Investments and minimizing the account structure?

[Andrew Gross]

Tracking investments (stocks, mutual funds, etc.) requires a separate
account for each type of security.  Am thinking this is part of a strict
usage of double-entry accounting.  However, I am curious as to whether it
is reasonably possible where the number of accounts is minimized to where
the securities are held.  For example, recording all transactions for a set
of securities that are maintained at one investment company and the account
therefore is just the account at that that company, like a checking account
is associated with the name of the bank + the checking account number.
Part of my thinking is I wonder how day traders would use GnuCash; I
couldn't imagine their creating a separate account for every security.
Maybe this method would not have as many features as proper
double-accounting but would work to a certain degree; or am I missing
something and it would not work at all or work very badly?

Kind regards,

Andrew Gross
NYC