Right now, I have 3 long trades open; USD/CAD, USD/CHF and USD/JPY. This had been a recipe for disaster, and I have told myself countless times, yet I make the same old mistake over and over again. Hope I will learn.
Now, opening multiple trades for similar currencies is really not advisable. For example, in the trades above, all trades are against USD. And all of them in the same direction. It is great if all would move your way, but if they don't, you are in deep trouble!
Lesson: Do not open multiple positions for same currency.
Go look at the many different opportunities that are out there. GO see EUR/JPY, EUR/GBP, AUD/JPY, GBP/CHF and all the others.
Happy Trading!
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