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Brokers for trading metals

  • #1
  • First Post: Aug 8, 2019 2:19pm Aug 8, 2019 2:19pm
Which brokers are best for trading gold and silver?

Pierre
  • #2
  • Aug 11, 2019 12:34am Aug 11, 2019 12:34am
TD Ameritrade and Interactive Brokers are my two favorites for futures.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #3
  • Aug 28, 2019 6:15pm Aug 28, 2019 6:15pm
Quoting Ef5
TD Ameritrade and Interactive Brokers are my two favorites for futures.
hi , I am looking for a broker to trade currency futures and etfs.
I want to ask you about your trading experience with ib ( interactive brokers ), about their order execution ( is it slow or fast ) ?
how much does the ib charge you when you withdraw funds ? I live in Boston , MA.

thank you very much, RB
  • #4
  • Sep 18, 2019 7:17pm Sep 18, 2019 7:17pm
Quoting RB1234
{quote} hi , I am looking for a broker to trade currency futures and etfs. I want to ask you about your trading experience with ib ( interactive brokers ), about their order execution ( is it slow or fast ) ? how much does the ib charge you when you withdraw funds ? I live in Boston , MA. thank you very much, RB
Hi RB, sorry I just now saw your post!

IB has been great, all my fills have been very quick. I've never tried withdrawing funds from them so I'm not 100% sure if there's a fee. US brokers typically don't charge withdrawal fees so I'm doubtful they have one.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #5
  • Oct 7, 2019 12:00am Oct 7, 2019 12:00am
Quoting Ef5
{quote} Hi RB, sorry I just now saw your post! IB has been great, all my fills have been very quick. I've never tried withdrawing funds from them so I'm not 100% sure if there's a fee. US brokers typically don't charge withdrawal fees so I'm doubtful they have one.
hi Ef5, sorry I forgot this thread and just saw your post. I really liked ib but I read so many
horrible reviews about interactive brokers on forex peace army website. what do you trade with ib ? ETFs. ? Stocks ?
Futures ? Please let me know . I have also opened one live account with TD . only paper trading now. Please let me know about ib in Detail. I will keep an eye on your post. thank you very much and have a great rest of your day. RB
  • #6
  • Oct 8, 2019 11:07pm Oct 8, 2019 11:07pm
Quoting Rb2
{quote} hi Ef5, sorry I forgot this thread and just saw your post. I really liked ib but I read so many horrible reviews about interactive brokers on forex peace army website. what do you trade with ib ? ETFs. ? Stocks ? Futures ? Please let me know . I have also opened one live account with TD . only paper trading now. Please let me know about ib in Detail. I will keep an eye on your post. thank you very much and have a great rest of your day. RB
I've only used them for ETF trades so far. The big reasons I like them are:

  1. Low commission (but suddenly now everyone is free)
  2. High interest rate paid on cash balances
  3. Low margin rates

I have to close my account for compliance reasons unfortunately so I won't be able to use them for futures like I had planned.

Self-sufficiency is the greatest of all wealth. - Epicurus
  • #7
  • Oct 9, 2019 7:46am Oct 9, 2019 7:46am
oh I see. so you used interactive brokers ( IB ) for trading ETF . they use Traders workstation, did you use it ? or you used the online( web-based ) platform ? I just wanted to know how is the Execution of orders for ETFs on Traders work station ? is it Fast ? Normal ? thank you very much Ef5. Have a great morning. Ray
  • #8
  • Oct 15, 2019 5:40pm Oct 15, 2019 5:40pm
Quoting Rb2
oh I see. so you used interactive brokers ( IB ) for trading ETF . they use Traders workstation, did you use it ? or you used the online( web-based ) platform ? I just wanted to know how is the Execution of orders for ETFs on Traders work station ? is it Fast ? Normal ? thank you very much Ef5. Have a great morning. Ray
I use their iOS app. lol

I do all my analysis with different platforms so all I use IB for is to enter in orders and the app suffices for that. I know it must sound strange to hear I've entered 100% of my orders through their app, but it has worked for me.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #9
  • Oct 16, 2019 12:34am Oct 16, 2019 12:34am
Quoting Ef5
{quote} I use their iOS app. lol I do all my analysis with different platforms so all I use IB for is to enter in orders and the app suffices for that. I know it must sound strange to hear I've entered 100% of my orders through their app, but it has worked for me.
well it works for you. I also wanna try it someday, I plan to use Thinkorswim with IB orders. lets see, thank you,
  • #10
  • Oct 16, 2019 9:17am Oct 16, 2019 9:17am
Quoting Rb2
{quote} well it works for you. I also wanna try it someday, I plan to use Thinkorswim with IB orders. lets see, thank you,
You’re welcome. Thinkorswim + IB is an ideal setup.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #11
  • Oct 17, 2019 5:35pm Oct 17, 2019 5:35pm
Quoting Ef5
{quote} You’re welcome. Thinkorswim + IB is an ideal setup.
oh really, TOS + IB …. okay.

For 2 months, I am demo trading TWS and TOS )

do you do Futures ?
  • #12
  • Oct 17, 2019 5:43pm Oct 17, 2019 5:43pm
Quoting Rb2
{quote} oh really, TOS + IB …. okay. For 2 months, I am demo trading TWS and TOS ) do you do Futures ?
Believe it or not I used to be Series 3 licensed actually back when I was thinking of creating a CTA firm. Honestly though, its been awhile since my last futures trade because it's been more tax efficient to hold ETFs. I do plan on getting short a few ES contracts soon though as the cycle turns!
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #13
  • Oct 17, 2019 6:01pm Oct 17, 2019 6:01pm
Quoting Ef5
{quote} Believe it or not I used to be Series 3 licensed actually back when I was thinking of creating a CTA firm. Honestly though, its been awhile since my last futures trade because it's been more tax efficient to hold ETFs. I do plan on getting short a few ES contracts soon though as the cycle turns!
wow !! I intend to do natural gas leveraged ETFs ( UGAZ, DGAZ...) I am just studying it now. I also want to learn Gold ETFs. what kind of ETFs you like to trade... natural gas ? I see lot of people doing it.
  • #14
  • Oct 17, 2019 6:25pm Oct 17, 2019 6:25pm
I'd be very very careful about energy ETFs like DGAZ and UGAZ. Check out these long-term charts of them:

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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I haven't looked closely at these two, but this typically happens due to the future curve and leveraged ETF decay. You could make a profitable strategy by just shorting these kinds of products.


For ETFs, I like equity indexes like VOO and QQQ and their leveraged counterparts UPRO and TQQQ. A lot of the gold ETFs store gold in vaults so they don't run into the same problems futures based ETFs have. IAU is probably the best but GLD is good too.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #15
  • Edited 6:56pm Oct 17, 2019 6:44pm | Edited 6:56pm
Quoting Ef5
I'd be very very careful about energy ETFs like DGAZ and UGAZ. Check out these long-term charts of them: {image} {image} I haven't looked closely at these two, but this typically happens due to the future curve and leveraged ETF decay. You could make a profitable strategy by just shorting these kinds of products. For ETFs, I like equity indexes like VOO and QQQ and their leveraged counterparts UPRO and TQQQ. A lot of the gold ETFs store gold in vaults so they don't run into the same problems futures based ETFs have. IAU is probably the best but...
oh I see. that's something I have never known before. you don't use datafeed from IB, right ? because you are using TD ameritrade ( TOS ) . I was just wondering if there is any datafeed difference for ETFs between IB and TOS....because you pay for IB datafeed, and, it's free for TD ameritrade, datafeed is pretty much same for both the brokers, right.. .

Edit in order to have price charts you need datafeed from the broker...
  • #16
  • Oct 17, 2019 6:50pm Oct 17, 2019 6:50pm
No, I've never paid for data but there probably is a difference. Paid tick data should be unfiltered, whereas free data is usually filtered. It makes no difference on higher timeframes, but might matter slightly on low time frames or for programming systems.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #17
  • Oct 17, 2019 7:02pm Oct 17, 2019 7:02pm
Quoting Ef5
No, I've never paid for data but there probably is a difference. Paid tick data should be unfiltered, whereas free data is usually filtered. It makes no difference on higher timeframes, but might matter slightly on low time frames or for programming systems.
I see. do you intra-trade or day-trade ? or , you leave the position open for couple of days...I have always ,
most of the time, done intra-day ( max couple of hrs ) . I am learning swing trade now.
  • #18
  • Oct 18, 2019 7:51pm Oct 18, 2019 7:51pm
Quoting Rb2
{quote} I see. do you intra-trade or day-trade ? or , you leave the position open for couple of days...I have always , most of the time, done intra-day ( max couple of hrs ) . I am learning swing trade now.
TOS is very robust platform but it's definitely going to take couple of more days for me to understand it and be able to click around. I also called TD today and they hooked me up with the live feed. I was just thinking to myself what would it be like if I just do everything with TD Ameritrade...just a thought.. . For now , I have a plan to use IB for execution, that decision of mine is based off different reviews as given on different websites. as you are practically already using TOS for charting and IB for execution of orders , so let me ask you does it make trading or execution little better ? or , conversely , how would it be if you just use TOS for everything( including execution of orders)… does it make any difference if you use IB for execution of orders...I think TD has pretty much everything that IB is offering... no ?
  • #19
  • Oct 23, 2019 6:04pm Oct 23, 2019 6:04pm
Quoting Rb2
{quote} I see. do you intra-trade or day-trade ? or , you leave the position open for couple of days...I have always , most of the time, done intra-day ( max couple of hrs ) . I am learning swing trade now.
I swing trade. I have no edge short term so I stopped trying to day trade.
Self-sufficiency is the greatest of all wealth. - Epicurus
  • #20
  • Oct 23, 2019 6:06pm Oct 23, 2019 6:06pm
Quoting Rb2
{quote} TOS is very robust platform but it's definitely going to take couple of more days for me to understand it and be able to click around. I also called TD today and they hooked me up with the live feed. I was just thinking to myself what would it be like if I just do everything with TD Ameritrade...just a thought.. . For now , I have a plan to use IB for execution, that decision of mine is based off different reviews as given on different websites. as you are practically already using TOS for charting and IB for execution of orders , so let...
At this point I'd be comfortable using TD for everything. They're a great broker in basically every respect.
Self-sufficiency is the greatest of all wealth. - Epicurus
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