Forex trading involves buying and selling currency pairs with the aim of making a profit. In most cases, traders use a single account to make trades. However, there are instances where a trader may want to send a trade to several accounts. This could be for various reasons, such as managing multiple accounts, diversifying risks, or allocating trades to different strategies. In this article, we will explain how to send 1 trade to several accounts in forex.
1. Open Multiple Accounts with the Same Broker
The first step in sending a trade to several accounts is to open multiple accounts with the same broker. This will allow you to manage all your accounts from one platform. Most reputable brokers offer the option of opening multiple accounts under one login. This will save you time and effort, as you won’t have to log in and out of different platforms to manage your trades.
2. Connect All Accounts to a Master Account
The next step is to connect all your accounts to a master account. This will allow you to manage all your trades from one platform. Most brokers offer a feature called ‘Multi-Account Manager’ (MAM) or ‘Percentage Allocation Management Module‘ (PAMM) that allows you to link all your accounts to a master account. The MAM/PAMM will allocate trades to each account based on the percentage of the total balance of each account.
3. Place the Trade on the Master Account
Once all your accounts are linked to the master account, you can place the trade on the master account. The MAM/PAMM will automatically allocate the trade to each account based on the percentage of the total balance of each account. For example, if you have three accounts linked to the master account with a total balance of $10,000, and you want to allocate 50% of the trade to account 1, 30% to account 2, and 20% to account 3, the MAM/PAMM will automatically allocate the trade accordingly.
4. Monitor Your Trades
Once the trade is placed, you should monitor your trades closely. This will allow you to manage your risks effectively and make any necessary adjustments. You should also regularly review your trading strategies to ensure they are working effectively.
5. Withdraw Your Profits
Once your trades are profitable, you can withdraw your profits from each account. The MAM/PAMM will automatically allocate profits to each account based on the percentage of the total balance of each account. For example, if you have three accounts linked to the master account with a total balance of $10,000, and you make a profit of $1,000, the MAM/PAMM will automatically allocate $500 to account 1, $300 to account 2, and $200 to account 3.
Conclusion
Sending 1 trade to several accounts in forex is a useful strategy for managing multiple accounts, diversifying risks, or allocating trades to different strategies. To do this, you need to open multiple accounts with the same broker, connect all your accounts to a master account, place the trade on the master account, monitor your trades, and withdraw your profits. By following these steps, you can effectively manage your trades and maximize your profits.
