Could I potentially invest in multiple different foreign currencies at once? I would like to invest in many currencies, and I figure if I can invest in a few, I could benefit even more.
What do you guys think? Is something like this possible?
I believe that is an option in the forex trading game. But I haven’t tried my hand at it yet.
The answer is yes, but you should be aware of a few things. The first thing to consider is that you should never risk more than 2% of your account on any single trade. This is the most important rule of trading any asset. And with Forex, it is difficult becuase of the margin.
You must pay attention to which pairs you are trading. Different pairs correct positively to each other, and some pairs correct negatively to each other. Meaning different pairs that trade in the same direction.
So the link above will provide you with a table of currencies that are trending in the same direction.
This is important becuase if you put on a bunch of trades that are trending in the same direction, you could end up losing a lot of money very quickly, as they could all drop at once.
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