Some forex traders only use a single trading strategy and trade any pair that provides a promising set-up, while others only trade a few of the major pairs of currencies. Which is the better tactic?

Well, the answer to that is actually subjective. As long as you are making profits, your method must be working. However, personally, I think that trading the major currency pairs works better. If you are a forex trading neophyte, major pairs are EUR/USD , GBP/USD, GBP/JPY, USD/JPY,  EUR/JPY, USD/CAD, EUR/GBP and USD/CHF. In my case, I only trade the first five pairs.

The main reason why I think trading major pairs is better is because they usually have the tightest spreads. As a result, 3 or 4 pips are all you need to move in your favor and you can start making profits. In the long run, these spreads will make a substantial difference to your total income.

Another reason why trading major pairs is great is because they are the most predictable. Many traders worldwide look at the same price trends and indicators. Somehow, the expected price movements tend to become self-fulfilling since people trade the major pairs at certain points whether they like it or not.

You can search and find more information and articles on Forex Megadroid review that explain more about this powerful concept.

Basically, it’s solely up to you to trade whichever pair you want. In my experience though, it’s a whole lot easier to just concentrate on a handful of currency pairs. This way, you can master their characteristics and see how they react to different technical indicators.  Eventually, you will even be able to determine which times are the best for them to be profitable. Isn’t that practical?

Trading in the forex market does not have to be gruesome.  You can even just opt to trade a single pair. Pick a tactic that works for you.  But if you trust my judgment, trading a major pair or two is absolutely the wiser thing to do than trading others or trading a whole lot.