Have you tried trading more than one lot for one pair?

Beginner Questions
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Just reading the eBook HIGH PROBABILITY TRADING SETUPS for the CURRENCY MARKET and I came across this method to lock in gains which involves trading with more than one lot. :thinking: I’ve never tried this before, and looking back, I don’t think the school of pipsology recommends this. :confused:

But are there members who have done this? :open_mouth: How did this work out for you? :open_mouth: Would you recommend it to traders who have been trading for less than a year? :thinking: (Most threads I saw on this were pretty old and no longer active so may be outdated? :sweat:)

Thank you so much!

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The reason for them trading more than one lot is because most all of their trading systems will have you take half profits at a certain target and then ride the remainder out to whatever conclusion. But there’s nothing wrong with trading one bigger lot and closing out half the position. Same thing really. Well almost. Trading one larger position and then closing out half of it out makes it easier to see what the break even level is (as this is where they would then have you move your stop i.e. to break even).

The GOLDEN RULE is this (not just with their trading systems but with ANY trading system):

Doesn’t matter if you’re trading ONE lot or TEN lots or ONE THOUSAND lots. Just as long at the TOTAL POSSIBLE LOSS on ALL OF THOSE LOTS COMBINED does not exceed your risk percentage whatever it may be.

Problem comes in when traders open one position (lot) and then calculate say 5% risk on the position (lot). Then they add another and do the same thing. Now your risk on the trade is all of a sudden 10%. And so on and so forth. May sound obvious. But trust me: it’s happening every day to somebody here.

There is but ONE exception to the GOLDEN RULE above:

It could easily be that you’re trading a particular pair using ONE trading system and trading the SAME pair using ANOTHER trading system. In that case: the risk would be managed separately.

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Thanks for clearing this up, Dale! :smiley: Haha. Now it makes more sense. I was kinda confused since, yeah, I just assumed that that would automatically double your risks as well. :thinking: Still not sure if I have what it takes to do it though. :sweat_smile: Have you tried doing trading more than one lot yourself? :slight_smile:

Oooooh. :open_mouth: Now this sounds too complicated for me. :open_mouth: Apart from simply testing a strategy out, I wonder if there’s anyone who’s gonna take the time to use two trading systems for one pair. :sweat:

Just finished with the Top 10 Trading Rules btw! :smiley: Haha. :slight_smile: I’m thinking of posting one rule per day just so that more people could discuss each one. Haha. :stuck_out_tongue: Still thinking about it. :thinking:

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Daily. Hourly. Every 15m or 5m!!! LOL!!!

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Wow! :open_mouth: Hahaha. :open_mouth: Maybe it’s really common among experienced traders? :thinking: It must really work sooo well for you to always be using this strategy. :slight_smile:

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Not a big deal. Think about it. You could be trading two different trading systems at the same time just from that one book. So one system (like that 5m MOMO) (or MOO MOO!!! LOL!!!) trading system is a very short term trading system. But you may ALSO have taken a long term trade with Memory of Price. That type of thing. On the same pair for example. So in this case: the risk would be managed separately per trading system.

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It’s only because of my risk management is all. Depending on my balance at the time it could just be that I can trade five contracts of the S&P (or give CFDs or whatever) i.e. trading only one would mean I’m UNDER trading.

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Hahaha! :joy: Haven’t read the trading setups yet, but MOO MOO sounds good. :stuck_out_tongue: Hahahaha. :smiley: When you put it like that, then it makes so much sense. :thinking: I imagined being all over the place trading more than one lot, but if they have really different timeframes, then it would be easier to handle. :open_mouth: Now, I’m excited to check out the setups. HAHA. Maybe I could try some out!

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Yeh listen.

Just bear this in mind (again):

In that book there are only two trading systems that I trade and can vouch for AND THEN only on Equities and Commodities (Memory of Price and RSI Rollercoaster). So just be aware of this. I’ve never stuck with any of the others long enough to be able to vouch for them. (Seem to remember having some success with the CCI “Do The Right Thing” system too at some point).

Only too happy to help go through them (I do know them well). But do demo trade them for a little while just to make sure.

Kathy Lien is no fool and she’s been around for a long time. So I’m happy to make the assumption that she knows what’s she’s talking about and wouldn’t put garbage out there.

And frankly with those systems you will find this:

There’s nothing new or magical or mystical about them. They are profitable PURELY because of the way the trades and risk are managed. Not because they’ve got some new take on old stuff if that makes sense.

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Okay! :blush: I’ll keep this in mind! :smiley: I definitely plan to try out new systems on demo, and hopefully I could find one that still works well with the system I’m trading right now. :slight_smile: Thanks for your help again :blush: I really really appreciate it! (And sorry if I have too many questions at times! Hahaha. :sweat_smile:)

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Of course:

You could always drop this spot FOREX lark altogether and come over to the dark side!!! LOL!!!

Dunno. I’ve read a lot of your posts. Personally think you’d do well. And be nice to have you on board actually.

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Uh-oh. Be careful what you wish for, Dale. :stuck_out_tongue: Hahaha. :smiley: I could get annoying at times because I have lots and lots of questions. :stuck_out_tongue: But super appreciate it! :blush: It’s weird that we’ve both been around the forums for quite a while but we just started talking recently! Haha. :slight_smile:

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