I recently stepped away…March 21, 2017
Forex Signal March 24, 2017March 23, 2017
I can't even begin to tell you how important it is to mix your strategies. This is because the market doesn't always move a lot, and when it does - it may move at different speeds. Take for example the ZAR/JPY pair. This is a great carry trade pair, as it offers the largest swap that is commonly available. (At least for the brokers I work with.) This means that you are paid to wait for gains at the end of each day. While this sounds easy, it isn't always. After all, you have to be able to set it and forget it so to speak. That isn't as easy as it sounds for some people.
The other end of the spectrum would be a pair like the EUR/USD. This pair is one of the choppiest around over the last few years, as high-frequency trading has now found a home there. This is ironic actually, considering that when I started trading, everyone seemed to point out that it was the best pair to trade because of the tight spreads and the fairly stable trading action. However, things change over time, and the quants ruin everything they touch.
This is why I quite often have different trades going on at the same time and in different time frames. This allows money to work for me as much as possible, but also gives me the flexibility to adjust to the market. For example, I might have a range-bound set up that I am working with, and on smaller time frames, such as the hourly chart. At the same time, I have a long ZAR/JPY pair position that is gaining interest every day, with the expectation of eventually breaking out, only adding to the gains. While these trades are completely different, they don't cancel each other out.
A lot of traders will suggest that you trade a specific time frame and stick to it. I think that not only causes potential boredom, and therefore potential bad trading, but it also cuts out a lot of opportunities. Opportunity is everywhere if you only take the time - or give it - to look.