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Single Trading or Multiple & Forex Signals

Discussion in 'Beginners Bootcamp' started by Protacio, Apr 16, 2010.

  1. Protacio

    Protacio Recruit

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    I started trading live not to long ago (1-2 weeks ago) I'm profiting $1-$7 here and there with a maximum of 3-4 maybe 5 transactions per day.

    How is my profit doing for an initial investment of $250?

    Should I stick with single trading (I only trade with 1 pair at a time and limit to 1 lot), or should I move to 2-3 pairs and why?

    Are there any good forex signals out there that are free? I'm following the FPA Daily Signals but Crazy has not have much time thus not reporting for Thursday or Friday.

    Any tips on profiting more and minimizing loss is much appreciated!

    Thank you for your time.
     
  2. cowmadagan

    cowmadagan Sergeant

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    First, with $250, I hope you're dealing in micro lots.

    As for the number of simultaneous trades, sticking with one pair at a time is a better idea because you might not really understand the intricacies of pair relations. That means that you might be making the same bet in two positions, and that's rather pointless.

    Most important, make sure you're working with proper money and risk management. If you're not sure, I'll post some links from the FPA site with the free info.
     
  3. Protacio

    Protacio Recruit

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    Please forward that information to me as I'm not aware of what "proper money and risk management is and how it is performed".

    Thank you and no I think it's just normal lots although I am not profiting a lot sometimes I don't lose a lot really depending on which currency I deal with the most I've lost (which won't sound big to some) is $60 with the EUR/USD but that is my first lost sometimes I go -$7-10 but have never ACTUALLY lost that amount of money.

    Thanks again for the information and tips.
     

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