Wednesday, 21st March 2018
I received an email yesterday as follows:
Hi Tipu, I watch your daily results with great interest. Thank you for sharing!
I am very much interested in your Forex Dashboard but I have a question.
My question is how can I trade 20 positions like you on a daily basis if I am making a loss every day trading one fx pair?
The answer to that in three words is "change your mindset."
You do not need to trade 20 Positions at a time but it never made any sense to me why anyone would want to limit their opportunities and trade just one pair? Trading 20 or more positions simultaneously is not difficult, nor does it require any more time. You have to understand that currency pairs are correlated in the Foreign Exchange market, you can use this to your advantage and get favorable results.
If however, you find it difficult to manage a large number of positions then simply start out with 4 pairs to begin with.
Trading 4 pairs will increase your chances of making a profit and is far better than beating yourself over one pair which returns a loss!
Remember, it's not about how many positions you trade but how well you can trade. Saying that, I do not agree when someone writes to me if they can trade any one particular currency pair the entire day, you can trade so many more!
A good trading strategy works just as well with all currency pairs, simply because when one pair is trading in a certain direction the others follow or do the opposite with the exception of those in a range of lagging. This is called market correlation, an important aspect that you learn by trading multiple currency pairs over time.
Taking the above question into consideration, I decided to reduce my number of positions today which proves my point.
Just look at the charts, what do you see ??
Finishing early for the day with a smashing 9/10 Score:
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