If you’ve been hesitant to learn basket trading, here’s a good reason to start learning. Recently, I returned from a free, forex-paid trip to Europe. And I was trying to reconcile using two things at one time, baskets and auto-scaling. Both utilize an EA, not for trading, but for field building. So, the big question was “How to use two EAs on the same chart?” The answer kept coming back, “No.”
So, I started looking at it from a different angle. When we have a basket running, we want all pairs in the basket to be shown as GREEN, producing profit. When this happened, I looked at my top producing pair. I then open a 15M chart on that pair and add my template. Now, I add the “Forex Auto-Scaler” app to the chart and set it to 1 full lot, 4 add’l orders at 5 pips spacing. Now, wait til Price has moved through the order field and shows no sign of returning. Then, wash/repeat with 2nd highest producing pair.
If you start early enough, you MAY get your top three pairs scaled before you need to shut down due to reversal.
My biggest scaled basket to date is $10,500. That’s over a 5 hr run. The basket was a 7-pr JPY setup.
This is super-easy and the profits approach the “scary” mark. LOL Check back because later in the week, I’ll upload a free downloadable zip of everything I use in Scaled baskets, except for the scaling app. You’ll have to supply it (Google “Forex Auto-Scaler). I’ve simplified basket setup also and instruction will be included.
Enjoy the rest of your weekend!