A trader has three seperate accounts - at different brokers.
Would it be better for the trader to have just one account rather than three seperate ones with all their trading money in one place?
Thanks
I tend to trade with separate accounts, I currently hold six with the same broker. Are you not happy with your broker for some reason? That would be the only reason I can see for holding an account with a separate broker.
On second thoughts, if you are getting better spreads from another broker on a particular currency pair.
Was trying out different brokers, different platforms /charts and spreads etc.
Personally, I would hold multiple accounts to cover yourself. I guess it’s like a bank account … if you had £200,000 would you leave it all with one bank or several? BUt then again, everyone has different preferences. You should follow the approach that feels right for you.
Just been looking at spreads with four different brokers, GFT, IBFX AU, Oanda and Go Markets.
Interesting exercise.
What do you think?
toms spreads.pdf (22 KB)
The pages I found their spreads on are as follows:
GFT
IBFX (I took the average)
Oanda
Go Markets
Spreads as at 18:00 AEST Tuesday 31st May 2011.
NOTE: These published spreads may change by the time you look them over.
Also please note I am NOT making a recommendation on any of the brokers in this compilation.
You might want to select one broker that has fixed spreads. One that has variable tight spreads on the various pairs you trade and another few brokers that have different platforms… don’t put all your chickens in one basket. Also some brokers have excellent customer service, some average … just play around.
The few I have been interested in, I have had good customer service from.
Some platforms /charting have all the bells and whistles in functionality, while some are straight forward to use and navigate and others are basic.
Same for streaming news into the platform as well, some good, some minimal, etc.
There is no one solution fits all. I have some accounts at different brokers. Don’t put all eggs in one nest. It’s simpler however to start with just one account. And if you don’t have much money around, that’s the prefered scenario. Keep it simple, stupid.
I need to change broker to GFT, 
Hello,
My opinion: ONE ACCOUNT and ONE BROKER.
I did this very same thing ‘once upon a time’ i.e. three accounts at different brokers each with a different platform and in a different timezone. DEFINITELY not good (not for me anyway). If you’re trading the same trading system at different brokers in the scenario described above you start doubting your trading system i.e. you may have a signal at one or two brokers but not at the third. It just leads to confusion is all.
And NO The Cable Guy. ‘You need to change broker to Deltastock’ (if you’re going to change brokers i.e. there’s an office just up the road from you in London)!!! LOL!!!
Regards,
Dale.
Edit:
Of course with ONE ACCOUNT and ONE BROKER you need to be sure that the broker has a good reputation and is well regulated (like with the FSA in your case). I know of one … (YES IT’S SHAMEFUL the way I carry on I KNOW)!!! LOL!!!
I’m very happy with the service and platform I use with FX##. So I won’t be changing, a little humour was lost in the post.
LOL!!!
No problem!!!
I looked at GFT’s charts once but couldn’t get used to them to be honest (not that there is anything wrong with them i.e. they just didn’t ‘appeal’ to me I guess and they also did try to do a ‘hard sell’ on me once they’d gotten a hold of my details. Well that’s my experience anyway but that was a LONG time ago).
Regards,
Dale.
Host your platform(s) on a VPS and trade from there. Get one with enough RAM to trade both accounts simultaneously. Run both platforms in different accounts and now you can HEDGE! (US strategy)
I’m with Dale. One account. One broker. Why overcomplicate things? I’m sure people will tell me that they want to hedge and all that crap, but that’s still making it overcomplicated for the new trader.
Hypothetically, let’s say I am trading for a living, earning say a six-figure income annually.
So my total trading balance is a minimum of six figures, perhaps even in the millions. Would you still recommend I open my account on one account through one broker? Would that not be too much risk? Even with a big broker such as Oanda, or IBFX, I don’t know… I’d be pretty paranoid… I always thought that if I ever get that far, I’d open 3-5 different accounts through brokers that require a higher initial deposit, or something like that. I even thought of going to the bank, maybe.
Of course, I am not there, yet. But I’m just curious as to what full time traders would do in a situation like this.
So some help would be appreciated.
Regards,
Clark.
Then you create an offshore LEGAL business, and enjoy higher leverage.
Why offshore? And why legal?? 
Haha, just kidding about the second one!
I’m not that familiar with this aspect of trading, some some help would be appreciated.
Regards,
Clark.
Your entire trading capital doesn’t have to be in a forex brokerage account. When I’m referring to only one account, I’m referring to a trading account.
yes you are right, now i can’t trust to one broker, there are a lot of brokers so i have 2 accounts in different brokers. One time i have already have nervouse days with jude fx, it was really not good days((
See? 
Better safe than sorry.