Each currency pair has the character and features. Some of them possible to see just once having looked at the schedule, and some open only in the course of direct contact and at times not at once. Besides, there are currency pairs-allies, which often make similar movements. But also you shouldn’t hope for such parameter, as differently there can be serious losses. For example, the trader gets used that the Euro and Pound always move together against the dollar. At approach of certain events opens the bargain on Pound. Then he thinks: “And after all the Euro usually there moves”! Also opens the similar bargain on Euro (probably, an example not the best, but an essence now not in it). Once he finds out that one bargain is in “pluses”, and here the ally has made, and consequently the second bargain has yielded the loss. Therefore I recommend to everybody to be more cautious with strategy in which is used the principle of currency pairs alliance. Though there are traders who can do profit only here on such processes.
Trade on several currency pairs.
There are some strategies, allowing trade on different currency pairs simultaneously. One of them force the trader to trade on two-three currency pairs, and at times there are also such strategy that the trader does business at once on ten, and even more pairs. For example, one firm, granting trading signals on Forex, issues them at once for ten currency pairs. Service convenient enough, is issued in the form of the table, and bargains to open at once on all to ten pairs it is not necessary. But the person, got used to work about Euro-dollar or Pound-dollar currency pairs, at times comes to some confusion from such abundance of trading instruments. At desire nevertheless it is possible to study the earlier not tested currencies and to start to work with these instruments. As at times transition from one currency pair is capable to increase by other considerably incomes on the deposit as initially many trade on difficult enough currency pairs, without suspecting about availability of advantages at trade in other currencies.
Often at trade on several currency pairs use methods of non-simultaneous opening of several bargains on different currency pairs, and methods of a choice of the most successful variant. That is the trader trading on several pairs, is inclined, owing to certain trading events, to choose the most successful currency and to open the bargain on it, is temporary having forgotten about others. Next time it can be already other currency.
Trade on one currency pair.
The first, on what would be desirable to pay attention, is that many at a choice of one currency pair are guided by some geographical data. Traders from the CIS more often prefer Euro-dollar, Pound-dollar, Dollar-franc, and Dollar-yen. Much less often choose less popular, for example, Australian dollar or Canadian in different variations. And after all these geographical prejudices have no economic basis for their choice as trading instruments. Therefore use little known and exotic (only at first sight) currency pairs is rather justified and can lead to good indicators at trade. Especially considering that principal currencies are rather hard for beginners.
Surely not a single piece of knowledge can be a 100% guarantee against losses, especially on Forex, but sometimes just one Forex book can save you much money.