I don’t put all my eggs in 1 basket. So, I have an average of 5 accounts each with a different strategy (manual and EAs). I always test different strategies for a long time with a set of conditions before going live and if I find a better one, I may replace one of my existing strategies or create a new one if I have an extra fund for it. How about you how many accounts and strategies do you have?
I have developed two for myself. One based off price action with S/R zones and the other is based off MACD and RSI with S/R zones(that I shared as well in the trading strategies section). Right now I’m only using my price action strategy. Seems it just clicked better right now for me.
Well, you’re a better man than me that’s for sure.
I find I trade best when I’m using one strategy only, on top of that I find I’m best when I’m trading one timeframe only, AND one market direction only
Yes I do have a number of markets I follow, but life for me at least is so much easier when we drill down to just one thing.
Hats off though to anyone who can mix things up - i learned the hard way that doesn’t work for me.
I prefer using 1 broker at a time and create multiple live accounts for each strategy. Generally I categorise my trading accounts based on the instruments I trade. For example one account is solely fore forex pairs and others for commodities and stocks.
I am trialling the impact on my trading (and my life) from 3 complementary strategies.
My main strategy is long-term trend-following. I restrict this or stop it altogether when the markets are in an anti-trend mood and most charts are showing price movement which is counter-trend over the last few days.
At such times I have resurrected a swing trading strategy - but using 1:1 r:r TP’s and no pyramiding. This is similar to what Marc Rivalland used to teach for use on indices.
I al also trialling an opening range break-out strategy on the GBP/USD which trades off the failure of the initial move. This is suitable whether or not the long-term price action is a trend or not.
Having more than 1 account with various brokers is definitely a good strategy, especially for testing brokers on there transparency. Its paramount that investors avoid putting all there money in 1 pot as this can cause negative results very quickly.
I currently trade with 8 brokers. Let me know if you need any information on the brokers I’m partnered with.
I have one account and 6 strategies. Regards Greg
I don’t think I would want to learn anymore than the two I use. For fear of over complicating it for myself as well. Simple mind guy over here lol. And I only trade the daily and 4HR chart.
I have two accounts but I usually just use 1 strategy at a time. What I’ve been doing is that I trade different pairs using the two accounts. But I’ve read in some of the comments here how it could be a way to check a broker’s transparency and I might just go check that out.
I am just developing just one system but i have thought about this.
For example why would a company hire 100 average traders than just keep the top 10.
Apart from having a stream of traders ready in case one leaves I think there is a bigger reason.
Diversification of strategies. It probably means they earn less money but will see more consistent returns each month.
Thanks guys for your replies. You got me thinking. Am I overdoing it? Should I just stick with 2-3 only?
2-3 is sufficient… Its always better than one account as it helps to categorise, but over categorisation can make things very complicated. so 2-3 is more than enough.
Right now, I am working on two accounts but following single strategy on both. Things becomes easier when I focus on single strategy and I perform better.
I could not have agreed more to your thought process. I would never risk all my funds with just 1 strategy and 1 account, but 5 is kind of a lot for me to handle. I presently have 3 accounts , 2 of them I use with scalping and 1 with hedging.
Well I only trade 1 way and only have 1 funded account.
There is no need to overcomplicate things. Keep everything as simple and clear as possible. Don’t need any indicators or all that fancy stuff. With a proper trading and profit system and professional risk management you should be good.
Charles, I am thinking to open an another account to try some new strategy. Is it easy to maintain 3 accounts with two strategies for you? How do you manage it?
When I am in one trade, I use just one strategy and stick to it whether I am making money or losing it. When I was learning, I got to know about the importance of having multiple accounts and so I trade with several brokers and invest in several assets to make a living.
Having 5 accounts is completely okay and I think a trader should have the accounts that they can handle easily. There’s no point in complicating things for no reason. Good luck!
I think what you did is a nice idea and i’d even love to start doing that
Somehow, I come with the same mindset of not putting all the eggs in 1 basket, but having said that, at a time, I do not have more than 3 accounts. It gives me enough time and space to keep a check on the three accounts and I make my trading decisions accordingly. Talking about strategy, I just use scalping on all the three accounts, and practicing the same strategy is working for me .