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Various Reasons why ppl use a lot of brokers.
saurabhsuman003 (saurabhsuman003)
Участник с Apr 13, 2018
35 комментариев
Aug 06, 2020 at 10:41
(отредактировано Aug 06, 2020 at 10:44)
Участник с Apr 13, 2018
35 комментариев
I started to learn trading via etoro. In no time I learnt about mt5 which was great. Tried 3-4 brokers with mt5 platform service and finally settled with XM.
But i have seen ppl having more than 10 broker accounts signed into their platform and they say something like one is for scalping and others are for various market conditions.
I didn't get it. I think the hassle of maintaining more than one broker is worth the few pips of lesser profit. I have never had a second thought of looking for another broker.
So is there really some strong point as to why ppl do it or is it just another novice hoax.
This came to me when i saw someone share their screenshot on mql5 forum with more than 10 broker accounts signed in and i was so puzzled at it.
But i have seen ppl having more than 10 broker accounts signed into their platform and they say something like one is for scalping and others are for various market conditions.
I didn't get it. I think the hassle of maintaining more than one broker is worth the few pips of lesser profit. I have never had a second thought of looking for another broker.
So is there really some strong point as to why ppl do it or is it just another novice hoax.
This came to me when i saw someone share their screenshot on mql5 forum with more than 10 broker accounts signed in and i was so puzzled at it.
Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
saurabhsuman003 (saurabhsuman003)
Участник с Apr 13, 2018
35 комментариев
Aug 12, 2020 at 08:48
Участник с Apr 13, 2018
35 комментариев
Since no one seemed to know the answer, i found it myself.
The reason to this is for EA testing. EA results vary from broker to broker.
An EA's performance will vary across the live feeds of different brokers
In general, EA's working purely on support & resistance will work with the least variation across brokers
Breakout EA's transfer quite well, especially if on H1 and above timeframe
Indicator-based EA's vary the most, from great profit to great loss between brokers
Also an EA entering mid-bar will show more variation than one entering on close of a bar
The same general points apply to some extent when moving from a demo account to a live account of the same broker
So...to achieve the goal of making an ideal EA, programmers run their EA on numerous broker's data such that more than 20 broker's accounts are common.
The reason to this is for EA testing. EA results vary from broker to broker.
An EA's performance will vary across the live feeds of different brokers
In general, EA's working purely on support & resistance will work with the least variation across brokers
Breakout EA's transfer quite well, especially if on H1 and above timeframe
Indicator-based EA's vary the most, from great profit to great loss between brokers
Also an EA entering mid-bar will show more variation than one entering on close of a bar
The same general points apply to some extent when moving from a demo account to a live account of the same broker
So...to achieve the goal of making an ideal EA, programmers run their EA on numerous broker's data such that more than 20 broker's accounts are common.
Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
Участник с Jun 23, 2020
17 комментариев
Aug 14, 2020 at 05:40
Участник с Jun 23, 2020
17 комментариев
People might have different reasons, but I am with you on this one. Having more than 2 brokers can get cumbersome. I prefer trading with just Coinexx and Fidelity. I like Coinexx for the leverage and quick order executions. Fidelity has good market scanning tools. All in all, they offer all that one would want out of a broker.
Участник с Jun 29, 2020
26 комментариев
Aug 14, 2020 at 05:43
Участник с Jun 29, 2020
26 комментариев
I am new to trading, so I’m experimenting with many different brokers. Turnkey forex, etoro, IBKR, Fidelity and Robinhood. What I’m realising is that pretty much all the good brokers like Turnkey forex and Robinhood offer similar good services. They are low commission brokers, with easy deposit and withdrawal procedures. Their customer service is also worth mentioning, they are there to help pretty much all the time.
Участник с Oct 05, 2019
37 комментариев
Aug 14, 2020 at 07:32
Участник с Oct 05, 2019
37 комментариев
There's nothing wrong in using multiple brokers. Since one broker can't be perfect in each and everything its wise to split funds between a few brokers based on each broker's good points.
Участник с Jul 20, 2020
232 комментариев
Aug 14, 2020 at 17:33
Участник с Jul 20, 2020
232 комментариев
I think using muiltiple broker isa good thing. Because you can compare one with another. I think its not a bad at all.
Участник с May 08, 2020
4 комментариев
Aug 25, 2020 at 11:06
Участник с May 08, 2020
4 комментариев
One of the significant reason to use multiple broker is that you divide your risk associated to the capital with a particular broker. Along with this you compare the services of the certain brokers.
vontogr (togr)
Участник с Feb 22, 2011
4862 комментариев
Aug 25, 2020 at 11:57
Участник с Feb 22, 2011
4862 комментариев
saurabhsuman003 posted:
I started to learn trading via etoro. In no time I learnt about mt5 which was great. Tried 3-4 brokers with mt5 platform service and finally settled with XM.
But i have seen ppl having more than 10 broker accounts signed into their platform and they say something like one is for scalping and others are for various market conditions.
I didn't get it. I think the hassle of maintaining more than one broker is worth the few pips of lesser profit. I have never had a second thought of looking for another broker.
So is there really some strong point as to why ppl do it or is it just another novice hoax.
This came to me when i saw someone share their screenshot on mql5 forum with more than 10 broker accounts signed in and i was so puzzled at it.
It is always good to have more brokers
Because
#1 you got more profit due to better spreads and better execution
#2 you diversify your risk
#3 you avoid situation when your broker refuses withdrawal or declare bankrupcy
saurabhsuman003 (saurabhsuman003)
Участник с Apr 13, 2018
35 комментариев
Aug 25, 2020 at 13:03
(отредактировано Aug 25, 2020 at 13:03)
Участник с Apr 13, 2018
35 комментариев
@Freddraven @traderroni @EbonyJones @Georg414 @togr
How is using diff brokers related to diversifying...? You diversify by investing in range of assets in different markets, may be indexes, forex, crypto, stocks real estates etc. you'r broker may not be providing all of these so u'll take on a new one and have two. But i was talking about10-20 and more brokers. which is not at all for diversification.
@Freddraven customer service and low commission ...? even my broker is ulta low with that. it even provides local help even when it is european.
@traderroni why will i split my funds into diff brokers just for their good points..? deposit and withdraws have more commission on bank side and they dont even make a discount if ur with a large amount. they just ask more. so if u r doing it then u surely need to be rectified.
@EbonyJones you compare ur broker for once, may be for one day may be for whole day. the u either stay with old one or move to new one. u don't stay with 10's and 20's of them forever.
@Georg414 you have confused broker with assets.
you can't diversify by using diff broker for same asset. it's simple maths.
@togr more brokers=more profit?? better spread and better execution??
It is infact more cumbersome and lagging and less profit.
secondly you diversify with assets not brokers.
lastly all these brokers supply their data on weekly basis which will prevent their bankruptcy, if ever it will be a slow gradual process evident since years before the event,nothing such happens in a day.
moreover their organisations they are registered with are there to prevent any such event from happening.
Maybe the the company whose stock you own might be declared bankrupt overnight. in which case u'll be ruined no matter how many broker you were trading with.
finally check the 2nd comment. it is the only evident reason why ppl use so many account.
How is using diff brokers related to diversifying...? You diversify by investing in range of assets in different markets, may be indexes, forex, crypto, stocks real estates etc. you'r broker may not be providing all of these so u'll take on a new one and have two. But i was talking about10-20 and more brokers. which is not at all for diversification.
@Freddraven customer service and low commission ...? even my broker is ulta low with that. it even provides local help even when it is european.
@traderroni why will i split my funds into diff brokers just for their good points..? deposit and withdraws have more commission on bank side and they dont even make a discount if ur with a large amount. they just ask more. so if u r doing it then u surely need to be rectified.
@EbonyJones you compare ur broker for once, may be for one day may be for whole day. the u either stay with old one or move to new one. u don't stay with 10's and 20's of them forever.
@Georg414 you have confused broker with assets.
you can't diversify by using diff broker for same asset. it's simple maths.
@togr more brokers=more profit?? better spread and better execution??
It is infact more cumbersome and lagging and less profit.
secondly you diversify with assets not brokers.
lastly all these brokers supply their data on weekly basis which will prevent their bankruptcy, if ever it will be a slow gradual process evident since years before the event,nothing such happens in a day.
moreover their organisations they are registered with are there to prevent any such event from happening.
Maybe the the company whose stock you own might be declared bankrupt overnight. in which case u'll be ruined no matter how many broker you were trading with.
finally check the 2nd comment. it is the only evident reason why ppl use so many account.
Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
Участник с Aug 05, 2019
50 комментариев
Aug 27, 2020 at 11:55
Участник с Aug 05, 2019
50 комментариев
EbonyJones posted:
I think using muiltiple broker isa good thing. Because you can compare one with another. I think its not a bad at all.
I myself am using multiple brokers, have turnkey forex for low spreads and commissions, LMFX for high volatility and have kept tradersway just in case, and haven't faced any issue with managing.
Участник с May 13, 2020
128 комментариев
Aug 27, 2020 at 14:17
Участник с May 13, 2020
128 комментариев
Somehow I did not ask such a question, but it was interesting.
saurabhsuman003 (saurabhsuman003)
Участник с Apr 13, 2018
35 комментариев
Aug 27, 2020 at 20:25
Участник с Apr 13, 2018
35 комментариев
jaredtaylor posted:
I myself am using multiple brokers, have turnkey forex for low spreads and commissions, LMFX for high volatility and have kept tradersway just in case, and haven't faced any issue with managing.
@jaredtaylor may i ask more about it.???
Its easy to switch accounts with just two clicks, but when and why you switch your accounts between brokers?
I understand low spread and commissions on turnkey will be amazing,but what do you find so profitable during higher volatility that you may switch to LMFX.? and whats more profitable that you'll again switch to tradersway and come back to turnkey for lower spreads.
i hope you got my point when i emphasized while letting everyone know that using different brokers in not a way to diversify risk. dont know how come traders have faith in such statements. its such a basic fact. thought everyone on this platform had some basic knowledge about trading.
Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
saurabhsuman003 (saurabhsuman003)
Участник с Apr 13, 2018
35 комментариев
Aug 27, 2020 at 20:26
Участник с Apr 13, 2018
35 комментариев
Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
Honest_Fx (Curtid33)
Участник с Oct 01, 2019
49 комментариев
Aug 27, 2020 at 22:17
Участник с Oct 01, 2019
49 комментариев
I think the idea's ok if you're unsure about which broker to go with. And I'm definitely hearing the points about diversifying. But I think you should really go all in with a broker you trust. Maybe it's different for swing traders. As a scalper. I'd be running ragged with 2 different brokers, data sets, and less growth between both.
saurabhsuman003 (saurabhsuman003)
Участник с Apr 13, 2018
35 комментариев
Aug 28, 2020 at 07:24
Участник с Apr 13, 2018
35 комментариев
@Curtid33 i am a swing trader and its the same for me. 5-6 years with same broker, XM.
Its always the same for all, only the scale and strategy of trade changes whose results are independent of brokers if minor spread diff is ignored.
Its always the same for all, only the scale and strategy of trade changes whose results are independent of brokers if minor spread diff is ignored.
Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
Участник с Jul 27, 2020
102 комментариев
Sep 03, 2020 at 06:26
Участник с Jul 27, 2020
102 комментариев
It always helps to research what kind of broker are you looking for and which broker would you sign up with.
saurabhsuman003 (saurabhsuman003)
Участник с Apr 13, 2018
35 комментариев
Sep 06, 2020 at 15:51
Участник с Apr 13, 2018
35 комментариев
@Shelby10 @cardigan first you compare your broker then you use em. You compare by visiting their sites, opening demo accounts with em, but not at all by trading live with all brokers accounts at once and that's what this thread is about.
Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
Участник с Jul 23, 2020
869 комментариев
Sep 25, 2020 at 17:10
Участник с Jul 23, 2020
869 комментариев
Can anyone tell about this PPL concept? I never heard this kind of term.
Участник с Sep 24, 2020
17 комментариев
Sep 26, 2020 at 07:03
Участник с Sep 24, 2020
17 комментариев
LyudmilLukanov posted:As i think ppl means people. so question is why people use a lot of brokers. or why they changd them so fast.
Can anyone tell about this PPL concept? I never heard this kind of term.
Участник с Sep 24, 2020
17 комментариев
Sep 26, 2020 at 07:05
Участник с Sep 24, 2020
17 комментариев
As i see everyone chose what the best for him/her. and when person find his 'ideal' broker he stays with one. it depends on broker conditins.

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