Sub-accounts as a discipline tool, not just an accounting one

Running more than one account is more common than you would think, usually for reasons that have nothing to do with strategy. The side effect is worth having on purpose. Running each strategy in its own account makes the results genuinely separable. No shared capital, no ambiguity about which strategy caused a drawdown, no quiet cross-subsidy where one winner hides two losers. That last one is the real benefit and it's psychological rather than technical. When everything sits in one account, a strategy that's slowly bleeding is invisible as long as the total is fine. Give it its own account and you have to look at it directly. The cost is real: more capital tied up, more things to monitor, more places to make a mistake. For someone running two strategies it's probably not worth it. For someone running five and unable to say which one is actually carrying the account, it might be the clarifying move.