Brokers to trade IWM GDX

[mingpan.lam]

Can anyone suggest good broker to trade IWM and GDX if I would like to follow the robots?
Is interactive brokers good?

[ernsttanaka]

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.

[Normand]

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

[nickola.pazderic]

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.

[mingpan.lam]

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

[senco]

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

[Rembert]

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.

[mingpan.lam]

When you trade in Europe, do you just use margin or change euro to usd and trade?

[Neil Stoloff]

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.

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.

[Rembert]

When you trade in Europe, do you just use margin or change euro to usd and trade?

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.