8 Tips for Managing Multiple Trading Accounts Across Different Platforms

Nowadays, there are many trading platforms available worldwide, such as TradingView, MetaTrader, and cTrader. While choosing the right trading platform means choosing only one for some traders, others, especially those who are already familiar with how trading works, may have a different approach.

One of which is that they are starting to create multiple trading accounts from various trading platforms. This is one way that can help them diversify their investments or trades. However, one of the challenges of this is that it can be hard to manage them all at once.

In this article, we’ll give you some tips for managing multiple trading accounts in various trading platforms.

1. Assign a Purpose for Each Account

Even if all your trading accounts are used for trading in general, you can define the purpose of each account, so that you can also manage your time and other resources. So, before deciding to get another trading account for a different trading platform, you should first finalise the reason why you’re opening this account. This also applies whenever you consider opening additional accounts in the future.

Once the purpose of each account has been defined, the next step is to plan the schedule and strategies that you’re going to use for each account. For instance, you can have one trading account that you can use for demo purposes, one as an account for long-term trades, and another for short-term trades.

2. Use a Portfolio Tracker or Trade Journal

Since having multiple accounts from different trading platforms can be chaotic in the long run, one of the things you can do to lessen the burden is to create a trading journal or a portfolio tracker. This helps you track your trades, your progress, and the market conditions without the need to check them all manually.

When you have a trading journal, it’s easier to track your trades, especially since you don’t have to open them one by one. However, it’s also your responsibility to update your trading journal all the time.

3. Synchronise Your Risk Management

Even if you have multiple different accounts, having a unifying strategy is still recommended since you have to look out for your overall capital. For instance, if you can’t afford to lose more than 2% of your overall capital, it should be implemented, no matter which trading account executes the trade.

However, this step can be a complicated one, especially since you may be used to thinking about a single account. This is why you should gradually get used to the fact that you’re having another trading account, so that you won’t forget about it.

4. Secure Login Details

Even if you already have multiple platforms, you should still ensure that your accounts are secured. In doing so, always update your login details, and keep them in mind (or write them in a notebook that you keep in a safe place).

At the same time, enabling two-factor authentication is a must, so that when someone’s trying to access your trading account, they won’t be able to do it right away. Additionally, you’ll be notified if someone is trying to access your account.

5. Utilise Trading Automation

As much as possible, utilise the automated options featured by the trading platforms. Some of the most common automating features offered by trading platforms include alerts, copying, and API integrations. In utilising automation in your trading accounts, you’re allowing them to replicate executions based on the pre-determined conditions.

Although the automation may not be exactly as the previous one, the platforms are still following the conditions that you’ve set. When setting automation for trade executions, you can specifically set the risk tolerance, lot size, and market conditions to maintain consistency.

6. Regularly Reviewing Your Accounts

Reviewing your accounts regularly allows you to identify and prevent overexposing yourself to the same assets, but from different platforms. When looking into having multiple trading accounts from various platforms, you can get higher profit opportunities, as long as they’re well-managed.

Meanwhile, it’s easier if you can focus on specific trades in each trading account, so that you won’t get confused. For instance, if you’re trading forex on one platform, you can trade stocks on the other one.

7. Streamline Notifications

Although notifications can help you stay updated on the latest trends and the current status of your trades, they can also be overwhelming at times. Besides, if you’re hearing a lot of notifications at once, you may not be able to check them at the right time, especially the important ones.

So, when setting up the notifications, ensure that you’re customising them solely to receive important notifications.

8. Stay Disciplined with Strategy Allocation

Although you’re planning a centralised strategy for the sake of your capital, you should keep in mind that diversifying your strategy is something you should consider. Since no strategy fits all, you still need to make the necessary adjustments to ensure that the strategy will work on the specific trade.

At the same time, once you already have a trading strategy, you should stick to it and avoid making decisions based on your current emotions.

Final Thoughts

Managing multiple trading accounts from different platforms can be a complicated venture, and there are things you should prepare for before trying it out. Meanwhile, by considering the tips listed in this article, you can gradually get used to having multiple accounts that you need to manage at the same time.

ABOUT THE AUTHOR

Aliana Baraquio has over 5 years of experience as a writer and market analyst. She specialises in developing beginner-friendly trading techniques and tutorials. Additionally, she suggests FP Markets as the top broker for trading CFDs and Forex.