Moving brokers and the risk of a broken track record

A manager or account holder may move brokers for various reasons, but the histories before and after the move do not automatically form one comparable series. Account structure, costs, instruments and reporting sources can change. Sound evaluation makes the transfer boundary visible rather than hiding differences by joining charts.

Establish account identities and their relationship

Who owns the accounts, and what supports the claimed connection? Similar manager names or strategy labels are insufficient. Record non-sensitive identifiers, activity periods and each account’s role. Proving continuity requires no public disclosure of passwords, access keys or private identity documents.

Transfer flows are not trading profits

Record withdrawals from the former account and deposits into the new one with times, currencies and charges. They are internal transfers if both accounts fall within a consolidated scope, but external cash flows when only one is assessed. A lower amount after transfer is not necessarily a trading loss; costs or currency conversion may explain it.

A hypothetical time gap

Suppose the first report ends on Friday and the second starts on Tuesday. Do not automatically fill the interval with a zero return or flat line. Establish where funds were held, whether positions remained and which data is unavailable. This example describes no actual broker timetable and instructs no account transfer.

What belongs in a before-and-after comparison?

• Base currency, time zone and reporting-series type.
• Instruments, contract sizes and execution constraints.
• Commissions, swaps, transfer costs and conversion bases.
• End and start dates, gaps and remaining positions.
• Changes in management method or authority where applicable.

Overlaps matter as much as gaps

If accounts operate simultaneously, adding their percentages does not produce a portfolio return. Capital weights and cash flows must match the chosen calculation method. Related trades across two accounts should not be described without qualification as independent experiences. Retain both reporting periods with clear boundaries.

Changed conditions limit comparability

A similar method can perform differently in another execution environment. New charges or instrument access may explain part of the difference, but assigning the whole change to one cause without evidence is inappropriate. Preserve earlier history and do not call later results a guaranteed continuation of the same experience.

Disclose the basis of any combined series

Calculation methods, sources, versions and limitations should be reviewable. Missing data should remain unknown and later corrections need recorded reasons. When reviewing accounts, examine each host’s history and the transfer boundary separately. Managers can explain infrastructure changes without secrets in a cooperation inquiry. This article verifies no actual account continuity and recommends no broker selection.