Trading manually in a multi-symbol intraday scalping strategy involves several key components to increase the likelihood of success. Here are some important requirements and considerations:
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Knowledge and Education : I assume a trader has knowledge about how market moves
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Risk Management: I assume trader follows risk management
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Trading Plan: I assume a trader has a trading plan
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Choosing a right Broker and Trading Platform: I assume trader uses a popular broker
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Technology and Infrastructure : I assume a trader has a good computer and internet
If you follow up these 5 points then you can think to start multi symbol trading without using any EA. But its not easy. Here comes the problem of monitoring. I am going to share the problems i faced and how i solved it. For multi symbol trading, A trader requires very fast performance because price moves in milliseconds but If we place order and type sl tp entry, it usually takes more than 15 seconds no matter how fast you are and this is also open doors to human error, A small mistake can give you financial loss. So a trader should use EA to place order manually. For example a trader is encouraged to make a system which is semi automatic, which does 80 - 90% of analysis automatically and 10-20% manual intervention by a trader. For example.
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Semi Automatic Market Analysis:
Lets consider an example system where fibonacci is placed on swing by EA, Now a trader still has to use brain to verify if its placed on correct swing, and a trader should be able to modify.The system should auto calculate Risk reward lot size, sl, entry, tp, This should be never calculated manually by a scalper or day trader or it has very high chances of human error.
- 2. Alert System : As I am a full time trader, and I trade multi symbol. I have developed my own tools which is available on marketplace
For MT5 : https://www.mql5.com/en/market/product/97761
For MT4 : https://www.mql5.com/en/market/product/97767
Its a very convenient utility to just double click on chart and it places alert and notify you when price reaches, It is multi symbol. On a same chart you can switch chart and the alert will not be deleted.
If there is no alert system, Its not possible to do multi symbol trading which involves retail trading methods e.g. Pivots Fibonacci, chart patterns etc.
- 3. Trade Monitoring : Its not possible and highly risky to hold positions on multi symbol and track them manually, but searching signal is not a problematic task as it can be done by programming in mql5.
So a trader should code strategy searching signals but should only place trade one time, until the trade is exited, a trader is not advised to open another trader for peace of mind. Fully automated system can do that but manually you should not do it.
Please note, Each symbol has its own characteristic, for example what is working on Gold chart is never guaranteed to work on EURUSD with same accuracy. So keep this in mind. The strategies may reflect accuracy by 60-70% but they will never work 100% same as working on a single chart. E.g. if you have done research on Gold chart which is giving you sniper accuracy like 95%, the same will also work on other symbols like EURUSD but accuracy may not be exact 95%, it can be 60% too. So always focus on one chart and stick to it and slowly expand to other charts. For me 5 symbols are more than enough however in Crypto there are 240+ symbols but we cant trade them all despite knowing the fact that our strategy works on every chart. Reason is clear, you dont have enough backtesting data for each symbol but you can put effort for 6 months studying a single symbol and you will find that it is more rewarding than studying multi symbol so multi symbol trading should be done only who are succeeded on single symbol trading.
