Hey everyone , l need advice, is it great l only trade US30 and XAUUSD
You don’t need more than one market to trade, you don’t need more than one strategy to trade.
What matters is consistent profitability without excessive risk and wthout exposure to an unexpected disastrous loss which would wipe you out.
when selecting the instrument to trade, you might consider how much margin is required to open/maintain a trade.
for example, a 0.01 lot trade on metatrader will require $21.36 of margin, but other pairs will require sometimes multiples of that amount.
i am only focused on eurusd atm, so i cant give exact numbers for the different pairs, but i think that trading gold requires a lot more of margin, as do the gbp pairs.
for example, if the eurusd only requires $21 to earn $0.10 per pip, but another pair requires $40 to earn the same $0.10 per pip…
even tho you will get the margin money back upon closing the trade, you need to pony up more cash to sit down at the card table.
also, note that different pairs return different profit amounts per pip.
just some food for thought.
edit: i just noticed that this area of the forum is about stocks/etc, and i am talking about 4x… (i know absolutely nothing about stocks, lol, i have never owned a singled share of anything)
XAUUSD is a good option to trade, but I personally trade EURUSD most of the time. However, my advice is not to limit yourself to just two markets.
I had to reread that 4x to realize it 4x was forex lmao
Trade whatever generates consistent profit. Doesn’t matter what really. If you can maintain sound risk management and be profitable, that’s a winning strategy.