A lot of traders may run the same forex robot on multiple brokerage accounts and that’s not a bad idea. Perhaps you like one forex robot, but you have multiple brokerage accounts because each one has a few different features that you like. Different results in your various brokerage accounts. Is this cause for alarm? Is there something you can do to rectify this situation?

There are a lot of reasons why this may be happening, and fortunately, there is something that can be done about this.

The first step is to assess the situation and figure out what the problems can possibly be. Do you have your forex robot trading in one time frame with one broker and in a different time frame with a different broker? These are little details that are easy to overlook when you’re trading multiple account, but the problem is easy to solve. You will not need to alter your forex robot’s settings but you will need to alter the time frames your various brokerage accounts are using. Just alter the charts you’re using to trade off and you should get your forex robot more in synch across the two or three accounts.

Some Problems Can’t Be Solved

There is one big reason why you may be seeing different across your different accounts that are trading with the same forex robot and there simply isn’t anything you can do about it. It has to do with pricing. You see, because there is no central exchange in forex trading, every forex broker has different prices for the various pairs you can trade with them.

For example, let’s say you have a forex robot operating in an FXCM account and a GFT account. At FXCM, your forex robot takes a trade in the euro/US dollar (EUR/USD) when the bid/ask is 1.4055 by 1.4057. At the same time, your forex robot that us also trading your GFT enters the same trade on the same type of chart and gets a bid/ask spread of 1.4056 by 1.4058. That’s just a difference of two pips, but overtime that can really add up. Needless to say, this is the primary reason why the same forex robot may net you different results in different accounts.

And as we said earlier, this is simply the way forex trading works. When you trade stocks or even commodities, the price differences among brokers are usually going to be minute, if they exist at all. Since there is no central exchange for forex, prices are different from broker to broker. While these differences are not extreme, they can impact forex robot’s.

One Solution…Maybe

There is one way to ensure your forex robot might be able to get the same prices across different accounts and that is to set specific limit orders for your forex robot to follow. By setting the same limit prices in all of your accounts, you should see the forex robot’s results even up a bit, but this can be a tedious task.

Author Bio: Brenda Maison is a retired Canadian Economist. My main activity since Winter 2006 is trading Forex. I’ve been trading currencies online with the help of EA’s (BTW, the best source for EAs is Forex Robots ) and I currently manage trading accounts at two Forex brokers in the US and in UK respectively.

Category: Finances
Keywords: Forex Robots, Day Trading, Forex, Forex Brokers, Finacial Advisors, Expert Advisors