If you have read my other post this morning, you will know that I plan on opening a 6th account. Questions that some of you have are 'why so many accounts' and 'why not have a single account that shows combined/huge performance each month'.
Here is the answer...
- Trading a single account for all my strategies would require a single broker. I would never place all my funds with a single broker. What would happen if the broker went bust? Or my account was somehow hijacked? I currently spread my accounts/funds between Darwinex, IC Markets and Pepperstone.
- Trading a single account would mean that performance for each strategy would need to be recorded manually. I have no intention of doing this (why create more work for myself?!). Also, the followers of lovethepips need to see performance per each strategy. A single account on myfxbook shows them nothing about strategy performance apart from that I am making money.
I hope this helps
It appears that my freshly opened Pepperstone 'razor' account is registered in the UK (Europe) not Oz. It wasn't part of the ridiculous 20 questions process. I made the school boy error, starting the process on the wrong web site. Can't wait for the hoop jumping to follow.
No problem with that at all. I do the same thing - every strategy has a different account.
As I use MyFxBook that's an easy way to get all the statistics on each strategy (win/loss, expectancy, et all) - as obviously you wouldn't want to continue a strategy which is consistently losing.
You can achieve the same with a single account (at least in MyFxBook) by tagging each trade with the strategy you used and creating custom views based on it.
The tag can also be extracted automatically from the 'Comment' field when placing the trade (at least in MT4).
It's a bit of a pain to add the comment manually, but is super simple using a signal copying EA.