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  1. #1
    Active Member ehenderichs's Avatar

    Don't put all your eggs in one basket. Also true for brokers? !!!

    What I mean (offcourse) is, does it make sense to work with several (two or maybe three) brokers? Just in case 1 decides to stop being nice.

  2. #2
    Legendry Member Okane's Avatar
    That's true, I have written an article about it here
    so my thoughts on this can be be read at:

    Should-i-use-several-brokers-pros-and-cons-with-having-multiple-accounts

    But remember that you shouldn't put all your baskets over one egg either, (the weight of multiple baskets
    will crush the egg) by which I mean, managing three multiple accounts can be stressful so make sure you first
    can manage one account before you move on to adding the next.
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  3. #3
    Legendry Member Michael Hodges's Avatar
    It is really a good idea to use more than one, there are two ways to go about it. two broker with the same platform so you have the same trading on both, or two with different platforms so you have a greater variety of opportunities.

  4. #4
    Master Member SeasaltMcFish's Avatar
    There's one thing you should think about: How much do you trade?

    Several brokers (even good ones) have a fee for inactivity, so if you fail to trade for a few months with a certain broker, it could cost you (a lot of) money.

    I think it's better to simply trade with 1 or 2 brokers and keep the rest of your trade money in your bank or on Skrill (there the inactivity period is 12 month).

    Cashing out and leaving only enough money to work comfortable with your broker is a better way imo.

  5. Thanks Kolyo thanked this post
  6. #5
    Legendry Member milos's Avatar
    Quote Originally Posted by Okane View Post
    That's true, I have written an article about it here
    so my thoughts on this can be be read at:

    Should-i-use-several-brokers-pros-and-cons-with-having-multiple-accounts

    But remember that you shouldn't put all your baskets over one egg either, (the weight of multiple baskets
    will crush the egg) by which I mean, managing three multiple accounts can be stressful so make sure you first
    can manage one account before you move on to adding the next.
    Thanks Okane. I read careful link you post here. So far I use only one broker. I'll see if i change my mind.

  7. #6
    Moderator Kolyo's Avatar
    I have to agree with Seasalt. Too many brokers is also not the best decision. I am currently trading with 2 and that's enough. It is good to be flexible, but always have to take into account inactivity fees and transaction cost.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  8. #7
    Rookie Member
    I really like the baskets and the egg theory with regards to trading. And I need to add more, we need not to count the chicks while the eggs isn't hatched yet.

  9. #8
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Peggy Sue View Post
    I really like the baskets and the egg theory with regards to trading. And I need to add more, we need not to count the chicks while the eggs isn't hatched yet.
    I know a really funny story about the eggs and the basket....

    three kids were in school. The assignment was to create a story with a moral. The first kid gets up and says... "my family are chicken farmers. We grow chickens for eggs. One day we went to the market but carried all the eggs in one basket. The basket was dropped and all the eggs broke. the moral is that you shouldn't put all your eggs in one basket.

    the second kid gets up and says, we're chicken farmers too. We grow chickens to sell. One year my daddy had 1,000 eggs and was really happy because he thought he'd have 1,000 chickens to sell. Well, we didn't get 1,000 chickens and plans my daddy made fell apart. The moral, don't count your chickens before they hatch.

    The third kid gets up and starts his story. It's about his aunt Martha. Aunt Martha is a fighter pilot flying over a war zone. One day she was flying a mission and was attacked. It's not a well known thing but when attacked, the first thing fighter pilots do is slam a bottle whiskey, or whatever their favorite spirit is. Well, Martha was a rule follower and drank her whiskey and then turned to attack the oncoming hoard. She fought them with missiles, she fought them with guns. She shot down fight after fighter but no matter how many she shot down more came. Eventually she had to ditch the fighter and parachute down to safety. On the way down she used a machine gun that was included as part of her survival gear to shoot down a few more enemy fighters as she floated through the air and when she hit the ground she shot down a few more. At that point she had another problem, she had landed behind enemy lines. There were troops converging on her position so she used the last of her machine gun rounds, the 12 shots in her side-arm and then finally her knife to down another 100 enemy soldiers.

    By this time the teacher was starting to get impatient with the student and asked him where the story was going, what moral was he trying to teach. At that time the kid looked up at the teacher and said, the moral of the story is that you shouldn't mess around with my aunt Martha after she's been drinking.

  10. #9
    Master Member SeasaltMcFish's Avatar


    Nice one!

  11. #10
    Active Member ehenderichs's Avatar
    fees for account inactivity", that is some good advice thx!! That one may have bit my in the ass sometime

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