Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Day trade AND Swing trade the same account/broker ?
I would like to day trade (no overnight) AND swing trade (with overnight).
However, I want the trades to be completely separate so I can day trade without seeing the swing trade in my DOM, nor change the position of the swing trade because I take a short term trade in opposite direction of the swing trade.
Does this mean I have to use two accounts ? Two brokers ? Are there brokers specialized in this kind of situation ?
W.
-- The rest is silence
Can you help answer these questions from other members on NexusFi?
I use CTS T4. You can create sub-accounts from the front-end. I never use this feature. But, i believe this is what you looking for, one broker, one platform, several sub-accounts.
All you have to do is request from your broker to open a sub account or related account based on th account documents already on file. Once you have two related accounts you can use one for daytrading and one for swing trading.
PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
I can understand the logic of two accounts for splitting the risk (MFGlobal ..).
But, I do not understand the logic behind a second broker, for technical reasons.
When choosing a broker, as a day trader, I believe reliability is a very important factor.
So ...
* I choose a broker that is technically reliable
* My DOM is remote on a highly reliable platform.
If my internet/electricity/computer goes down I connect to the remote dom using 3G with a secondary computer (actually, it is an iPad).
If my DOM goes down I take my phone and stop the trade.
This means, I do not think I need a second broker because of technical risk.
Regarding swing trades, I don't even use the dom. I put the target/stops disconnect and come back tomorrow.
No technical risk.
The connection to your broker could be lost not only due to your own internet connection. It may be the broker or the clearing firm. You then have to call the trading desk and then they call the exchange it takes a lot of time and stuff like that usually happens when the market is very active.
That's of course given that they pick up. What if they don't? What if their servers fry, and their phones? Or your iphone's battery is too low to call? Just saying.
I use 3 different brokers. Everything under 2 is a suicide. With one broker the probability of shit happening may be "only" 1% per year, with two it's only 0.01%, basically non-existent.
You can then use one for day trading another for swings and as a back-up.
Hello! What you can do is stay with the same broker but have two different platforms working if you are afraid of disconnection issues. Each clearing firm has more than several platforms they offer to clients.
There are more than a few platforms out there that have great depth of markets and are free. And I agree, having a broker that is technically reliable is a must to successful trading!