In my previous trading journals, you can notice that I am only focusing on three forex trading pairs [Gold vs US Dollar (XAUUSD), British Pound vs Australian Dollar (GBPAUD), US Dollar vs Japan Yen (USDJPY)]. Now, I am thinking of limiting to 2 pairs only, and these are XAUUSD and GBPAUD.
One of the main reasons is having more pairs to monitor usually confuses me on which trade I should take. In my previous journals (even before making an online trading journal), I noticed that it resulted to overtrading, which then resulted in losses. Moreover, updating zones, making a trading journal, and analyzing the price actions of these three pairs usually takes me an hour or more of my day. I am hoping to decrease it by eliminating one pair -- and that is USDJPY.
I already have two pairs with USD and these are XAUUSD and USDJPY. I am choosing XAUUSD over USDJPY since I noticed that XAUUSD has greater volatility than the latter, thus may give me more gains than USDJPY. Perhaps I will start eliminating USDJPY this week.
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