give yourself a good

range of options and I've always focused

on the main eight currencies and that is

the US dollar the Euro Pound the Aussie

the Kiwi the Canadian the Swiss franc

and the Japanese yen and then

combinations of those eight so for

example I might look at the Canadian yen

or I might look at the Aussies who is

Frank or of course the major pairs as

well but combinations of those eight and

why well this week's being a classic

example of why you should look at not

just one pair let's take the Australian

dollar for example go and have a look at

your chance for the first three days of

this week so Monday Tuesday Wednesday of

this week the Aussie dollar against the

Canadian dollar has moved 35 pips

that's it absolutely awful trading

conditions so why would you focus say

like just on one pair and if you focus

just on the Australian dollar currencies

well go and have a look at the B on the

euro Australian dollar pair since last

week

so if you look at last Thursday the on

the daily chart the currency pair has

moved down up down up down up down up

day after day

every day through to today which is now

Friday the 10th of November so have a

look at that on the daily charts it's

close bullish is close bearish this

close bullish bearish all the way

through it's basically done this up down

up then since the last Thursday changing

every day so how can you trade

currencies like that you just cannot do

that there's just nothing there setting

up as a suitable trade example so by

limiting yourself to just one county pay

or even just one currency you're really

doing yourself in my opinion a big

disservice go and have a look at around

say well for me I have about 27 28

County pairs that I scan through the

charts on a daily chart or even on a

weekly chart and daily chart it really

doesn't take very long it's a 5 10

minute job once a day on the daily

charts to scan through you very easily

train your eye to see you know whether

there's anything there at all at the

close of the daily chart 5 p.m. New York

time and then similar when you go down

to shorter timeframes very very easy to

scan through and trades to see if

there's anything suitable but give

yourself the best chance of finding

something it doesn't matter where you

live because I live in New Zealand

I don't trade the New Zealand dollar

specifically it doesn't matter and you

know I might trade the let's say the the

Canadian Swiss franc as an example

nothing to do with New Zealand it

doesn't matter if the Canadian Swiss

franc is showing a good set up take a

trade on the Canadian Swiss franc you

know don't have to take New Zealand

dollar pairs because I live here so that

was one of the topics that came through

from those surveys and following on from

those surveys I held a live one hour

webinar on Tuesday this week we had

almost 300 people on the session and I'm

holding another one this afternoon which

is Friday afternoon in New Zealand time

but by the time you get to watch this

video and listen to this podcast there

are two sessions next week three

sessions for you to log in and join and

I'll be discussing the top issues that

the first

from globally have told me they're

having problems with and giving you

practical useful solutions to those free

of charge all you need to do is webinar

to join one of those webinars is click

on the link below this video there will

be a link there which will take you

through to the last two remaining

webinars which you can get onto next

week by the time this video has been

published so have a great weekend I see

you this time next week and hopefully

before that I will see you on one of the

two live webinars using the link below

this is Andrea Mitchum the forest

trading coach