I want to know. If I find several trading opportunities on several currencies, which one should I trade and which one doesn't? Should I focus on the one with high take profit and open three lots on just one currency pair? Or should I find 3 different currency pairs, trade all of them and open just one lot each?
One trade with 3 lots or 3 trades with 1 lot?
- Thread starter Azlan00IM
- Start date
Hope you're not going to do that with deposit less than 2K$
To the point, we can look at your situation from different angles. From the point of risk diversification it's better to put three 1 lot trades on different pairs. From the point of done analysis it's harder to make accurate enough analysis on three pairs, unless they're correlated somehow (for example all three are EUR/XXX pairs, which are highly correlated now).
If you want to hear my personal experience, I prefer to focus on 1 pair and plunge deeply into its technical and fundamental characteristics.
For technical (if to be precise statistical) characteristics I use History center:
Analyzing price behavior for different timeframes you can find plenty of patterns. I use data from MYBROKER but you can find it in any other broker with Metatrader supported.
For fundamental characteristics I explore its correlation with four major assets: Gold, Oil, USD and one special asset. Analyzing their prices you can determine how price on your "focused" asset will behave.
Hope this information will be of help for you.
arigoldman
Recruit
- Messages
- 171
It really comes down to what the chances are, what the price behavior is and do you have the guts to trade it. You have a few variables to consider before you act on it.
If you have the experience, can you list the variables involved?
Pharaoh
Brigadier General
- Messages
- 20,307
3 lots on one pair vs 1 lot on 3 pairs?
It depends on your strategy. If you find focusing on a single pair to work better for you, then trade that pair. If you've got the time and mindset to deal with 3 separate pairs, this can reduce your risk if any one of those pairs takes a hard turn against your position.
It depends on your strategy. If you find focusing on a single pair to work better for you, then trade that pair. If you've got the time and mindset to deal with 3 separate pairs, this can reduce your risk if any one of those pairs takes a hard turn against your position.
WatanFX-Rep
WantanFX Representative
- Messages
- 64
I personally would go with one trade at a time.
Good enough skill should go with one trade, bad skill should choose the second (several trades).
All is up to trader , his skill and capital how he decides about trading , he can open one or more position with high or low lot . I many times trade with different pair at the same time , so no tension if you can manage well you can avail all possible good opportunity.
Similar threads
