Contradictory Trading?

Hi All,

I wonder did all the Forex Expert will have multiple trade that might contradict each other.

For example, I go go short for AUD/CAD ( Stop loss 85 pips ) , but at the same time , I go long in AUD/USD ( stop loss 40 pips ) . ( both trade on 1 mini lots )

By looking at it , it looks like that is mention in babypip school on how to create syntetic currency pair. and looks like I am wasting my money on opening two trade ( which I have to pay the spread twice ).

Please shed some light , I am confused… :confused:

Good luck to all !!

Regards,
BabyTrader

well In effect your selling the USD/CAD. But I think you have it right in creating the new pair. But I mean you could just sell the pair, right, rather then making your own. But If your platform/broker doesn’t have the pair you want to trade this is always an option. Otherwise I don’t see why you would need to create a new pair. Is this what you were looking for?

Anyways get back to me on it and I’ll try and clarify it more, Have a good one eh!

Hi Shadow,

Thanks for the reply. :smiley: Actually, my broker provide USD/CAD, the only reason that I open two trades is because I see them on different chart and it looks good to sell AUD/CAD , and then when I look at AUD/USD, it look like is time to buy , I totally forgot that I have sell AUD/CAD. :stuck_out_tongue: ( they are open at different time , around 1 day apart )

So I guess this is a good lesson for me that I should consider what aare the current trade that I have before I open another trade then only to find out i have done something silly … hehe

If you dont mind, can I ask you if you actually keep track of your trade ( do you have any example how details I need to keep track of my trade ? ) This is to allow me to look at it and review my trading system in the future.
but I always not sure how details do I have to keep my trading journal .

Any comments ?

Millions thanks again for replying my thread :slight_smile:

Cheers,
BabyTrader

Yeah that’s a key thing to do - review ur trades and keep track of them. A journal will do just fine. All I do in mine is say if I Buy/Sell the pair, my thoughts on the entry, and how it turned out. If I lost fine, if I made a mistake, what I could do to improve it. That’s all I put and the date, but I don’t say how many pips I made or where I entered. As far as I’m concerned it helps if you review how the trade went through rather then when and where it went through. If you have any other questions just post again.

Have a good one eh!

Hi Shadow,

Thanks for that. I will force myself to keep track of the trade .. ( I am those kind of people who dont even do budget on thier monthly expenses, that why I said "force myself" :D ) 

You have a good one too!! 

Regards,
BabyTrader