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

I always find it useful to do a Currency Strength Analysis before I look for trade setups. Basically you compare a base currency, i.e. AUD, against the other currencies and then open the charts where the base currency is strongest, and look for trade setups in favor of the base currency. For example right now the AUD is very strong against the NZD and GBP.

Here's a link that will help you quickly find String vs Weak currency pairs:

https://www.oanda.com/forex-trading/analysis/currency-heatmap

Good luck!

JacoAF posted:
I always find it useful to do a Currency Strength Analysis before I look for trade setups. Basically you compare a base currency, i.e. AUD, against the other currencies and then open the charts where the base currency is strongest, and look for trade setups in favor of the base currency. For example right now the AUD is very strong against the NZD and GBP.

Here's a link that will help you quickly find String vs Weak currency pairs:

https://www.oanda.com/forex-trading/analysis/currency-heatmap

Good luck!

Thank you for sharing.

You or shouldn't take all the trading opportunities at the same time. You have to take decision which one to enter..By entering too many trades, you are risking more money.

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?[/quote

Get a trading plan

I think that according to me compare to mt5 and mt4 is not hard and easy to use for any kinds of trader even beginners. what do you think about ?

You strategy and trading plans will tell you which trade you should take. There should be a risk percentage. We can't go above that. Enter one that's is more promising.

Take both or go with which one gives you the most profit.