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Old Apr 18th, 2012, 09:30 PM   #7
bwolinsky
 
 
Join Date: Jul 2008
Location: KCMO, Kansas and Kentucky
Posts: 4,975
Quote:
Quote from Barbaris:

Now everything is ok.Just installed new built.

But I am wondered why IB support during 2 days tried to lie and persuade me that I am idiot. They told me that 400 000 - 600 000 lots on BAC best bids/asks are normal and they see the same numbers in Bloomberg,BookTrader and ect ???

They do not want to solve so simple problem just wasted my and their time.

I am shocked.
600,000? That's a quote of 6,000? No biggie.
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Old Apr 18th, 2012, 10:18 PM   #8
Options12
 
 
Join Date: Sep 2011
Posts: 550
Quote:
Quote from Barbaris:

I wasted 2 days for useless talks with support and now my very interesting conversation had an interesting final
It's surprising that the customer service rep named on your screenshot (http://www.elitetrader.com/vb/attach...postid=3503061) has had at least two chats immortalized over the years.

See this post from 2009:

http://www.zerohedge.com/article/int...-those-locates
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Old Apr 18th, 2012, 11:10 PM   #9
oraclewizard77
Moderator
 
Join Date: Jan 2006
Posts: 2,464
Ok,

I read it, and the problem was Megan C did not explain it to him correctly.

If you short a stock, you are charged interest to short it, it can be a very small amount.

You have to short stock in margin account not a cash account. So you need to calculate your margins correctly.

For example, if you are 20% margin, your margin account is not maxed out and you would not be liquidated. I believe normal margin for stocks is 50% for max.

So when you are under margin for example, you could take money out of your account which is like a loan against your account. I assume on IB you just have one account not a separate account that has cash in it, and another account that has margin positions in it, but I could be wrong.

Now if you short a stock that pays interest, my understanding is that you have to pay the interest to the original owner of the stock, but I could be wrong.

So the lesson learned is don't go max out your margin. In the past my broker would give me a margin call and let me close out enough positions to get back under margin. It seems like some brokers, just instant close positions these days.
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Old Apr 19th, 2012, 07:22 AM   #10
Barbaris
 
 
Join Date: Mar 2011
Location: Moscow
Posts: 22
Quote:
Quote from bwolinsky:

600,000? That's a quote of 6,000? No biggie.
It was in each stock. I saw that huge number of lots appearing everywhere.

I see to Market Depth last 2 years every day and can identify false data.
    Quote
Old Apr 19th, 2012, 07:30 AM   #11
Barbaris
 
 
Join Date: Mar 2011
Location: Moscow
Posts: 22
Quote:
Quote from Options12:

It's surprising that the customer service rep named on your screenshot (http://www.elitetrader.com/vb/attach...postid=3503061) has had at least two chats immortalized over the years.

See this post from 2009:

http://www.zerohedge.com/article/int...-those-locates
I like IB but such accidents with customer support annoyed very much
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Old Apr 19th, 2012, 08:21 AM   #12
Options12
 
 
Join Date: Sep 2011
Posts: 550
Quote:
Quote from oraclewizard77:

Ok,

I read it, and the problem was Megan C did not explain it to him correctly....
oraclewizard77, re-read. The complaint is not related to maxed-out margin or a short-stock position at the time of liquidation.

The automatic liquidation of a fully-paid security in the trader's account resulted from a one penny shortfall when a monthly interest fee of .20 was assessed. The IB automatic liquidation software sold stock in the trader's account to raise cash to cover the penny.

Meanwhile, here's more from 'Megan C' who is brought-in to a chat when the topic moves from "General" to "Trade Problems":

http://www.zerohedge.com/article/stop-trading-0
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