One of the books I’ve read states that if your account grows too large (subjective I know because what is defined as large? $5,000? $15,000?) you should open multiple accounts for several reasons.
One is to “not have all of your money in one nest” and this makes sense because if the Forex dealer goes broke or bankrupt you would not lose all of your money.
Another is that when a trader posts a buy/trade, the dealer works against you and because the dealer is the upper hand…you do not want to have too much money in one account.
The reason goes on and on. Still someone suggest to withdraw money from your account as you are accumulating profits.
My question to you Forex traders: is it difficult to have several accounts? I know the difficulty in having multiple accounts with different passwords and managing all of those accounts because I work in IT and know the headache we go through. However to me it would make sense to have one account and if you accumulate too much (gains from winning trades and deposits in your accounts for example) you can have more money to go into trades because you have higher leverage (assuming I would still keep at 2% risk of my account.)
So how many go to great length to have multiple accounts? If you have 2 accounts, do you have them both open at the same time to make trades? This would be a nightmare to me when the market is constantly moving.
for me I plan to start with $2,000 and start out with 2% risk which brings me to $40 risk to my account. That seems to be rather small and possibly mean I need to start at a nano account, is that the right thinking? Can an account starting at $2,000 start in a say mini account?
Thanks in advance for your inputs.