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How to deal with Currency Correlation for Day Traders

Ricardo Loff (MrGr33n47)
Sep 17 2021 at 14:30
3 postów
What do you think is the best way to deal with currency correlation as a Day Trader due to correlations between pairs changing so much. No one wants to unknowingly double their risk on two or three pairs that's correlated and ends up all hitting your stops because of correlation. Would you prefer to always check the currency correlation table every time before you add a second or third Intra-Day trade or is that too much to do?
Playing great defense over great offence.
skihav
Sep 17 2021 at 17:45
801 postów
By the way, this is a very useful skill. If used correctly, the result can be quite interesting for a trader.
skihav
Sep 17 2021 at 17:50
801 postów
It should be understood that to understand the correct use of this strategy, you need to have experience.
croisssan
Sep 18 2021 at 07:06
939 postów
You just have to interpret the forecasts correctly
AliaDare
Sep 19 2021 at 00:50
788 postów
I think the correlation is a myth. Each currency moves at its own pace so no correlation is required.
yana hansen (78678676)
Sep 21 2021 at 11:33
137 postów
Currency correlation is definitely a thing. Some currency pairs are related in value and move together.
SofieAndreasen
Nov 11 2021 at 13:05
759 postów
Forex traders will use currency correlations to either hedge their trades, increase their risk or use it for creating value.
croisssan
Nov 11 2021 at 14:19
939 postów
78678676 posted:
Currency correlation is definitely a thing. Some currency pairs are related in value and move together.
yes, but there are not many such pairs
LyudmilLukanov
Nov 11 2021 at 15:01
848 postów
When actually placing a trade, consider whether the markets are currently correlated, whether one market leads another, and whether the price is diverging.
LyudmilLukanov
Nov 11 2021 at 15:02
848 postów
When actually placing a trade, consider whether the markets are currently correlated, whether one market leads another, and whether the price is diverging.
Ricardo Loff (MrGr33n47)
Nov 12 2021 at 06:48
3 postów
LyudmilLukanov posted:
When actually placing a trade, consider whether the markets are currently correlated, whether one market leads another, and whether the price is diverging.
I fully agree.
Playing great defense over great offence.
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