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Which trade to enter when there's more than one opportunity at the same time?
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TiffanyK

Member Since Feb 12, 2016  407 posts Tiffany (TiffanyK) Oct 26 2017 at 15:23
I agree with NicoF1. Exactly what I was talking about smiley

Accept the loss as experience
mlawson71

Member Since Dec 11, 2015  1486 posts mlawson71 Oct 29 2017 at 13:59
I, personally, don't keep more than 3-4 positions open at a time, regardless of lot size. I start having a hard time following them all if I have more.

leo23

Member Since Oct 12, 2016  366 posts leo23 Oct 30 2017 at 07:36
The answer is simple.If you are trading manually and you are 100% sure about the profitability of your system and there is a trade set up in each currency pair and you have a money management plan intact along with your trading system, then such a question doesn't arise. You have to enter every trade which meets the trade entry condition.

But again if you follow a thumb rule not to enter more than one trade at a time, then that depends on your past experience and backtesting which should tell you which trade to enter with maximum probability of success.

Mike76

Member Since Oct 29, 2017  10 posts Mike76 Oct 30 2017 at 07:39
NicoF1 posted:
If there at many opportunities, I take them all and then reduce my Lot size for each trade


But where to set the limit? For me it does not seem rational to reduce down to minimal numbers. There has to be some max number depending on the size of the lot. Or what you think?

togr

Member Since Feb 22, 2011  3890 posts vontogr (togr) Oct 30 2017 at 07:59
Mike76 posted:
NicoF1 posted:
If there at many opportunities, I take them all and then reduce my Lot size for each trade


But where to set the limit? For me it does not seem rational to reduce down to minimal numbers. There has to be some max number depending on the size of the lot. Or what you think?


This has to be defined in trading plan!

I like what I trade, I trade what I like
Mike76

Member Since Oct 29, 2017  10 posts Mike76 Nov 02 2017 at 07:28
togr posted:
Mike76 posted:
NicoF1 posted:
If there at many opportunities, I take them all and then reduce my Lot size for each trade


But where to set the limit? For me it does not seem rational to reduce down to minimal numbers. There has to be some max number depending on the size of the lot. Or what you think?


This has to be defined in trading plan!


Sounds logical

togr

Member Since Feb 22, 2011  3890 posts vontogr (togr) Nov 02 2017 at 15:58
Mike76 posted:
togr posted:
Mike76 posted:
NicoF1 posted:
If there at many opportunities, I take them all and then reduce my Lot size for each trade


But where to set the limit? For me it does not seem rational to reduce down to minimal numbers. There has to be some max number depending on the size of the lot. Or what you think?


This has to be defined in trading plan!


Sounds logical


There is no other way.
You cant just open trade based on your feelings. You need to execute your trading plan precisely to get consistent results.
Otherwise you wont succeed long term.

I like what I trade, I trade what I like
Mike76

Member Since Oct 29, 2017  10 posts Mike76 Nov 03 2017 at 13:54
I have also read that the best traders focus a lot of their time to trading psychology. For not to make decisions by their feelings.

Adelgrepling

Member Since Nov 04, 2017  13 posts Adel Grepling (Adelgrepling) Dec 14 2017 at 08:30
mcsuperb posted:
Hi Trader,

Just wondering how you decide which trade to enter when there are several opportunities?

Do you check the correlation and pick the one with the strongest trend?

Do you use correlation at all to make sure not to trade two highly correlated pairs at the same time?






If we are not so experts we can try the ADX since it is just one of those instruments that help us to filter the operations and to discard the ones that have the greatest risk. the ADX index goes down and then falls below the value 30. Therefore, there are no more trends, or at least we must realize that the trend no longer has such strength as to enter with a trade, if we are using a trend following technique. It's a matter of continuing to study and see what is best for us

togr

Member Since Feb 22, 2011  3890 posts vontogr (togr) Dec 14 2017 at 08:54
Adelgrepling posted:
mcsuperb posted:
Hi Trader,

Just wondering how you decide which trade to enter when there are several opportunities?

Do you check the correlation and pick the one with the strongest trend?

Do you use correlation at all to make sure not to trade two highly correlated pairs at the same time?






If we are not so experts we can try the ADX since it is just one of those instruments that help us to filter the operations and to discard the ones that have the greatest risk. the ADX index goes down and then falls below the value 30. Therefore, there are no more trends, or at least we must realize that the trend no longer has such strength as to enter with a trade, if we are using a trend following technique. It's a matter of continuing to study and see what is best for us


It is not about technical setup of some indicator.
It is about following trading plan.
Trading plan could be based on various factors with or without technical indicators.
It needs to be defined if you open another trade or not once conditions are met.

I like what I trade, I trade what I like
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