Can anyone suggest good broker to trade IWM and GDX if I would like to follow the robots?
Is interactive brokers good?
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Can anyone suggest good broker to trade IWM and GDX if I would like to follow the robots?
Is interactive brokers good?
I think the most used brokers by professional retail traders are;
Interactive brokers,
Tradestation
ThinkorSwim
If you only goal is to trade IWM or GDX -- probably any major or (semi)major online broker will do. IB has the advantage that you can keep your account currency in EURO. Which is a great advantage for those of you who count in Euro. TOS is USD based, and it might even not accept new European clients -- not sure what the current policy is.
If you are at the point of identifying a good broker for IWM amd GDX robot trading, I would suggest Ameritrade (Thinkorswim) or ETrade (Power ETradePro). I have not used TradeStation.
Both provide good and easy to read documentation and good customer support to get familiar with their platforms and the different types of orders.
Even though, I also use Interactive Brokers, I think their "sophisticated platform" may be too complex at the beginning.
Normand
Hi--
Having an account with ThinkorSwim has not increased my net worth. However, my grandpa account at Vanguard has. Why? I don't know. But I do know that one doesn't need a (insert favorite super fast sports car) to follow a trend. Any broker that offers limit orders and stops/trailing stops will probably do.
Hi all,
Thanks for the advice. I think I will go with IB.
When you submit an order to buy/sell, how do you manage your stop?
Do you submit the stop order manually after the buy/sell limit order executed or are you able to submit a stop order along with the original buy/sell order and the stop loss order will be active only after the buy/sell limit order executed.
Is it possible under IB?
Cheers,
Ellis
Yes, at IB it is possible to submit a stop order along with your entry order.
From a quote page: Right click on your entry order line, select "attach", and select "stop". The stop order will become active after your entry order is executed.
senco
While I can't compare to the other brokers, I can say in my experience IB is indeed very good and low on transaction costs.
When you trade in Europe, do you just use margin or change euro to usd and trade?
[QUOTE=nickola.pazderic;14668]I do know that one doesn't need a (insert favorite super fast sports car) to follow a trend. Any broker that offers limit orders and stops/trailing stops will probably do.[/QUOTE]
Looking at it that way, Nickola, I like Fidelity, especially for those who place limit orders and aren't always available to monitor things at the open. Fidelity has consistently improved on my limit price when the market opens in my favor, while of course I assume the risk that the trade won't go through when the market opens against me and stays that way before I can log in. Other brokers have looked like thieves by comparison.
[QUOTE=mingpan.lam;14706]When you trade in Europe, do you just use margin or change euro to usd and trade?[/QUOTE]
I borrow US dollars from IB to buy my stocks (this is done automatically) and keep my account in EUR.
Keep in mind tough, profits/losses get payed/subtracted in USD. You can convert those to EUR or keep a USD balance.
I always maintain a small USD balance but keep the bulk of the account in EUR.
I started a topic on this issue a while ago, to ask what is the best practice.
[QUOTE=Rembert;14709]I borrow US dollars from IB to buy my stocks (this is done automatically) and keep my account in EUR.
Keep in mind tough, profits/losses get payed/subtracted in USD. You can convert those to EUR or keep a USD balance.
I always maintain a small USD balance but keep the bulk of the account in EUR.
I started a topic on this issue a while ago, to ask what is the best practice.[/QUOTE]
Thks Rembert,my account is HKD, so I am thinking if I should change it and to minimize the interest to pay.
[QUOTE=mingpan.lam;14710]Thks Rembert,my account is HKD, so I am thinking if I should change it and to minimize the interest to pay.[/QUOTE]
Yes the same is true if your account's main currency is HKD. At the moment the interest rate for borrowing USD at IB is 1.56%
[url]http://www.interactivebrokers.com/en/p.php?f=interest[/url]
One could argue it's best to buy USD so one doesn't have to pay this interest. But when the dollar crashes relative to HKD or EUR we will lose a lot more than 1.56%. That's why I'm keeping the account in EUR for now.
I'm no Forex trader. But if there was a reliable robot that could switch between EUR/USD I'd make use of it. Maybe there is such a robot out there, I don't know ... google shows a lot of results for forex robots, but I'm willing to bet 95% of them are scams.
Hi all,
I have been following GDX robots for half year and using IB MKT order to enter at open.
Most of the time, I can't get a open price. For example, yesterday, I opened a short @54.31 while the open price is 54.34. What is your experience with IB or other brokers? Are you using MKT order?
Cheers,
Ellis
[QUOTE=mingpan.lam;20987]Hi all,
I have been following GDX robots for half year and using IB MKT order to enter at open.
Most of the time, I can't get a open price. For example, yesterday, I opened a short @54.31 while the open price is 54.34. What is your experience with IB or other brokers? Are you using MKT order?
Cheers,
Ellis[/QUOTE]
Ellis,
We use the official Yahoo Finance opening price as a reference for the robot’s track record.
Orders should be entered at market. But it is true that actual execution may vary by a few cents in real life. For opening market prices, it is first come first served. The earliest you enter your market order, the more chances to have execution exactly at the official open price.
Billy
[QUOTE=mingpan.lam;20987]
I opened a short @54.31 while the open price is 54.34. What is your experience with IB or other brokers? Are you using MKT order?
Ellis[/QUOTE]
Same broker, same fill!
I believe that 54.31 is not a bad fill after all.
[QUOTE=mingpan.lam;20987]Hi all,
I have been following GDX robots for half year and using IB MKT order to enter at open.
Most of the time, I can't get a open price. For example, yesterday, I opened a short @54.31 while the open price is 54.34. What is your experience with IB or other brokers? Are you using MKT order?
Cheers,
Ellis[/QUOTE]
Ellis,
With IB, select OPG as Time in Force, you will get the Open price. [url]http://www.interactivebrokers.com/download/newMark/PDFs/OrderTypesWebinarNotes2006.pdf[/url]
Adriano