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Question for you. I use Ninja Trader as my platform (love the chart trader), and I currently have an account with only one broker. However, after the PFG scandal I have been re-thinking things. Perhaps I should spread out my money into multiple accounts?
For example if I have $50,000 in one account now, why not have 5 separate accounts with $10,000 in each one? This way if one goes down, it's not such a bad loss. But this only makes sense if I can trade all 5 accounts at the same time. So instead of trading 10 contracts from the one account, I could now trade 2 contracts from each of the 5 accounts at the same time.
Assuming you have the NT multibroker license, the only way to do it is to have multiple instances of NT running. Each NT will be connected to a separate broker account. A single instance of NT allows you to be logged into no more than one broker account at the same time. In order to have 5 instances of NT running, you probably need 5 separate PC's. I don't have first hand experience with VM (virtual machine), but I believe it's not recommended to run more than one instance of NT on a single PC because NT is a bit of a resource hog.
Thanks a lot for the help. Just wondering, Big Mike said that he has mutiple accounts. Do you or does anyone else know what the purpose of having multiple accounts is if you can't trade them at the same time? I don't see the point. All having multiple accounts does is limit the amount of contracts I can trade at any given time.
It would be nice if the "Multi Broker" user can share their experiences.
Are these assumptions for ONE Multibroker NT License correct?
1. One instance of NT per computer
2. NT can only be connected to a single broker simultaneously
3. I can switch the broker manually
4. I couldn't switch the brokers by ninjascript to spread my trades
5. If i use 3 computer then i can start 3 NT instances which can be logged into 3 brokers simultaneously
If Point 5 is correct and i can really use X instances of NT with X broker with ONE lifetime multibroker license, then i will use this scenario too and i would think about a Master-Slave trade copier mechanism. Using VM Ware would PERFECTLY match the needs, because NT only uses 1 core heavily - a trading server has much more cores to work with.
Thanks, but i don't care about the NT stuff anymore. The only thing i heard again and again is "It is beyond support ... bla bla bla". The daily heavy users can lift the fog and provide credible answers.
If you have a multibroker license, you set up the accounts for each broker ... then set up an account group.
When you are trading, you select the account group as the trading account. Any order entered will be sent to each account in the group.
If you have multiple accounts with one broker, example: a regular account and a 401K account, you don't need a multiuser license , you just need to setup the account group. You can test this by setting up multiple sim accounts.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
Having a backup account is a must in my books. That said, having a backup account and trading the backup account are two different things. Personally, I trade my primary account and have everything setup so that I can painlessly switch over to the backup account should something happen to the primary account. It certainly helped having a Plan B account on standby and ready when Knight situation developed not too long ago.
