It depends on the individual trader's goals and risk tolerance. Some traders may prefer to focus on a single currency pair in order to gain a deep understanding of its characteristics and market dynamics. This approach allows them to monitor the pair closely and make informed trading decisions. However, focusing on a single pair may also expose the trader to greater risk, as they are not diversifying their portfolio. On the other hand, some traders may prefer to spread their risk across multiple pairs in order to diversify their portfolio and reduce the impact of any single trade on their overall performance. Ultimately, the decision of whether it is better to monitor one pair or trade on multiple pairs will depend on the trader's individual circumstances and risk appetite.

Focusing on a single currency pair can be a smart strategy, especially for beginner traders. It allows for a deeper understanding of how that pair reacts to news, market trends, and technical indicators. By specializing in one pair, traders can spot patterns and develop more accurate predictions, which can improve trading decisions over time.

Moreover, each currency pair has its own volatility, spread, and trading session preferences. Mastering the nuances of one pair reduces the noise and complexity of following multiple pairs, which can be overwhelming. It also helps to minimize mistakes due to overtrading or scattered focus. However, limiting oneself to one pair can mean missed opportunities in other markets, so this approach depends on the trader’s goals and risk tolerance.