Is it legal to use 2 brokers (long in one, short in another)

Discussion in 'Trading' started by APH99, Apr 1, 2025.

  1. Hello APH99,

    Do not get legal, until you get rich.
     
    #11     Apr 1, 2025
  2. I understand a trader legally can go long in ES and short in MES at the same time even with the same broker. Or two different brokers. Why? because they are two different listed instruments.
     
    #12     Apr 1, 2025
    Pekelo likes this.
  3. mervyn

    mervyn

    i recall we had a conclusive thread on this subject, the answer is yes for both, you can go long and short at the same instrument on different accounts.

    ask @Overnight
     
    #13     Apr 1, 2025
  4. APH99

    APH99

    Mike, thanks, and the above is what I thought.

    And as I believe, every trader is given a number similar to a Social Security number, so whichever Exchange you do business on you're tagged with that number. So if you're long with IB and short with IronBeam, the CME will know. Almost certain they won't worry if it's a sort of one off, but if you do it repeatedly almost certain problems. Remember thr Algorithms, we can't escape...
     
    #14     Apr 2, 2025
    Ironbeam likes this.
  5. mervyn

    mervyn

    https://www.elitetrader.com/et/threads/the-question-may-seems-dumb.375366/page-4

    read post 34
     
    #15     Apr 2, 2025
    steve2222 likes this.
  6. R1234

    R1234

    it could be used as a sneaky way to transfer money from a taxable account to a retirement account eg. have an SPY position in your IRA and a SH position in your taxable account. Can also be used for international money transfers. There are probably laws that frown upon this ....
     
    #16     Apr 2, 2025