spreadtrading (not options)

Can I spreadtrade using two accounts. One to go long and one to go short. I want to do this using some future or some stock. Using the same instrument in both the accounts.

What are the advantages of this method and what are the pitfalls?

Can anybody recommend some reading material.

Much appreciated and Thanks
 
One of the pitfalls is that regulators normally take a dim view of such things (although not sure how relevant this is in a retail context).
 
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