Focus

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I recently had the opportunity to meet up with a trading friend that I met via this blog.  We were able to sit down talk about what we are up to and what is working or not working in our trading.

One thing that really struck me was the fact that he is only concentrating on one currency pair, the GBPUSD.  The great thing is that he is actually doing pretty well at a time when even some professional traders are having difficulty.

That got me thinking about some of the first things I learned about forex.

I think I heard many times that the key to success is to learn one pair well before moving on to other pairs.  Of course I completely disregarded because my ADD took over and I need to be watching all the pairs all the time.  I figured that the more pairs I am watching, the more opportunity there is to find good trades.

In fact, the opposite has happened.  I get too caught up in all the pairs that I can’t concentrate on the good trades and end up taking marginal trades becauese the good one got lost in the shuffle.

So I have decided to concentrate on the GBPJPY and become a specialist in it.  I think I need to be figuring out ways to find more profitable setups with one pair instead of one profitable setup with all the pairs.

More to come soon!