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?
sometimes finding the 'perfect opportunity' for each trade could be a frantic task and could lead to a point wherein we couldn't decide well. and that's where forex indicators come in, (see https://fto-capital.reviews/index.php/forex-indicators/), use these tools to gauge their landing and pick the better one.
one thing that's often overlooked is the volatility to bid-ask spread ratio. if i have x identical signals, i usually go with the one where i have to pay my broker the least for the same perceived risk.
Since we can't know which trades will be profitable, if the signals meet your trading system there is no reason to try and cherry pick. Doing so invalidates your strategy and makes your odds less than radom.
Trading correlated pairs can work but again this should be part of your strategy, if you take the time in evaluating pairs you will find that some correlated pairs move before the other correlated pair. This could be used as part of a strategy. However, many of these correlations have less volatility so the move is a fraction of the main correlated pair, as such use cautiously.
Assuming, your talking about trades that meet your strategy than there are 2 things to consider:
1) This is when using high leverage is beneficial by allowing you to take multiple trades and having the margin to cover them, Do Not leverage your positions, us the leverage to equalize your position sizing.
2) If you're trading a pair with a pip value of 1$ than size your position so all your trades have a value of or as close to 1$ as possible. This is important to insure a loss is made up with 'A' win, rather than a win and a half for example. Nothing worse than to have a 20 pip loss or 20$ loss and a 40 pip winner but the winner is worth .881 per pip so a profit of 35.24$ rather than 40$ or 39$ or 41$ depending how you position your size.
I think to many traders see leverage as a way to get rich rather than a way to go broke, however, using leverage in a beneficial manner makes a world of difference as well as reducing your overall drawdown by allowing you to equalize your position size.
Above all else follow your system this is the only way to truly evaluate your performance and that of your system.
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