Brokers to trade IWM GDX

[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?

[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.

[mingpan.lam]

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.

Thks Rembert,my account is HKD, so I am thinking if I should change it and to minimize the interest to pay.

[Rembert]

Thks Rembert,my account is HKD, so I am thinking if I should change it and to minimize the interest to pay.

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%
http://www.interactivebrokers.com/en/p.php?f=interest

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.