Looks like you got links to both of these. I will just add that MobileTrader is IB's software that you can connect to from your cell phone if your cell phone has internet connectivity. I'm using a BlackBerry through Verizon....but there are alot of other possibilities. Mobile Trader is pretty crude for now. You wouldn't really want to have to "trade" using it. But as a method to access your account and close a position for example, when your cable went down for instance, it has a purpose. OldTrader
I did go to IB's site to check out MobileTrader and I do have internet connectivity from my cell phone. I also use Verizon. But I never thought I could use it in this way. Why I haven't thought of using it as a backup to access my account in a case of an emergency is beyond me. Thanks a lot for bringing up the subject in this thread. The subject would make for a good thread. Maybe there is already one here at ET.
First of all I respect your comments on the issue. It appears from what you've said that you have been doing this for quite some time, so perhaps you may know some things a little better than me. Then again, I think we have very different goals as you've been trading for significantly more time that I've been alive - my hope is to achieve financial freedom early enough so I DONT have to trade going into my seventies. I have a good full time job currently as an application developer in the financial sector, so I know up front what I risk when trading because my revenue streams are fairly constant with only surprises to the upside. And if I have made 200% in 2 months, then I like to try and catapult my account further with the profits I've already locked in. I'm sure you won't believe this since you speak as if what I say are only "claims" and not actual truths - this sort of condescending view certainly exposes that you are telling the truth when you speak of your experience... As far as TWS/Webtrader, I was never told when signing into webtrader that it was an inferior platform with less support and poor reliability - it certainly wasn't any cheaper to be using it than the cludgy, buggy, slow TWS. To suggest such is preposterous without knowing full well what the failure was. Additionally, to suggest "no one else using TWS had problems" is equally ridiculous unless you work at IB (in fact, do you even know for certain what DATE I was referring to). For one, the desk trader I called told me PRECISELY this. For a second, I didnt have to pay for the manual trade execution - something that only happens when IB is unable to provide servicing for regular execution. Again, believe what you like - it doesn't and will never change the truth of the matter. Finally, you obviously think very highly of your trading and probably because you keep a very low risk profile. However, there are high risk high leverage traders out there who are very successful - I know because many of the clients we have invest BILLIONS into these investment managers. Not everyone is capable or even eager to trade this way but that doesn't make it wrong. Remember when Amaranth went under? Well guess what - despite the lack of media coverage, there was a trader on the other side of that trade who made $5 bln - not bad for a week of work. But I'm sure if you sat down to talk with both traders you could go on about how both were wrong because you have 40 years experience and could never lose that much and that's what counts. And unless you're the Oracle from Omaha, I'm pretty sure both of them would probably laugh in your face. Why? Because you're comparing apples to oranges - your trading style verse theirs (and not to mention on an infinitesimally smaller scale). So you're trading style may expose you less to system failures, it probably also exposes you to less short term profits. The fact of my small contribution to this thread is IB CAN, HAS, AND WILL FAIL - for me AND for others. In this instance, I'm fairly certain that it's due to the fact that they had overloaded their system capacity, but who knows after seeing the ridiculous amount of market making profits they released yesterday. I can only venture a guess as to why it failed and why it took SO LONG to get through to the trading desk (although I think someone with at least moderate intelligence would assume that this was due at least in part to them being overwhelmed by others with the same problem) but in the end it cost me money I had made and that's all that matters. If you're so good that you can make mistakes and make money - well great for you. I see this as a bad sign - I mean, the mistake made you money which can only mean your desired position would have lost money; if a system failure made you money, again, congrats - you must be quite lucky and should stop trading and maybe just buy lottery tickets with your 40 years of compounded low risk profits! Anyway, I'm done hijacking this thread from the poor individual who lost all this money - whether through his fault or IB's. Instead, my final sign-off will be the response ticket I received for two of my recent issues. Believe whatever you like, just make sure you do it on the right grounds: 2007/10/12 16:26:36 IBCS Interactive Brokers received your correspondences dated October 9 and October 11, respectively, in which you complain of connectivity issues on those dates regarding Web Trader. IB's top priority is to maintain a reliable trading platform for our customers. IB has resolved those issues responsible for the connectivity issues on the aforementioned dates. Because all technical issues cannot be foreseen, they are difficult to guard against. As your agreement for the receipt and use of the IB system states, electronic or computer-based facilities and systems such as those used by IB are inherently vulnerable to disruption or failure and may be unavailable to customer from time to time. As such, IB cannot and will not indemnify that its systems will be available and fault free at all times. The customer elects to use the IB systems at his own discretion and assumes these risks associated with electronic trading. At the time you opened your IB account, you agreed to certain terms and conditions as set forth in the IB Customer Agreement. Specifically, in accepting the Agreement you represented that you had available to you alternative trading arrangements in the event that IB's trading systems were unavailable. IB strives to provide prompt customer service. We monitor call response times continuously, with most trade related call being answered in 30 seconds or less. Nevertheless, when there is an issue which affects many customers, people tend to contact the trade desk at the same time. As one would expect, IB is not able to respond to all inbound calls within our usual time criteria, resulting in extended hold times for callers. With regard to these events, IB will not consider compensation for those affected accounts
Why would I ever waste my time doing on a search for something that I experienced happening? Are you really trying to convince me that I'm mistaken about what happened to me? You're in absolute denial - sounds like cynicism brought on by senility (see I can play the ageist game too). As far as risk is concerned, yes it's risky - FOR YOU. You see, in case you didn't read (or already forgot), I have a job. I can afford to lose all the money in my trading account and not even worry - I spend more on lunch in a year than I deposited in my trading account (and deposit more in my 401k/IRA than this as well). I get company stock at 20% discount - free money. It would present a risk if it meant that it kept something out of my life that I really needed but it doesn't and if I lose it all, then so be it - so long as I learn from it. However, this doesn't mean that I don't care about it at all or that I'll tolerate a lackadaisical approach by those who have my money in their hands. I think we just have to agree to disagree. You're speaking in absolutes and this reality doesn't work that way. Things aren't so black and white, but rather many shades of gray. And I'll laugh at your old saying about old bold traders because you couldn't be more wrong - You're telling me that a multibillionaire doing an LBO or taking a double digit percentage stake isn't bold? Why just because he MAY not be using leverage? So wrong because a multibillionaire doesn't have to worry about money ever again, so obviously he's taking a huge risk. All the REAL old SUCCESSFUL traders are bold - that's how they got there. And by the way, I know for a fact that a lot of low risk investors/traders have been carried out with the risky ones just the same - caught up in their own perception of low risk leads to big egos saying "I can't be wrong, it's so low risk and I've always been right before!" And frankly, for such a great weathered trader, you should know better than to think your money is completely safe, no matter where it sits. What's to stop this potential bug from hitting your account and cleaning you out, or are you just shielded by your irrational unsubstantiated denial of it's existence based on your own relatively constrained anecdotal experience? What's to stop IB from electronically losing your money through system failure? Sure, maybe your money's insured, but its on you to prove that you didn't lose it (this poor fellow's case right now). Ever think that IB went ahead public, got crushed on its IPO and started aggressive marketing on CNBC and the like PRIOR to upgrading their infrastructure (in hopes the new accounts would pay for this in the future)? What's to stop the banks from stopping money withdrawals? How about what happened with all those gold certificates in the 30s that all of a sudden became null and void? Do you hold physical certificates for all the stocks you own when you buy them? What if no one touches your physical money at all, just devalues it so much that it's fiat value essentially becomes less than the material it is printed on? Oh, I'm sure you'll be on top of all market developments and have contingency plans for all of this until boom, something happens to you where you're incapacitated and no one knows about your multiple failover contingency plans. Or maybe you'll be deeply invested in relatively safe investments and some foreign anarchist genius deploys an EMP next to the exchange, essentially wiping all the data on the books. Please, if you want to go to extreme cases and ignore reality then anything can be argued. Just because IB has sheltered themselves legally doesn't put them in the right in this case. Guaranteed if IB printed this webticket reply on the customer agreement before you approved it, you would have A LOT less follow through. Either way, I appreciate the wish for luck at my new broker, but I don't need it - luck doesn't earn me money, knowledge, tenacity and courage does. However, I do wish you luck with IB because you'll probably need it since apparently being on the right side of the market over there can still cost you money - and still attract trolls trying to convince you you're wrong
I know what happened. I have communicated to the Zzzap privately since the discussion involves things that he may consider private. For the rest of the audience: There was a bug It was extremely arcane and required a unlikely combination of events to be exposed. This made it very difficult (hence, a long time) to identify. If Zzzap permits, I will describe the events. The bug has been fixed. IBj
Evidently you didn't read my post. I didn't suggest it didn't happen. In fact, if you read the post I said exactly the opposite. But then most of the guys your age don't have simple skills like reading. What I said, to repeat, is that TWS didn't go down that day. And gave you a method to verify. Are you saying that what happened to ME didn't happen? Anyway, sounds like you have all the answers about trading. Young guys always do. OldTrader
I think you should describe what took place. Zzzap took it public without your permission didn't he? At this point, he has quite a number of people worried that the same thing may happen to them. I think an explanation would be beneficial. OldTrader
Ah, I forgot, IB posts updates about TWS failures on elite trader so I should verify what some old goat is spouting off about when I've already had confirmation from desk traders that actually work at IB and a webticket reply that says such (and that I posted for you). Seems like I'm not the one with the trouble reading - maybe you should check that pnl and make sure there's not a (-) in front of it old timer. Either way, I think I'll leave you to prepare for the hat that apparently you're going to have to eat. Thanks for all the useless cynical rhetoric - makes me appreciate my dead grandfather much more