I see people talking about trading 8 pairs or 14 pairs.
What does it mean?
Ignored
main currencies which can be traded:
usd, eur, nzd, aud, jpy, gbp, cad, chf
In the markets you don't just trade the "usd" or just the "eur". Every currency is pegged to another one. for example, every other currency can be pegged to the usd: eur/usd, nzd/usd, aud/usd, usd/jpy, gbp/usd, usd/cad, usd/chf.
So, in the currency markets you only can trade "pairs" of currencies. You can never only trade one currency. That is why people are talking about pairs here.
but rather amazing that you ask such a basic question. You have been a member since 2008. If you still don't understand this basic concept, then it is time for you to get out of the markets.
Custos, I think TomLeeChan was asking about basket trading systems. I see he has posted on one of the threads for basket trading, and maybe he's looking for additional information. Apparently English is not his first language. Let's see if he can clarify things.
Custos, I think TomLeeChan was asking about basket trading systems. I see he has posted on one of the threads for basket trading, and maybe he's looking for additional information. Apparently English is not his first language. Let's see if he can clarify things.
Ignored
Yes, that's what I was thinking about.
I was reading the "Still Basketting" thread and I can't figure out what the guys over there mean by 14 pairs.
Also, can someone clarify what typed of trading are there, beside basket trading? Also, what basket trading means?
Basket Trading means that you are trading with multiple pairs of currency,
There are a predetermined set of 14 pairs, 8 pairs, 5 pairs to be traded with.
when there is a buy/sell signal, the basket trader will buy/sell all the 14 pairs (or 8 pairs or 5 pairs) at the same time,
and therefore have the buy/sell open positions of all the 14 pairs.
to be able to trade the multiple pairs, they created an offline chart to calculate the OHLC of the multiple pairs, and do the analysis from there to generate buy/sell signal, they even developed an EA to help execute the trades from the offline chart, so with just once mouse movement you can open buy/sell position for those multiple pairs and manage the trade from there as well, as you can set the trades to breakeven, Set SL, TP and Close All positions at once....
The development of the buy/sell signal is still ongoing....
you can find more details in how to set up offline chart in the thread......
Currently some are trading 14 pairs, some are trading 8 pairs, and some are 5 pairs,
as for me, I am more inclined to trade in 5 pairs, because while it has a similar movement as in 14 pairs, the 5 pairs would give you less total spread when you open/close a position.....
Hope this explanation helps
Failure leads to Success if one learns from mistakes and never give up
Can you tell me how do I trade i.e. 14 pairs in MetaTrader?
Ignored
Well, you need to do your part to read and study the threads for that one... There is no easy way on this one, but if you persist, you will be greatly rewarded
Failure leads to Success if one learns from mistakes and never give up
I would second the advice posted above, since you're new start with a single pair and move on from there. FYI, you'll need a larger margin to dribble any ball on the currency market..
It is a 14 pairs basket offline chart, you can see at the top left corner of the chart there is a number "14" written there....
as to my knowledge the indicator to generate basket offline chart is only developed for use in Metatrader 4 (MT4)
Failure leads to Success if one learns from mistakes and never give up
Can you tell me how do I trade i.e. 14 pairs in MetaTrader?
Ignored
I will give you some leads, but you will need to find the details in the thread, ok?
1. you need to create an offline basket chart in MT4
2. you need to do your analysis to create a buy/sell signal - for this you can use your own indicators or the ones provided in the thread, but if you want to participate in the thread you better follow the indicators provided there, unless you have a proven better indicator...
3. Attached EA (expert advisor) to help you execute the trade (open multiple position of the basket pairs), the EA is also provided in the thread
Failure leads to Success if one learns from mistakes and never give up
main currencies which can be traded:
usd, eur, nzd, aud, jpy, gbp, cad, chf
In the markets you don't just trade the "usd" or just the "eur". Every currency is pegged to another one. for example, every other currency can be pegged to the usd: eur/usd, nzd/usd, aud/usd, usd/jpy, gbp/usd, usd/cad, usd/chf.
So, in the currency markets you only can trade "pairs" of currencies. You can never only trade one currency. That is why people are talking about pairs here.
but rather amazing that you ask such a basic question. You have been a member since...
Ignored
It is the contrary. We "always" trade only 1 currency.
The eur/usd "symbol" just represent the exchange rate between the 2 currencies and also in what currency
your loan is.
The first transaction we always are buying 1 currency. When you close the transaction we are selling what
we purchased.
If your first transaction is a buy eur/usd you are "buying" Euros and you owe the Broker a loan in dollars.
If your First transaction is a sell eur/usd you are buying Dollars and you owe the broker a loan in euros.
We are always "buying" and "holding" 1 currency.
Obviously we can buy both currency of any symbol any time we want, and hold them simultaneously.
