Quite often, after the first open order brings some benefit to the inexperienced Forex trader, he has a powerful will to open one or even many other one’s orders. He is positive that it is “his day,” filled with excitement, overconfidence, and propelled along by greed. Sadly, it also leads directly to the opposite conclusions.
This does not mean, that such a business course of action would certainly lead to failure. The bottom line is that very clearly defined plans, a sober forex strategy of the market situation, and the related technical is required for this form of action.
Basic Conditions for Multiple Open Order:
- In medium and long-term trading, you should open additional orders, since, in short-term trading (scalping), you are likely to not only get the much needed extra positions but also you can lose.
- You should have a consistent set of signals for technical analysis supporting the current trend.
- You should have favorable options for funding. Your total open positions volume should not be too high. You must also always bear in mind the potential correction of a specific currency pair’s motion.
- You should have technological availability in order to close all trading positions very quickly in the face of adverse changes in the market situation.
- Even though all of the above conditions are met, opening more than three trading positions simultaneously is not desirable. The trend is quite a changeable thing and losses can be incurred by each additionally added trading position.
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