I want to mention something about specializing in different currency pairs. It wouldn't be such a bad idea to actually focus on one pair for an extended period of time. For example I've been following the EUR/USD pair for a few months now, occasionally taking a peek at the USD matched up with the JPY, NZD and AUS. But the fact of the matter is that once you start following a pair, even if there is not much volatility to be found in it you can discover certain price patterns.
By following I mean not only technical analysis but a mixture of both technical and fundamental. In my case, I've been monitoring the EUR/USD, coming to find out that I'm more accurate then when I'm jumping from one currency to another. Try it for yourself, just for a few weeks and see if you can make a more accurate analysis then for example a pair you hardly trade.
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