DislikedHi Pip,
I personally will not double up my risk, if I have a trade open with say the USD as cross, I will not take another trade with that currency crossed with anything.
And yes I will open several trades at once, however I never risk more than 3% total, so I will reduce my lot size on each pair so I never have more than 3% at risk at any given time, and usually unless the setup is absolutely perfect I will not even risk 3% I will reduce it down to between 1 and 2% for the most part.
--NMIgnored
That makes a lot of sense...
So when you open "several" trades at once i imagine you mean (for example) 1 trade with a usd cross and another with a jpy cross. Anymore than 2 at a time?
As far as i understand theres only to "major" currencies, them being the usd and the jpy. Is this correct?
Also, you mention you usually trade between 1%-2% per trade...
Does this mean you "vary" your lots based on the quality of your trades?
If so, what factors will make you vary/reduce lots from your standard 3% risk?
Thanks again buddy.
Pip.