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Trading forex with TD Ameritrade
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Trading forex with TD Ameritrade

  #1 (permalink)
Elite Member
Los Angeles, California
 
Futures Experience: None
Platform: MotiveWave, ThinkOrSwim
Favorite Futures: Forex, Stocks
 
Posts: 28 since Jun 2012
Thanks: 3 given, 10 received

Trading forex with TD Ameritrade

Has anyone traded Forex with TD Ameritrade? I'd like to know how it compares with other Forex brokers. I'd appreciate a comparison and not an endorsement of your favorite broker.

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  #2 (permalink)
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  #3 (permalink)
Trading Apprentice
London, UK
 
Futures Experience: Master
Platform: London hedge fund
Broker/Data: Goldman Sachs
Favorite Futures: Crude CL
 
wintergasp's Avatar
 
Posts: 29 since Sep 2016
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What are you looking for in an FX broker ?

Most of them don't book your trades and trade against you. The only way you have a real setup is through a Prime Broker / Clearer but you need 10m$ to place with the prime broker and 10kŁ minimum monthly fee, then you can connect directly to venues like Currenex.

All the other guys, TD, Dukas, FXCM, etc. etc. etc. either don't book you or sell your flow to hedge funds.

Just do the math. It costs them 1,000$ in marketing to get 1 client. On average their clients have 4,000$ accounts. If all the money they make is 10$ per million you trade, there's no awy they'll make 1,000$ on a 4k$ account. Whereas not booking you will make them 4k$ when you blow up.

I don't know anyone who has made money in FX.

If I were you I'd trade futures or give my money to hedge funds / money managers.

Source: I work in a hedge fund.

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  #4 (permalink)
Elite Member
Yokosuka, Japan
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: FOREX.com / IQFeed
Favorite Futures: YM
 
SaltyStag's Avatar
 
Posts: 93 since Sep 2016
Thanks: 8 given, 48 received

I did contact them about opening an account, the only drawback that I had was that as far as using them for FOREX, they do not support NinjaTrader. Which after paying so much to for the NT licensing, if the broker doesn't support it, I can't use them as a broker.

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  #5 (permalink)
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Chicago, IL
 
Futures Experience: None
Platform: NT8,NT7,TWS,FOREX.COM app
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FOREX.COM, IQFeed
Favorite Futures: The one I'm creating in the present....ES, ZF, ZN, ZB, FX pairs
 
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wintergasp View Post
What are you looking for in an FX broker ?



Most of them don't book your trades and trade against you. The only way you have a real setup is through a Prime Broker / Clearer but you need 10m$ to place with the prime broker and 10kŁ minimum monthly fee, then you can connect directly to venues like Currenex.



All the other guys, TD, Dukas, FXCM, etc. etc. etc. either don't book you or sell your flow to hedge funds.



Just do the math. It costs them 1,000$ in marketing to get 1 client. On average their clients have 4,000$ accounts. If all the money they make is 10$ per million you trade, there's no awy they'll make 1,000$ on a 4k$ account. Whereas not booking you will make them 4k$ when you blow up.



I don't know anyone who has made money in FX.



If I were you I'd trade futures or give my money to hedge funds / money managers.



Source: I work in a hedge fund.



IMHO forex is suited best for swing trading. Use large timeframes not short ones like 5 minute bars. Nothing smaller than 120 minute bars. The bid ask spread is to erratic and big for day trading or scalping.

Ron


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