You’re right. The using of big amount of trading strategies can occasionally lead to overtrading and confusing, you know. Hence I think traders have to use no more than two strategies in order not to be confused in several strategies. They’d better try two strategies, when the market changes it’s tendency then it’s time to change strategies or add something in existing ones. Overtrading is the biggest fear of many of traders mainly because it leads to professional burnout and not every trader comes back to trading activity after that. But I’m sure that every trader has to return because only by these steps they will be able to learn.
2 Likes
In my opinion it’s so professional to trade with several brokers and have more than one live account as well as having several strategies. It can help you to develop your skills in different ways. I guess everything is individual, some traders prefer to trade with one strategy which they created for themselves and which showed good results, other prefer to trade various strategies always trying to improve them. It’s up to you. I find it’s convenient to use one account with one or two strategies on stocks for example, the second account with one or two strategies on forex pairs or commodities. It’s individual mainly because some people can be confused with such actions and it only will worsen their current situation and interfere their trading activity.
Agreed buddy!
Talking about my strategies, I usually try to stick to a single strategy.
I try to update strategies often and not sit on the same options, all the same, variety in this moment is useful and more result
I believe that traders should have as much strategies as much assets they trade. I think that it’s good to have a strategy for any kind of asset, because it makes you more variable and you can choose a strategy which is the most effective in comparison with others. Nevertheless, some traders don’t want to spend so much time on creating, editing and testing their strategies, thus they use only one. Everything is quite individual here, if you know that your main strategy works perfect, then you probably don’t have a need to spend your time on creating another one. So, there is no unambiguous answer.
1 Like
I understand, that we are not talking only about forex. I have three accounts at the moment and each for other purpose:
- Retirement investment account, where I just dollar cost average large and steady ETFs. I have portfolio build in mind and don’t plan to drop it for at least 10years
- Stock account, also dollar cost averaging ETFs and sometimes I open a stock positions in case of rare events - eg. medical companies during pandemic, game companies before premieres etc.
- Forex account where I run actually two strategies - recently started testing scalping and other one longer term trading - hardly can call it a strategy, as I use blend of candlesticks / price patterns / vsa - more of a general chart analysis which results in opening trades.
- Additionally I buy some investment funds units on monthly basis.
I believe, it does not really matter how many strategies you use or what instruments you buy as long as you have proof, your approach works and is profitable. I like to have a portfolio of investments, where forex is in fact the most active and least capitalized part 
I only use the one account for my manual trading. Automated trading has never really worked for me in the past - I find manual is much more successful.
I only have one account and use a single strategy. Because I believe that having multiple accounts or strategies can be chaotic.
I also noticed most of my winning trades are short trades so I think the idea of trading only one market direction is way underrated
There’s strategies that works already out there so my job is to backtest them and apply them, strategy that you’re comfortable with is best, do it repeatedly and make dollars, master what has worked for other professional traders. Having at least 2 to 3 accounts is a good idea. I rest my case.
I don’t see the point of having more than one broker. Is this for people in areas where there is little or no financial regulation? If you trust a broker so little you need to go with 8 different ones then you probably shouldn’t have accounts with any of them…
Why not go for big, household names like IG, IC, pepperstones etc?I don’t think it’s likey they’ll raid your accounts and run off with your money.
If they do then we may as well all pack up amd look for aomwthing else to do.
1 Like
Can you please share with me your strategy
He’s got two I think.
1 account + 1 trading strategy = great profits for me.