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Questions and StoriesCategory: QuestionsIs It Okay to Be in Several Forex Trades at the Same Time?
David Matlala asked 4 months ago
John0608 replied 3 months ago

It depends on the account size . For a big account it’s nothing wrong to have multiple trades .

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27 Answers
Best Answer
LuckScout Staff answered 4 months ago

Good question…
You shouldn’t do it. All currency pairs are somehow correlated. When there are several trade setups with different currency pairs at the same time, you should only take one of them that looks stronger and is with the currency pair that is more liquid than others.
If you take all of them, you will take too much risk because they can go against you at the same time.

GODWIN replied 4 months ago

Is not good to trade without caution

oluwole sobayo replied 4 months ago

I love the way you answer the question and i quite agree with you.
But please out of EUR/USD and USD/CHF that is correlated. which of these is more liquid than the other? how can one know the correlated pairs and the one that is more liquid pair to trade in them

Edward Duffy replied 3 months ago

That is a very good question Oluwole. One that I have received an answer to in my years of trying to trade.

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Nnaemeka Victor answered 4 months ago

You must use proper risk management for each position you enter and once that’s done then you can enter the trades with 100% trade set-up.

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Edward Duffy answered 3 months ago

Yes risk management is paramount.

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Eli Davis Keinamura answered 3 months ago

Its not okay to be in several trades of different currencies since you will double your risk in case the market goes against you,try to go back to articles of currency correlation and Forex risk management

Nolo replied 3 months ago

Yes, It’s better to play safe.

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Male answered 3 months ago

Yes, It depend on what the Forex brokers offered you.

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Male answered 3 months ago

Yes, It depend on what the Forex brokers offered you.

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Gareth White answered 3 months ago

Of course it is, just have small positions and a massive account. Usually helps to trade non correlated pairs otherwise you are simply taking the same trade twice.

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Leno Jean Pierre answered 3 months ago

If you see a strong trade set up and goo confirmation its OK but you also think about money management depending of your account size.

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Leno Jean Pierre answered 3 months ago

it depends on your account size and the strong of the Trade setup you want to take.
You must also have a look at your money management.

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Gareth White answered 3 months ago

Yes money management is the name of the game, dont overleverage and only enter trades that meet all of your criteria

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Jackson Mugarura answered 3 months ago

If I’m trading, I would use only one. I have heard of people who have lost multiple times in different tradings.

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Gareth White answered 3 months ago

You always have to go with what you are comfortable with – everyone has a different strategy and risk tolerance

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Kenneth Ogbonnaya answered 3 months ago

Is very wrong trading system to be in different currency pairs at the same time, especially when it is correlated.

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Kenneth Ogbonnaya answered 3 months ago

Is bad trading style to be in different currency pairs at the same time .

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Leno Jean Pierre answered 3 months ago

It’s is not advisable ,but if you think that you have seen a strong trade set up will confirmed ,you can take positions without forgotten your money management.

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Jackson Mugarura answered 3 months ago

Don’t you think that’s greed? And as far as I can remember, greed will cost you a lot money in form of heavy losses.

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Nnaemeka Victor answered 3 months ago

ONE MAY SAY MORE TRADES = MORE MONEY. HAVING SUCH MINDSET WOULD MOST TIMES CAUSE US TO BLOW OUR ACCOUNTS. WE SHOULD ALWAYS THINK ABOUT PROTECTING OUR CAPITAL.

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David Matlala answered 3 months ago

I know it’s not advisable to take such positions without proper risk management.

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Leon2620 answered 3 months ago

Yes as long as your risk management is well maintained.

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David Matlala answered 3 months ago

Yes, make sure you don’t lose more than what you can afford to lose. Even if they look attractive and winnable.

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Kenneth Ogbonnaya answered 3 months ago

Scalping is wrong pattern of trading. 
I term it gambling.

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Leno Jean Pierre answered 3 months ago

You can take several positions if you have a big account but it is not advisable, you will put your account in the risk if the market become more volatile.

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Kenneth Ogbonnaya answered 3 months ago

Is not okay to have open trades of different currency pairs at the same time. This is a total waste of money because any little drop in price poses a lot of risk.

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Gareth White answered 3 months ago

It all comes down to account management and risk tolerance. If you know what you are doing you can successfully be in more than one forex trade at a time and I have done so on many occassions.

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Leno Jean Pierre answered 3 months ago

Money management say to take position according to your account size. Take care of your money must be your first priority.No money, no Profit.

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Jackson Mugarura answered 3 months ago

I think it’s ok to spread the risk, certainly when you lose in one trade you can gain from another one.

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Kenneth Ogbonnaya answered 3 months ago

Having many forex trade at same time is a wrong trading strategy.

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