How to trade multiple assets simultaneously?
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It is often complicated for a novice trader to track multiple assets simultaneously. Some even wonder how it is possible to monitor dozens of assets and not miss trading opportunities. Yet solutions are there.
All trading platforms let you put alerts on the assets of your choice. These alerts let you know, with an audible signal, when an asset reaches a predetermined threshold. So you don't have to constantly monitor assets to see what's going on. These alerts are very useful for individual traders who do not stay in front of the screen during their entire trading session. So you can go about your business while remaining on the lookout for a trading opportunity.
Warning, leave yourself a margin on your alert thresholds compared to your key levels. In fact, market movements can be very fast and moreover you don’t want to be caught short. You must have time when you come back to the screen to analyse the situation well, and so be able to place your orders calmly. You mustn’t do anything in haste.
The most experienced traders only need a few seconds per chart to identify interesting technical configurations that could lead to a position. For my part, every morning, I scan dozens of currency pairs at a glance and as soon as I spot a good potential, I make my technical analysis on it. I then select the currency pairs that I will closely monitor during the day, those that seem to have the greatest potential. I then ignore the other currency pairs.
This method requires a trained eye that can quickly spot chart patterns, to identify good trading opportunities. To achieve this, there is only one solution, increase the technical analyses. The more you do, the more your eye will get used to it. I'm not going to make any false promises, it's a long process. But it's like everything, the more you repeat a task, the faster you progress.
There are a lot of trading forums on the net. Traders are constantly exchanging trading ideas. But above all, there are specialized sites like CentralCharts (it's time to give myself some publicity) that allow all traders to, very simply, share their technical analysis.
I always say don't blindly copy other traders' trades. CentralCharts' objective is not to be a trading signal service. On the other hand, all the published analyses can allow you to identify good opportunities, to give you ideas about trades, to identify technical configurations which had escaped your notice. You can then take a position whilst still respecting your trading strategy!
I often come up with trade ideas from other traders' analyses. In fact, even with a well trained eye, it is complicated to monitor everything, to see everything on all units of time. CentralCharts can also enable you to compare your analyses with those of others. Two traders can have different views about figures and levels on the same chart. It may also be that you have spotted a good technical configuration on a time unit but have forgotten an important technical element on a longer time unit. CentralCharts deals with that as well.
Do not hesitate to exploit the tool but never be dependent on it. If you want to make money one day, you must be able to do an analysis yourself, to find your own trading strategy.
Trading stations are made up of several screens. This enables you to keep a large number of charts in front of you. In my opinion, this is reserved for professional traders. On the one hand, a trading station costs a lot and it must be profitable. For an individual trader, there is no point in investing in it, you must first learn how to trade. In addition, it is quite possible to trade multiple assets without using a trading station. A simple computer is enough for the average person. Buying a trading station is not what will make your trading win.
Trading stations have another disadvantage, the space they require. Effectively, the space of several computer screens, it is as if you were buying a large screen TV. It is therefore better to have a dedicated room (an office) to install your station.
Last but not least, a trading station is not transportable. So you can't trade from wherever you want. But for many, one of the advantages of trading is the feeling of freedom, of being able to trade from wherever you want. With a computer you can, with a trading station you are stuck at home.
There are different types of trading strategy. Some traders prefer to place their orders on the market (once their signal is given and confirmed by a candlestick close), while others prefer to work with stop orders to take a position.
With stop orders, you no longer need to monitor your chart once you have identified a trading opportunity. You simply place a buy/sell limit order accompanied by a stop loss order (mandatory stop loss on each position).
If you trade on large time units, you're safe. You can go about your other business in peace. However, if you are dealing on a short-term basis, you should monitor your positions. Once you are in position, you must therefore be available to eventually move your stop or take your profits.
Alerts: For traders who do not stay in front of the screen
All trading platforms let you put alerts on the assets of your choice. These alerts let you know, with an audible signal, when an asset reaches a predetermined threshold. So you don't have to constantly monitor assets to see what's going on. These alerts are very useful for individual traders who do not stay in front of the screen during their entire trading session. So you can go about your business while remaining on the lookout for a trading opportunity.
Warning, leave yourself a margin on your alert thresholds compared to your key levels. In fact, market movements can be very fast and moreover you don’t want to be caught short. You must have time when you come back to the screen to analyse the situation well, and so be able to place your orders calmly. You mustn’t do anything in haste.
An eye: For experienced traders
The most experienced traders only need a few seconds per chart to identify interesting technical configurations that could lead to a position. For my part, every morning, I scan dozens of currency pairs at a glance and as soon as I spot a good potential, I make my technical analysis on it. I then select the currency pairs that I will closely monitor during the day, those that seem to have the greatest potential. I then ignore the other currency pairs.
This method requires a trained eye that can quickly spot chart patterns, to identify good trading opportunities. To achieve this, there is only one solution, increase the technical analyses. The more you do, the more your eye will get used to it. I'm not going to make any false promises, it's a long process. But it's like everything, the more you repeat a task, the faster you progress.
Sharing tools: For everyone
There are a lot of trading forums on the net. Traders are constantly exchanging trading ideas. But above all, there are specialized sites like CentralCharts (it's time to give myself some publicity) that allow all traders to, very simply, share their technical analysis.
I always say don't blindly copy other traders' trades. CentralCharts' objective is not to be a trading signal service. On the other hand, all the published analyses can allow you to identify good opportunities, to give you ideas about trades, to identify technical configurations which had escaped your notice. You can then take a position whilst still respecting your trading strategy!
I often come up with trade ideas from other traders' analyses. In fact, even with a well trained eye, it is complicated to monitor everything, to see everything on all units of time. CentralCharts can also enable you to compare your analyses with those of others. Two traders can have different views about figures and levels on the same chart. It may also be that you have spotted a good technical configuration on a time unit but have forgotten an important technical element on a longer time unit. CentralCharts deals with that as well.
Do not hesitate to exploit the tool but never be dependent on it. If you want to make money one day, you must be able to do an analysis yourself, to find your own trading strategy.
Trading stations: For professionals
Trading stations are made up of several screens. This enables you to keep a large number of charts in front of you. In my opinion, this is reserved for professional traders. On the one hand, a trading station costs a lot and it must be profitable. For an individual trader, there is no point in investing in it, you must first learn how to trade. In addition, it is quite possible to trade multiple assets without using a trading station. A simple computer is enough for the average person. Buying a trading station is not what will make your trading win.
Trading stations have another disadvantage, the space they require. Effectively, the space of several computer screens, it is as if you were buying a large screen TV. It is therefore better to have a dedicated room (an office) to install your station.
Last but not least, a trading station is not transportable. So you can't trade from wherever you want. But for many, one of the advantages of trading is the feeling of freedom, of being able to trade from wherever you want. With a computer you can, with a trading station you are stuck at home.
Sell/buy limit orders: Depending on your trading strategy
There are different types of trading strategy. Some traders prefer to place their orders on the market (once their signal is given and confirmed by a candlestick close), while others prefer to work with stop orders to take a position.
With stop orders, you no longer need to monitor your chart once you have identified a trading opportunity. You simply place a buy/sell limit order accompanied by a stop loss order (mandatory stop loss on each position).
If you trade on large time units, you're safe. You can go about your other business in peace. However, if you are dealing on a short-term basis, you should monitor your positions. Once you are in position, you must therefore be available to eventually move your stop or take your profits.
