HOw many accounts for succesful daytrading??

I sure hope the story is true. But even if not, we all swear it is.

2 accounts are enough : long term and trading.
Imo everyone should have a separate long term account. At least to sweep profits to and not keep them in the active trading account.
It can be two different brokers.

If you are involved in high leverage trading (like futures) it is also a good idea to have a third account, a trading back up account in case your main account is locked out for any reason.
Make sure the third account (and of course it is a different broker) is easily reached by phone, don't bother the higher commission then.

I believe in KISS too. So keep it simple, the long term account you check as rarely as possible. The back up account you wish and hope you never have to use it. You have only one active account, the one, the money machine.

tntneo
 
I used to have 7 accounts in 7 brokerages, not counting my wife's and the IRAs, Roths.. and each seemed to have its own purpose.

1) Waterhouse
2) IB
3) Cybercorp
4) None since I consider the ones nearby are ripoffs & I have high speed line
5) Don't trade futures, too complicated for my tiny brain..

BTW, I still have 7 accounts in 7 brokerages(different ones)..
This is definitely overdone.. I am in the middle of consolidating
them. .. tax time was pretty painful for me..

I would say 2 accounts are good enough plus good technical
tools source(whether it is part of brokerage or pay separately..)

I have trouble just to keep track of the account numbers..
 
You must log in or register to reply here.
Back
Top