Multiple Pair Trading
Beware my real newbie questions below:
After graduating from the school of Pipsology, examining my lifestyle, and getting my ducks in a line - I think I will attempt demo trading on longer time periods. I won't get as many trading opportunities and will need larger stop losses to handle the ranging on the lower timeframes - but I assume the longer timeframe gives me more time to get in a trade, as newbies are likely to be slower at their analysis.
For right now, I plan on trading just one pair manually with indictors. But in the long run, I will likely start trading multiple pairs to make up for the fewer trading opportunities.
My question is how one goes about trading multiple currency pairs if I want to run different indicators or EA's each pair? Do I have to have multiple MT4 platforms open on multiple computers? or can you have multiple MT4 platforms open on one computer(doubtful)? or can you run different indicators or EA's on different pairs within one MT4 platform?
Also, I have seen many people say that one shouldn't trade through news events or on fridays. But if one is holding a trade for many days or weeks - how does one avoid those turbulent times? Just make sure I have a huge stop loss or no stop loss at all? Scary!
You can have all the pairs up on one screen in mt4. Its tabbed like internet explorere with mutliple windows open. Just be careful when you place a trade that you are placing based on the right pairs chart and time frame.
Originally Posted by optojay
In my Mt4 set up the indicators you set up for one pair don't automatically show up for another. So, yes, you can have different indicators set up for different pairs. An easy setup thing to do is find the indicators you like on one pair, then save that as a template, then load it when you open another pair. That way you don't have to go selecting the indicators all over again. Want different set ups, just save multiple templates.
You can also set up indicators to show on on one time frame not another on the same pair.
Longer term traders trade on the longer time fram ranges, so sudden moves from news should't hurt your trade unless your stop is too tight to allow for the longer term movement you hoped was inevitable. The key here is the range within the time frame you are trading.
"There is no substitute for hard work."