Z_MBFM
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July 15, 2024, 08:34:51 PM |
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In the crypto market, there are many trading pairs. After trading only two pairs for a year, I discovered that it is good to focus on a few pairs. Why? It has allowed me to master those two pairs and understand how they really move. It has also taught me patience because when your favorite setup does not appear, you can avoid entering a trade. Remember, jack of all trades, master of none.
What is your opinion about this?
There are many trading pairs in the crypto market, but not all of them are widely used and it depends on one's own trading strategy. One can trade in Bitcoin pairs because he wants to increase the amount of Bitcoins. One can use ETH pairs or USDT pairs. But I always use USDT pair because it is a stable coin so profit calculation can be done well. So other pairs I don't use much. However, this does not mean that everyone will only use USDT pairs.
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Silberman
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July 15, 2024, 11:12:42 PM |
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In the crypto market, there are many trading pairs. After trading only two pairs for a year, I discovered that it is good to focus on a few pairs. Why? It has allowed me to master those two pairs and understand how they really move. It has also taught me patience because when your favorite setup does not appear, you can avoid entering a trade. Remember, jack of all trades, master of none.
What is your opinion about this?
If you are only starting out as a trader, I would be even more conservative and trade only one pair, the BTC/ETH or the BTC/USDT pair, and only once you have shown yourself you have the ability to make money in one of those pairs then you can pick a few more, with five being the maximum I would recommend to any trader, as anything more than that and it will become incredibly difficult to monitor so many markets at the same time.
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Dickiy
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July 16, 2024, 12:48:37 PM |
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In the crypto market, there are many trading pairs. After trading only two pairs for a year, I discovered that it is good to focus on a few pairs. Why? It has allowed me to master those two pairs and understand how they really move. It has also taught me patience because when your favorite setup does not appear, you can avoid entering a trade. Remember, jack of all trades, master of none.
What is your opinion about this?
If you are only starting out as a trader, I would be even more conservative and trade only one pair, the BTC/ETH or the BTC/USDT pair, and only once you have shown yourself you have the ability to make money in one of those pairs then you can pick a few more, with five being the maximum I would recommend to any trader, as anything more than that and it will become incredibly difficult to monitor so many markets at the same time. focusing on one or two types of crypto pairs that you trade will be better and more profitable, this will minimize losses when trading, I would better prioritize BTC/ETH. because we are not required to be clever in all types of currency on the market, because we are pursuing profit, only after that do we master these two types of currency, where we can learn about other types of currency that we will trade, gradually in each Learning does not rule out the possibility that the percentage of profits will be much higher than the losses you experience. the best teacher is experience
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Ndabagi01
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July 16, 2024, 07:35:33 PM |
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In the crypto market, there are many trading pairs. After trading only two pairs for a year, I discovered that it is good to focus on a few pairs. Why? It has allowed me to master those two pairs and understand how they really move. It has also taught me patience because when your favorite setup does not appear, you can avoid entering a trade. Remember, jack of all trades, master of none.
What is your opinion about this?
This is good and many expert traders are not the type that trade all the pairs they come around in the crypto trading market. A lot of opportunities to take trades are in this market but if you diversify too much, you’ll lose focus and miss the most important trade you’re suppose to enter. Expert traders take on one or few pairs and stick to them because they have already mastered the art of patience, so if that pair doesn’t give them what they want, they’ll wait patiently for it to reach their target before entering. They can take advantage of other pairs that are clear to take on, but that happens once in a while and not often as they will do to their usual pairs they trade.
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dunfida
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July 16, 2024, 08:37:38 PM |
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In the crypto market, there are many trading pairs. After trading only two pairs for a year, I discovered that it is good to focus on a few pairs. Why? It has allowed me to master those two pairs and understand how they really move. It has also taught me patience because when your favorite setup does not appear, you can avoid entering a trade. Remember, jack of all trades, master of none.
What is your opinion about this?
Master yourself or getting that familiarity on few pairs or simply talking about 2-3 pairs on maximum on which on the moment that you would really be focusing into those few points then you wouldnt really be doing too much work specially on trying out to monitoring entries and exits on which we know that the more pairs you are trading the more work that you would really be needing to do. Actually it would really be just that depending on how well you do manage your time and your finances or simply with the capital that you do have. On the moment or time that you do make yourself that deal up with multiple pairs then it would really be just that normal that you would be having that kind of stress and for sure you wont really be having that kind of well prepared or having that good monitoring of those coins, but actually it would really be just that depending on you. For me then i would be focusing that much about on making trades on 1-2 pairs on which monitoring wont really be that so hard and could be able to execute analysis without any issues. Loses are inevitable but having that kind of aggressive approach and desperation just because of having multiple positions would really be something stressing and could burn you out.
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shinratensei_
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July 17, 2024, 04:40:46 AM |
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one pair max two pair for me is the best way, can't really keep up looking at many chart at the same time and like as you said, with not too much pair you can get used to the market movement of a chart so it increases the chance of you making profit.
but to be fair you can always trade and set up SL/TP and just let the market flow, but for a trader, the more time passes, and the more data we can get from the market chart, the pattern and direction of the market becomes clearer, so yeah, maybe the 3rd pair and so on only good for the kind of trade where you just set up and forget.
after all, these feature exist to simplify our trading journey.
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pawanjain
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July 17, 2024, 06:45:13 AM |
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I feel the same way, focusing on just a few trading pairs allow us to master it over the time. It reduces the complexity because if we focus on multiple trading pairs then we have to develop strategies for each of them and it becomes difficult to manage all of those strategies. On the other hand, focusing on just a few pairs increases the effectiveness of the strategies since we pay more attention and time on those pairs.
I do agree that more pairs means that more chances to find a good trade. I get that we should consider that we can't make it work some other way, we need to realize that things are not that simple. All in all we need to just realize that more pairs doesn't guarantee money, but it does guarantee more possibilities. So, all you have to do about this would be realizing that you are not on the wrong path, you are doing fine. I guess the best thing to do right now would be considering how things could change, and that way we could probably make something better. Complexity of it is the hardest part, taking things one by one for many pairs will take a long time and will require you to freshen up on each time, but it's definitely a higher ceiling. I never said we should focus on more pairs, instead, I said we should be focusing on few pairs only. Focusing on more pairs will diversify our focus area and thus we won't be able to pay more attention on those pairs. Although it opens a wider opportunity of earning but it also gives a bigger amount of losses.
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Bravut
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July 17, 2024, 10:59:59 AM |
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Well said, OP. Trading few pairs helps traders focus and understand the market movement of that pair which also prevent unnecessary losses and tiredness. Though it all based on the Trader if he can organise himself while trading multiple pairs, some can while others cannot.... Trading few pairs also give the Trader more time to focus on other important stuffs while still milking from his trades as far as such Trader knows how to risk and Leverage properly.
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jcojci
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July 17, 2024, 12:18:19 PM |
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Focus on one or two pairs will be better than to manage many pairs because you can not learn all things at the same time. But if you have high skills in trading, you can trade with many pairs and will not have a problem. Learning trading is not easy because you will see the crypto market will always change and that needs continuously learning so you can gets the main point.
Learning trading also needs patience because when you trade you will not always see the market will moves as you want. You must wait for some time to close the trade but if you lucky, you can close the trade with profit in your hands.
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EarnOnVictor
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July 17, 2024, 01:34:00 PM |
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In the crypto market, there are many trading pairs. After trading only two pairs for a year, I discovered that it is good to focus on a few pairs. Why? It has allowed me to master those two pairs and understand how they really move. It has also taught me patience because when your favorite setup does not appear, you can avoid entering a trade. Remember, jack of all trades, master of none.
What is your opinion about this?
You are wise to have realised this early my brother, many people are just deceiving themselves trying to trade many pairs. I was like them before, on my trading chart then, you can see about 15-20 chart windows of different market pairs that could be Stock, index, crude oil, Gold, FX and many more, but to what gain? If not for complication and confusion. Is it not the money we are looking for? If we know how to handle a single pair very well and take all the necessary risks and management that would have been spread on multiple pairs, it might yield better for us. It is even better because we would be able to understand the psychology of that particular market better than the many we are trying to trade. Now, I've narrowed my trading down to Gold and Bitcoin only, and I tell you, I am uncomparably better in profits than when I was stressing myself with multiple markets.
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Taskford
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July 17, 2024, 01:56:23 PM |
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I feel the same way, focusing on just a few trading pairs allow us to master it over the time. It reduces the complexity because if we focus on multiple trading pairs then we have to develop strategies for each of them and it becomes difficult to manage all of those strategies. On the other hand, focusing on just a few pairs increases the effectiveness of the strategies since we pay more attention and time on those pairs.
I do agree that more pairs means that more chances to find a good trade. I get that we should consider that we can't make it work some other way, we need to realize that things are not that simple. All in all we need to just realize that more pairs doesn't guarantee money, but it does guarantee more possibilities. So, all you have to do about this would be realizing that you are not on the wrong path, you are doing fine. I guess the best thing to do right now would be considering how things could change, and that way we could probably make something better. Complexity of it is the hardest part, taking things one by one for many pairs will take a long time and will require you to freshen up on each time, but it's definitely a higher ceiling. I never said we should focus on more pairs, instead, I said we should be focusing on few pairs only. Focusing on more pairs will diversify our focus area and thus we won't be able to pay more attention on those pairs. Although it opens a wider opportunity of earning but it also gives a bigger amount of losses. Few pairs would really better since we can manage our trades which is always advisable to do. Some think about that having a lot of trade pairs is better since they possibly could earn a lot more money from doing it. But they forgot to realize that its hard to manage such condition and might not paying attention on his other asset might result to do those bad decisions that they don't really want to happen. People should not became more greedy on gaining profits since they should consider first on how they can handle well their trades. If they mismanage it for sure that everything will fall apart and with that they could lose all their money on wrong judgement they made.
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Jegileman
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July 17, 2024, 08:26:18 PM |
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In the crypto market, there are many trading pairs. After trading only two pairs for a year, I discovered that it is good to focus on a few pairs. Why? It has allowed me to master those two pairs and understand how they really move. It has also taught me patience because when your favorite setup does not appear, you can avoid entering a trade. Remember, jack of all trades, master of none.
What is your opinion about this?
Diversifying they say is very good but in trading if you over diversify too much, you’ll lose what you must need and be after what you don’t need at all. Over diversifying can make you lose the most important trade that will make you more money over other ones that you’re not too sure about their trade or what the outcome will be. Successful traders always have a pair they mostly focus on and they’re masters of those pairs and that gives them more room to analyse the market well and take their trades just at right time whenever the opportunity presents itself. Taking few pairs and studying them well is the best for a trader who want to achieve success soon.
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Lanatsa
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July 17, 2024, 09:17:07 PM |
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I feel the same way, focusing on just a few trading pairs allow us to master it over the time. It reduces the complexity because if we focus on multiple trading pairs then we have to develop strategies for each of them and it becomes difficult to manage all of those strategies. On the other hand, focusing on just a few pairs increases the effectiveness of the strategies since we pay more attention and time on those pairs.
I do agree that more pairs means that more chances to find a good trade. I get that we should consider that we can't make it work some other way, we need to realize that things are not that simple. All in all we need to just realize that more pairs doesn't guarantee money, but it does guarantee more possibilities. So, all you have to do about this would be realizing that you are not on the wrong path, you are doing fine. I guess the best thing to do right now would be considering how things could change, and that way we could probably make something better. Complexity of it is the hardest part, taking things one by one for many pairs will take a long time and will require you to freshen up on each time, but it's definitely a higher ceiling. I never said we should focus on more pairs, instead, I said we should be focusing on few pairs only. Focusing on more pairs will diversify our focus area and thus we won't be able to pay more attention on those pairs. Although it opens a wider opportunity of earning but it also gives a bigger amount of losses. Few pairs would really better since we can manage our trades which is always advisable to do. Some think about that having a lot of trade pairs is better since they possibly could earn a lot more money from doing it. But they forgot to realize that its hard to manage such condition and might not paying attention on his other asset might result to do those bad decisions that they don't really want to happen. People should not became more greedy on gaining profits since they should consider first on how they can handle well their trades. If they mismanage it for sure that everything will fall apart and with that they could lose all their money on wrong judgement they made. When you are just a complete noob then having 1 pair or a two would really be that recommended on which its true that you could really be easily to monitor out your trades specially that you are still new on which you cant still have that good grasps into it on which it would really be just that recommended because you wont really be finding yourself that be too busy on checking things or on how you gonna do your trades which you could really be able to compare into those things which does have that multiple dealings on which it would really be needing up that kind of expertise. On the moment that you do feel out that 1-2 pairs is already that handy or something you could be able to deal with it without any issues then this is the time you do consider out on taking up other pairs as well. It would really be that situational because everything would really be that according into your skills and experience on how you would gonna deal up with things. So it would really be advised that you should be sticking into something simple specially on the moment that you are really just that starting up or this is something a sensible act that you would gonna do first before trying out something else.
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Peanutswar
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July 18, 2024, 01:56:02 PM |
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If you are confident with the pair and gives you a profit you can stick with it but of course there's a lot of pairs right there there's a different use of the coins so if you are aware with their projects and roadmaps you can easily check their market status for the next price movement, also don't limit yourself too because there's newly potential coins right there to make trade, the wrong is make a multiple coins watching and because you are getting busy to keep an eye on those you forgot to focus with your trade reason why some trades losses their opportunity to make a position, trade a coin that you can handle to trade and watch don't get overwhelmed with the pairs.
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pawanjain
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July 18, 2024, 05:14:01 PM |
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When you are just a complete noob then having 1 pair or a two would really be that recommended on which its true that you could really be easily to monitor out your trades specially that you are still new on which you cant still have that good grasps into it on which it would really be just that recommended because you wont really be finding yourself that be too busy on checking things or on how you gonna do your trades which you could really be able to compare into those things which does have that multiple dealings on which it would really be needing up that kind of expertise. On the moment that you do feel out that 1-2 pairs is already that handy or something you could be able to deal with it without any issues then this is the time you do consider out on taking up other pairs as well.
It would really be that situational because everything would really be that according into your skills and experience on how you would gonna deal up with things. So it would really be advised that you should be sticking into something simple specially on the moment that you are really just that starting up or this is something a sensible act that you would gonna do first before trying out something else.
Yes ofcourse, it depends a lot on the experience as well. May be experienced traders are able to cope up well with multiple trading pairs and so they can handle it well. But many people consider themselves as experienced traders and in the process of trading on multiple pairs they end up losing in all of them. Again, I guess that is a learning process and we can't know unless we try. But for beginners and those who don't have a lot of time, it's best to trade on few selected pairs.
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Stepstowealth
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July 18, 2024, 09:41:39 PM |
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What is your opinion about this?
Like trying to catch too many things at a time or focusing on too many things at the time can make it difficult to catch one so also does trading so many pairs makes it difficult to understand anyone in particular when you are a new trader. The traders who trade many trading pairs, did not always start off trading like that, some of them focused on one or two trading pairs for a very long time before trying out others. If you are planning as a trader to trade multiple pairs you have to start somewhere and that starting somewhere means you have to start from trading one pair first before adding other pairs to trade.
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irhact
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July 18, 2024, 11:20:02 PM |
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In the crypto market, there are many trading pairs. After trading only two pairs for a year, I discovered that it is good to focus on a few pairs. Why? It has allowed me to master those two pairs and understand how they really move. It has also taught me patience because when your favorite setup does not appear, you can avoid entering a trade. Remember, jack of all trades, master of none. What is your opinion about this?
All altcoins are almost the same therefore if you can master two altcoins, you can also be able of trading other altcoins. They all move in response to Bitcoin and other news that affects them either to make them pump or dump. If there are chances to make profit from another altcoins don't ignore that chance only as you want to monitor your two chosen altcoins or you'll be missing chances to make money. I don't have altcoins I kept for only monitoring them and not all tokens but I change the tokens I trade as the market changes. When there's a hype on this particular types of tokens, I'll start trading them and I make profits.
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logfiles
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July 18, 2024, 11:43:07 PM |
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In the crypto market, there are many trading pairs. After trading only two pairs for a year, I discovered that it is good to focus on a few pairs. Why? It has allowed me to master those two pairs and understand how they really move. It has also taught me patience because when your favorite setup does not appear, you can avoid entering a trade. Remember, jack of all trades, master of none.
What is your opinion about this?
For someone trading conservatively, focusing on a few trading pairs is much better, especially high with high marketcap coins couples with higher time frames is the bomb. The only disadvantage is maybe lower PnL over a long period of time but the risk of losing a trade is way so low. People opt for so many trading pairs because they feel they might at one time land on a gem that can easily go x10 in a few days. Of course this happens at times but not always. To answer the question, I think it just depends on one's strategy
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$weetne$$
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July 19, 2024, 12:21:04 PM |
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In the crypto market, there are many trading pairs. After trading only two pairs for a year, I discovered that it is good to focus on a few pairs. Why? It has allowed me to master those two pairs and understand how they really move. Trading BTC/USDT can make you to understand how Bitcoin moves and it will limit your focus to just studying Bitcoin and you can get a better understanding how the market moves. If you keep tracking multiple pairs, you would not be focused and can make mistakes. Most successful traders are those that mastered a particular trading pairs and have been making money from it for so long. Although you can not always predict how Bitcoin is going to move but you will be having more successful trades than failed ones because you have been seeing the same pattern repeat itself over and over again. The market moves in similar patterns which makes using technical analysis to be very important when interpretation are being done. A beginner should not get himself distracted as there are multiple trading pairs in the market that can be very volatile making your analysis to not have any positive results but you can be guaranteed if you are trading BTC.
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doomloop
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July 19, 2024, 05:33:52 PM |
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People opt for so many trading pairs because they feel they might at one time land on a gem that can easily go x10 in a few days. Of course this happens at times but not always. To answer the question, I think it just depends on one's strategy. For someone trading conservatively, focusing on a few trading pairs is much better, especially high with high marketcap coins couples with higher time frames is the bomb. The only disadvantage is maybe lower PnL over a long period of time but the risk of losing a trade is way so low.
I think it was the investors are the ones who does that and not the traders because when you are trading, you don't wait but you need to flip your assets from time to time. It is still possible to make huge amounts of money through trading because the profits that we can constantly get will just stack up as long as you don't spend them yet. I agree with you that trading with a few trading pairs is better because it can give us more focus. Others think that having more trading pairs can also give them more profit. That was true as long as they are able to handle it and we can believe it better if they are already doing this before and they have proofs to show with us. Choosing high marketcap coins is another positive thing because we know that it was the low-cap coins are the ones who are high in risk. All altcoins are almost the same therefore if you can master two altcoins, you can also be able of trading other altcoins.
All are not the same but almost? Yes. I think only 10 percent of altcoins are there that are legit. With all the the sea of altcoin there must only be one altcoin that is worthy to get and that would be ETH. There is a saying that two is better than one but we can take BTC as a sample here. Many people say that BTC must be the only coin that we must hold, though if we can also consider an alt to our holding then we can also go for ETH.
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