Ability to add more than 3 sub accounts
Hello,
I would like to suggest the ability to add more than three sub accounts.
I've been experimenting recently with the idea of "trade copying" and see
quite a few advantages, at least for my style of trading and I had mapped
out a path of opening additional accounts on the order of one or two a month to
take full advantage of trade copying untilI reached maybe 10 accounts.
Recently, I had some difficulty opening the 3rd account and while trying to
get that issue resolved I had an email exchange with a very helpful America
Castro who informed me that the number of accounts were capped at four and if
you did opt to have four accounts you would need a total of $25,000 across
the four accounts.
Obviously, this was disappointing. These are scalping accounts so the balances
do not need to be any more than $3000 - $5000. The requirement to maintain a
minimum of $25000 would just represent "dead money" that I could be putting to use
elsewhere and my goal of ~10 accounts would still not be possible.
I'm sure there is some reason for the current limits, but it looks like there are
changes to the platform afoot and I'd like to suggest expanding the ability to add
a greater number of sub accounts as a future change.
After all, they are still funded accounts and the commissions are still paid on all
the trades so I don't see any obvious downside to NT. The only thing I can think of is
that there is no interface for the customer to perform internal transfers so I have to
reach out to your treasury support for assistance (Andrea G has always been most helpful)and
I'm sure this creates some administrative overhead.
I could accrue accounts through a prop firm like Apex which currently has a limit of 20 accounts, but
I'm not sure how working with a prop firm would impact my tax status and would rather not have any
unnecessary entanglements when it comes to how I trade.
Thanks,
Jim
I would like to suggest the ability to add more than three sub accounts.
I've been experimenting recently with the idea of "trade copying" and see
quite a few advantages, at least for my style of trading and I had mapped
out a path of opening additional accounts on the order of one or two a month to
take full advantage of trade copying untilI reached maybe 10 accounts.
Recently, I had some difficulty opening the 3rd account and while trying to
get that issue resolved I had an email exchange with a very helpful America
Castro who informed me that the number of accounts were capped at four and if
you did opt to have four accounts you would need a total of $25,000 across
the four accounts.
Obviously, this was disappointing. These are scalping accounts so the balances
do not need to be any more than $3000 - $5000. The requirement to maintain a
minimum of $25000 would just represent "dead money" that I could be putting to use
elsewhere and my goal of ~10 accounts would still not be possible.
I'm sure there is some reason for the current limits, but it looks like there are
changes to the platform afoot and I'd like to suggest expanding the ability to add
a greater number of sub accounts as a future change.
After all, they are still funded accounts and the commissions are still paid on all
the trades so I don't see any obvious downside to NT. The only thing I can think of is
that there is no interface for the customer to perform internal transfers so I have to
reach out to your treasury support for assistance (Andrea G has always been most helpful)and
I'm sure this creates some administrative overhead.
I could accrue accounts through a prop firm like Apex which currently has a limit of 20 accounts, but
I'm not sure how working with a prop firm would impact my tax status and would rather not have any
unnecessary entanglements when it comes to how I trade.
Thanks,
Jim
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