To specialize or not to specialize.

[Titan_Securities]

Ever had the saying ". A jack of all trades and a master of none." Seems like it works for Forex markets too.
Many newbe traders dive into the forex market knowing that the markets offer substantive returns only to realize seven years down the line that all they've done is waste time and money and probably relationships. I trade the EURGBP pair only. Know its ups and down when its ready to move and when positions are being absorbed and built. Know your enemy and look to exploit every weakness.

So the question goes. To specialize or not to specialize?

 

[globalarbtrader]

Ever had the saying ". A jack of all trades and a master of none." Seems like it works for Forex markets too.
Many newbe traders dive into the forex market knowing that the markets offer substantive returns only to realize seven years down the line that all they've done is waste time and money and probably relationships. I trade the EURGBP pair only. Know its ups and down when its ready to move and when positions are being absorbed and built. Know your enemy and look to exploit every weakness.

So the question goes. To specialize or not to specialize?

Diversification is the only free lunch in finance. A cliche, but one that happens to be true.

GAT

 

[easymon1]

I trade the EURGBP pair only. Know its ups and down when its ready to move and when positions are being absorbed and built.

what would you say are the frequency and duration of trades you take during the average month or year? Thx

 

[SanMiguel]

Diversification is the only free lunch in finance. A cliche, but one that happens to be true.

GAT

Not really for day trading. Too many correlated things going on

 

[Titan_Securities]

what would you say are the frequency and duration of trades you take during the average month or year? Thx

Depends on the setup. But on average per week 1-3 trades

 

[Titan_Securities]

Good example. Tom Dante and the Bunds. Specialize in what ypu know and do it better

 

[murray t turtle]

you have to specialize.... this is a game of life and death... you don't see any athletes succeed in multiple sports, with extremely rare exceptions.

you have to know who the players are, where their goals are, they behavior patterns, their strength and weaknesses..... you can spend your lifetime to study one instrument.

jack of all trades, you are basically just feeding in all the games.

%%
And that's the brilliance of SPY/QQQ...………….; can specialize in a diversified asset.
Actually with good work habbits/REALTOR , all 3; even though I like ETFs better.
And while some one that traded Only SPY for example, may know it a bit better than me; but 95% is almost 100% LOL/true...………………………………………………………………………………….

 

[lovethetrade]

It depends how you trade and what you trade.