Trading with several brokers

EuroTrader

Sergeant Major
Messages
1,045
I normally do not follow the news from the same broker with whom I am trading. I am not sure they will give accurate updates. However, there are several good sites that share news updates and High impact news. They provide general information for all traders and now it is up to trader how he interprets and follows the news for trading.
 

Etedus12

Sergeant
Messages
186
One broker is enough to kick off, if you are looking for fast results than it makes sense with several at the time. Also having a few brokers makes the game less risky. If one broker fails, there is going to be another one. My advice it to learn market really well before you start the cooperation.
 

John Mason

Private
Messages
37
Maybe you are right news from the broker you are working with are not reliable. I think they will not want you to win a lot from the market. So it is a common sense of a trader what he follows. He must see general news sites that are neutral so that he can make better decisions.
 

nahiyar

Private, 1st Class
Messages
810
Trader should see the reality of market reality of risk taking and reward expectation. He need not to rely fully on any source until he does not verifies on the base of his experience . He can work good with his own sense . This will work when he is doing a lot of practice with differnet ways he must try news with safety and risk amanaging approach . He had an option to see different brokers too for best choice and services.
 

Etedus12

Sergeant
Messages
186
Initially, one broker is more than enough to keep track of. If your account grows to the point where a broker scam or bankruptcy could really hurt, then it's time to spread your risk by splitting your cash between 2 or more brokers. I've covered this in one of my Wealth Protection articles in this folder:

http://www.forexpeacearmy.com/community/forums/forex-basics-boot-camp-fx-articles-by-pharaoh.92/
It is much safer to trade with one broker when your investment capital is still low. This helps you monitor your progress and also learn how to manage your trade and get tips before being able to expand and invest more. When you feel confident that your trade has grown enough, it would be wiser to spread your risk to avoid going bankrupt if you face scams or extreme loss from one broker
 

Notati

Recruit
Messages
114
Many traders thinks to trade with several brokers. It is very dangerous because the chances of choosing the wrong broker becomes higher. You should have to deal with one broker until you find the one who is better than that or when that broker do something wrong with you.
 

scott11

Recruit
Messages
148
If you are trading only Forex, I don’t see need to trade with several brokers. If you find one which suits your trading strategy, than stick with him. Now, if you are also trading other financial assets, then it might be that you will need other brokers specialized to that specific trading
 

Notati

Recruit
Messages
114
I think you need to trade with a single credible, and reputed broker. If you will get into business with many brokers then there might be some complexities which you would encounter. If you want to change a broker then you can do so. But never try to work with many brokers at a time!
 

Boyd35

Recruit
Messages
68
I agree with other forum members. But, it has just slipped on my mind that there are traders who trade different strategies. So, if, for example, their broker is not supporting scalping, should they open additional account with another broker in order to be able to trade this method?
 
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