I like to monitor all pairs at all times but only trade 1 to 2 at a time. Used to trade many more, but increased focus allows me to be more profitable now. Multitasking does not exist in the real world, it's better to call it time slicing.
Well if you are monitoring all the pair then how can you concentrate on 1-2 pairs. Monitoring means you are involved with other pairs also and it will consume time and ultimately less focus on main pair of trading.
Monitoring only requires focus on getting in or identifying the opportunity, but once in, the stress levels rise and one needs to focus on how and where to get out, so it is not really the same thing!
Never been a fan of intraday more than one pair, things can move quite fast and you can find your self feeling overwhelmed. Intraday on one pair and 4-6 pairs on higher time frames, looking for 150 points per week with trades lasting days is doable most of the time. Dont just spread your pairs spread your time frames.
there's several dependancies, trader's pychology, emotion, capital, time available to trade, time zone they live in, and, IF they have a profitable trading method/system personally I prefer to session trade the eurusd ~ 6E, also track eod six other majors plus es, cl, gc and ng. I demo traded a portfolio for a while but from the pov of use of capital, trading a single instrument is more profitable for me B&H trading lends itself to a portfolio and finding pairs about to begin a new trend, as well as for those who have full time employment since it shouldn't take much time to do day to day, plus a bit on the weekend
I am also in favour that we must not spread the pairs but can you elaborate about spreading the time frames? Is it trading on multiple time frame.
Yes ~ its simply trading on different time frames. As I said at the moment I like to trade a product intraday which I do with the one and five minute chart, in addition to this I trade several products with the fifteen minute and one hour chart. Intraday I am scalping, on the higher time frame I am seeking trades that develop slowly over a number of days, they usualy last two days to a week. If you trade intraday, swing trade and longer term you can flow the returns from the lowest time frames you deal with to fund the highest. The bigger the time frame and intended duration of the trade the larger the position can be. There are some beautiful trends on the daily chart and when I was trading all three it looked like this: Intraday returns flowed into my swing trading account and my swing trading returns flowed into my long term account that took trades using daily/weekly charts with the intended duration of weeks/months. This way I have my largest trades and most risk on the time scale I am most comfortable putting the volume into and feel I have the most control of, as these operations run side by side loss in one area is offset with a gain in another, your itchy finger and need to be busy is taken care of by the intraday activities and your mind is forced to remain aware of the bigger picture and analysis with your longer term plays (y)