Would you suggest having 3 trading accounts with $10k trading in a lot size of 1.0 or one big trading account with lot size of 3.0? Theres even the possibility of two $15k accounts trading at 1.5 lots. In my opinion it feels like everything is the same. What do you guys think?
Whats the purpose of the three trading accounts? Are you trading different strategies on each or just choosing to keep each 10k with a different broker?
I guess its a sense of security knowing I don’t have all my eggs in one basket
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If that is the case it would make sense to split between three however this would possibly mean duplicating trades across multiple platforms / brokers, which you would then need to keep a track of to ensure your positions were all correct.
It probably also comes down to your location, is one trustworthy broker for a 30k balance not as easy to find as three trustworthy brokers for 10k each (As 10k is still a fair amount to risk)?
What difference does it make?
The main thing is that you work as you like and make a profit.
I think three accounts are better, each one in a different country of jurisprudence by way of diversification. One of them in Switzerland if possible.
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Hmm, maybe it makes sense when you want to try something different and keep everything under complete control.
I would suggest 3 different accounts with 3 different strategies.
I would suggest 3 different accounts as compared to 1, because it is safer to not to keep all the money in 1 and you can try different strategies with various trading instruments.
only one account for a beginner because if you dont know how to handle one , how will you handle the three?
have you planed to apply different strategies to the 3 accounts? do it on demo not on real. you are totally out of context if you plan to test as a newbie with 3 account of 10k
if you are a noob go with a single account of 5 to 10k this is an advice.you’ll lose it for sure, because based on your question I imagine you dont have your own strategy but that will give you a good lesson and less expensive than losing your 30k
i’d advice you to stay far of the market as long you dont have a record of 6 consecutives month of profitability
dont put a cent until that happen! its easy to fall on the trap , thinking you gonna make millions without experience/knowledge. but if you dont listen you’ll be broke. mark my words
you arent here to play. you are here in a job where your competitions is the biggest financial institutions worldwide, people with PHD , entrepeneur who worked for years in order to become successful.
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This could be an interesting experiment.
It may be easier to concentrate on one thing.
But it is safer not to keep all eggs in one basket.
For anyone able to trade through a UK FCA-regulated broker, recognise that they are required to have membership of the financial client funds protection scheme. This will reimburse your deposited funds up to £85k if the firm goes bust.
Well, there’s a dose of some nasty medicine.
I understand your point. And medicine never tastes good.
Jumping into the market with no experience or knowledge is like swimming with sharks.
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I often see people getting confused about investing their funds in a single account or multiple accounts.
In my opinion, you are better off when you invest your funds in multiple accounts because it helps in better risk management."Before going live, I had been doing demo trading for around two months. After going live, it was nothing like I had practised. I realized that you never stop learning when you take up forex trading.
Well that’s an interesting experiment to do I would say. But again, it all ends at how you manage the stuff. 3 accounts, yes risk will be diversified, but you’ll have to put in more efforts to manage them separately.
If you think there is a good use of 3 accounts, you might as well keep them. But it is not advisable unless you want to use different strategies on them and test them out.