Well, I assumed when he said "reconnect" he meant a total disconnect and re-login. If thats not the case then my apologies but I think it looks very grim from a legal standpoint. He was signed in and had TWS running. If there is an order that was executed with his userid then what should IB assume? I mean lets discuss this only from a legal standpoint, anything else DOES NOT MAKE ANY SENSE. If the poster went to court IB can show that he traded similar assets before and that the order in question originated from his computer. What else do they need to have a tight case? THere is so much bullshit software out there that promises to automate orders and trades, so if IB can even show that the user used API or other means to automate executions in ANY WAY (either before or even for this particular trade) then this gives even more power to IB's side. No, I dont bother reading this whole thread. I read the information provided by the poster in the first post and I assume he explained himself sufficiently enough.
Thanks for sharing your story and letting us know that its not an isolated insident. I would appreciate it if IB offers an explanation as to how something like this can happen.
Gee, why would they do that? Are they in the business of volunteering? If there is a glitch on their side you think they would admit to it and open themselves to litigation? Come on...this thread is not about what might have happend or could, would....its about whether the poster has got a chance to get his money back. And I dont think so with the given information. Simple as that.
There isn't a communications provider or broker in existence that will guarantee 100% uptime. Even Ma Bell won't promise anything beyond 99.999 for a landline call. Toss in internet routers, PC systems, market volatility, wireless, etc. etc., and you are looking at far less reliability when trading on a remote platform. Anyone who trades large size, or has large size logged into their system, or in any way accessible by their system, needs to be prepared for the consequences at all times. A system like IB's TWS is only one part of a trading "system" that runs from a trader's keyboard through thousands of routers, switches, cables and wires. I am not an apologist for IB or any broker, but if I was on their side of the desk I would not be in a rush to take responsibility for something that could have had a hundred different sources of failure. And FYI, IB also operates a web-based platform that I keep open at all times in case of a TWS failure, which I fortunately have not experienced.
Never said I was looking for a 100% uptime. I'm currently working on a trading desk right next to the trading group. Even we (at the bank) have system failures. Hell even NASDAQ fails. However, the traders always get what they need when they need it - no 30 minute wait to exit a position, that would be a disaster. Obviously you'll never get that fault tolerance at a retail broker, but it would be nice to see a system that has failed and will fail again have enough HUMAN staff to field phone calls so you can at least exit a position in under 20 minutes. I would rather pay double IB's commissions if it meant less system failures and less wait time when the system does fail because a failure like this can lead to catastrophic loss. P.S. This failure was on the webtrader/webtrader beta/mobile trader platforms so it seems that even you are (unknowingly) exposed to the same risk if that is your fall back method to exit out in case of a system failure
> Quote from makloda: > I called IB and told them about this, > and they basically said this was a > limit order that's been in the system > for longer than 6 days (I can't > remember the exact number, could > have been 5 or 7) and > therefore they can not fully analyze > the audit trail anymore. But from all > the information they see "the order > was placed from my TWS". This is a damning post. Because your TWS log files recycle every week... There is NO information in your log files... About any orders enter > 5 trading days ago. The "expanded audit trail" for an execution... Withholds all info about when/how the order was entered. As for IB OFFICIALLY telling you THEY "could not analyze" the trade... YOU WERE DIRECTLY LIED TO. *** If true, it would be ILLEGAL. *** Every US broker-dealer must maintain very specific records... And that would include all Customer orders accurately time-stamped... Going back either 3 or 6 years, I forget which. You should file an official Customer complaint... Get names of all the Registered People you dealt with... And send copies to the appropriate NASD examiner... But then IB would probably close your account... That is why they have everyone by the balls.
It's obvious by now that you are a pained IB account holder. If it is causing you such distress, feel free to move your account elsewhere.
First, let me clarify your misconception. I'm not a long term trend trader. I'm an active short term trader, and have been for close to 40 years. I started in this business as a broker with a major international firm, and since then traded part of the firms proprietary account for a while, traded on the floor, and traded off the floor for my own account for years. For the last 8 years or so I have primarily (not exclusively) used IB. Now, again, TWS has not failed on me for a long time. I can't speak for WebTrader. I brought it up because I presume it's a more reliable venue since it's IBs primary venue. My guess is they've spent considerably more money in development on TWS than WebTrader. The day you had a problem, I had no problem. And neither did anyone else using TWS. I posted because I have various contingency plans in place, which you did not seem to have. By the way, if you think IB is the only broker who ever has a problem, think again. They all have them. IB gets alot of publicity here because many of the traders trade through them....happily for the most part. I also posted to tell you that I have had problems where I was stuck in a position when something went down, that worked for me...since you evidently assumed it always went against you. In fact, I used to joke with a friend that if I ever wanted to make some big money, what I needed to do was put a position on, and then unplug my computer for a day or two. My problem has almost always been getting out too soon, as opposed to getting out just in the nick of time before it went the other way on me. Finally, I would comment that I don't use the type of leverage that would have created the swing you claim to have had. No one trade, even if I have a problem, is going to ever cause that kind of hit to me. Take it for what it's worth. OldTrader