Now that you’re into exotics try USDRUB too. It’s the most volatile pair moving at the average daily range of 4208 pips.
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Playing safe, it that's a thing :)
- Thread starter Henrique
- Start date
No doubt the moves are great but my question is how do I trade exotics without burning my fingers.There’s also a 1% risk rule for day trading which directly focuses on risk management. This basically allows anyone to prevent losses of about 1% on a single trade.
@Cortney, trade size is the solution and an indication suggesting the risk you’re taking while entering the position.
My dad’s been mentioning a lot about the trade size and probably that’s the reason he’s successfully trading exotics.
I traded 10K on USD/MXN with the pip value $0.08$ per pip. The average volatility on a mini lot turned out to be approx $85.60. Never thought trading exotic would be so cool and much lesser than what I traded with majors.
As a day trader, you will have to pick a market wisely that you are interested in and can afford to trade. And not to forget, you will also have to set up the right equipment and software.
To it, I would like to add that you must also choose a time of day to trade and should trade during that time only.As a day trader, you will have to pick a market wisely that you are interested in and can afford to trade. And not to forget, you will also have to set up the right equipment and software.