Is it advisable to open more than one trade with same pair while trade is on?

yes and no … if you have a plan and you follow it then you should know exactly where to enter, why and how much which should eliminate the need to o add … on the other hand if you’re following a long trend which you didn’t think was going to last “that long” then yes it is normal to keep adding to your already profitable position … I however prefer to just keep trailing profit with my SL until I get stopped out and that’s that … it is easier to manage your trade when you only have 1 position per instrument :wink:

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True but I would have not done it for that reason. More for catching current profits/swings, while your main trade/plan is going to work. If your doing it for that reason alone then it could be forever till it hit desired TP. You can’t control the market, only your greed or profits. Lol Happy trading… Don’t let patients get the best of you.

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If I happen to know which way market is going to move and have one position opened and it goes against my desired move (but didn’t reach my stop level) I add another position to it with better fill using same level of stop. Don’t forget your risk management. If you wish to open 4 trades and you accept loss of let’s say 1% of your equity, you have to divide that 1% to 4 positions. Each entry will cause you lose 0.25% of your equity.

Another scenario is (already mentioned above) if you are trend following, you can buy (or sell - depends on which way market is moving) any retracement and thus adding to your position which is already in profit. If I see few different levels market could reach up to I open that many trades (again using risk management and calculate my positions) and set take profit at those levels for each trade. This is due to limitation of MT4 platform as you can’t set “take partial profits”, when price reaches certain level of price.

i agree. i usually trade forex alongside crypto pairs. it’s more fun than just concentrating on forex or just crypto at one time for example. but if you are a new trader then maybe concentrate on one at a time. depends how good your multitasking is :slight_smile:

No. I`m not.

It depends on the person and the strategy. Your friend obviously finds it advisable, whether it is for you depends on your trading approach.

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It depends on the broker, and that system is called hedging if the second trade is in the opposite direction. So, read your broker’s list of unaccepted strategies. Forexchief broker accepts hedging strategy without restrictions. You may want to switch.

Ok; now I am got it! But, in my trading I rely on only Price Action trading strategy.

It will actually depend on your methods of trading.There is no harm in opening simultaneous positions or multiple positions on the same pairs for different lots. Yes, to avoid high risks it can be better to work on portfolio basis, working with different pairs on different lots thereby due to positive or negative correlation a trader can expect to earn sufficient profit from trading.

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No problem mate. Everybody have his own style. Good luck. :+1:

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This sugggession is for all times, I open two trades when I am quite confident about my analysis and prediction. Trader can hedge positions on same pair if they want to avoid loss their one trade will go towards profit if one is in loss. All this need a good trading experiience when and where to trade with one position or more becuase it will use more amount for trading from your account.

This is not correct, by hedging you dont avoid the loss you are actually closing the trade in loss

I agree that its the traders choice, however, I believe one should not overtrade, which in my humble opinion is entering mor than twelve (12) trades on any given day. Getting on point to original question, I often open up to five (5) trades on the same pair without any problems.

The risk is not in how many trades you take, it’s in how leveraged you are.

I think mathematical and technical is a kind of trailing stops and “trailing openings” that works in long trends. Needs some experience and proper risk management.

If an additional position is well thought out beforehand and provides a strategic advantage that can be quantified, then yes.

If you open an additional position because you think, or you feel it’s the right thing to do in the moment, then no.

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Actually, you can open two opposite traders in same pair. If pair moves to one direction, just close the other that is going in wrong way. I have never trade this way, as it seems to me that it will have better effect on long term trading rather than on short term

This is just theory then.

Traders using US brokers are prohibited from doing this through the same broker - they would need two accounts with two different brokers, in one of which they go long and in the other they go short. But whatever happens, in order to make a profit you still need to end up with an unhedged position.

Other jurisdictions don’t ban simultaneous short and long trades on the same instrument. But its a weak strategy - if you’re unsure of the more probably direction price will take, why place a trade anyway? If you really must open a trade on a given instrument but price could go either up or down, better to place a buy order ahead of price and a sell order behind price and cancel the one which is not triggered.

That seems to me like a weak strategy.

What was the amount of risk per trade?
I limit each trade to 2% per currency.

So, if I traded, my risk for USD is 6%,
USD/AUD
USD/JPY
USD/CAD

UNLESS, I lower my risk to .05% for each trade, which put me at 1.5% total risk for all three USD pairs.

It comes down to the trading plan and risk level.