I've been focusing on the EUR/USD for a while, but I'm wondering if even just occasionally watching other charts would be beneficial. I've been thinking that maybe watching the ES and other futures, the indexes, and maybe commodities might teach me different things about the markets which I could apply back to my main instrument (in a similar way that they say the best athletes play a variety before specializing in one). Please note that this is from a mental aspect only. I understand that it increases opportunity, etc. Thanks!
Makes sense to me. I've been trading ES with an occasional commodity trade.....made my first currency trade last night ....$200 profit on JPY future...got lucky. Stosh
I now believe strongly you should find a method you like and then a market that trades most often in that manner. I like buy/sell on pullbacks. I don't like counter trend trading. Therefore, I am going to most likely adjust my schedule to trade currencies as they trend more often. For the longest time I have attempted to trade e-minis with some success. But they don't trend as often so I adapt. Greg you are going to be in for a rude awakening going from euro to emini SP. Most days a SP will move 2-3 pts on a move, compared to euro. Learn to fade if you are going to go with eminis because they don't move as directional.
if your method works,it should work in any mrkt,if you look at several instuments and see your method pointing out a setup,take it. Mentally it will boost your confidence, Trading wise,you need to know in your head that you can trade anything successfully, Trading a setup in another market will reinforce the fact mentally. Oex, spx dried up,30 yr t bonds, oil,those guys are still trading
I'm trying to find both differences and similarities in many markets to learn more about them, which I hope will make me wiser and more profitable in which ever market I specialize. My intentions are to continue trading a single instrument intraday (currently EUR/USD) while learning more from watching other instruments (I was thinking about getting a new one each month). If I find something I like and end up trading that then great, but it's not my goal.