Don't Trade on pairs where you never trade
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Thread: Don't Trade on pairs where you never trade

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    Don't Trade on pairs where you never trade

    Some people said that pairs can be any we can trade on any pair but i think pairs also matter, when we trade for more and more time on some specific pairs we can understand their support and resistant, we can understand their movement nature, we can understand their range so there are many things which can be good if we use specific pairs.in last some days i open GBPNZD and place order that was my first time and i directly enter in real order, i lost big profit but still i close it on loss because it was fast and giving more and more loss
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    i was in 175$ profit so i closed -175 loss i thought nothing is better then losing i can make profit again but if gbpnzd this time will cross support it can ruin all capital really. so from this i realized we should trade pairs where we mostly do. Don't try new one directly on real account

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    Registered user nadezhda84's Avatar
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    The risk level depends on the time frames that you follow. If overtrading, you will get the same unfortunate final result with any currency pair. I wonder what was your point to enter 0.1 lot buy GBP-NZD and then continuing to accumulate the position... It is a money management issue, not an unknown pair issue.
    GBP NZD has a relatively big lot size in real money, so it added chances to your failure.

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    Quote Originally Posted by nadezhda84 View Post
    The risk level depends on the time frames that you follow. If overtrading, you will get the same unfortunate final result with any currency pair. I wonder what was your point to enter 0.1 lot buy GBP-NZD and then continuing to accumulate the position... It is a money management issue, not an unknown pair issue.
    GBP NZD has a relatively big lot size in real money, so it added chances to your failure.
    i accept its management issue but i was just trying to clear i was new on that pair, i was not know its key points, if we use one pair for more and more time we can understand its real time movement so we can easily trade on it, we know its mostly range so we can use it, but if we are new and gbpnz is more risky it can go huge opposite and still its down, so that was best decision to come out with loss

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    Registered user nadezhda84's Avatar
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    Quote Originally Posted by naeem555 View Post
    i accept its management issue but i was just trying to clear i was new on that pair, i was not know its key points, if we use one pair for more and more time we can understand its real time movement so we can easily trade on it, we know its mostly range so we can use it, but if we are new and gbpnz is more risky it can go huge opposite and still its down, so that was best decision to come out with loss

    Analyzing the chart back to what happened a year ago is enough to get an idea about key support and resistance levels. This is the only knowledge that can be derived whatsoever.

    I trade GBP-NZD sporadically. In particular, I wait until NZD becomes cheap and buy it, i.e. enter a sell order in the GBP-NZD pair. Normally, I do not keep it during more than a month. The pair is volatile and the opportunities to close the order are abundant.

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    Registered user ict2014's Avatar
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    Learning for trade and earning for trade we generally observe in this business. Loss, frustration, and struggle is part of our life. To know unknown things we have to spend our valuable time and finance cost to know. So learning for a new pair is not illegal or wrong. But when we matured never take a high risk on an unknown pair to avoid a big loss. A good experience helps us how to handle our account successfully.

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