TradersCALM - Spreads : Improving the Odds
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Many, if not most, traders trade one instrument at a time or multiple instruments independently.

But trading some ratio spreads of two highly positively correlated markets has advantages for both momentum players (such as trend-followers) and faders (such as market makers).     Some spreads offer improved reward to risk ratios as they often, but not always, have some or all of the following characteristics:

   
for momentum players: improved odds of 'trending',
      improved expected profit per unit drawdown,

   
for faders: greater control of maximum exposure,
                         improved position size for same 'uncle point',

   
for all traders: an opportunity to trade with better feelings.
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