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Long and Short Positions on same/different Brokerage Accounts
I am new to posting a thread. I have tried looking in different threads but could not find an answer to my query.
I am basically interested in having a long or short position in a trade and "hedging" my position by taking a (long or short) for that trade thereby limiting my risk. I asked my broker and they said that I can't do it on the same account and maybe not even on a different account. My question is, if I opened another account with a completely different broker would I be able to go, say, short with one broker and long with a completely different broker.
I could be wrong and maybe things have changed, but I seem to remember that it's illegal, i.e. you could be fined/banned from trading. I would go here and inquire at the very least. U.S. Commodity Futures Trading Commission
Regardless, what's the difference between doing that and just flattening? It will cost you the same.
imho it's not illegal but I'm not a lawyer. However when there's a will there's a way thus my short answer is yes but I have nothing more to elaborate.
