Closing my IB account

Discussion in 'Interactive Brokers' started by Trade_Cents, Aug 28, 2002.

  1. Refco for instance has a whole bunch of order platforms.
    They won´t have an outage with all of them at the same time. ( if you don´t mind )
    #51     Aug 29, 2002
  2. If you trade big lots, IB isn't the best broker for you. Look for more classic brokers such as ET or Ameritrade.
    #52     Sep 1, 2002

  3. huh ...
    #53     Sep 1, 2002
  4. Open a DVP account. Then you can trade anywhere (as long as the executing broker has an agreement with your clearing broker).
    #54     Sep 2, 2002
  5. perhaps we should rally brokers to put "uptime" statistics on their website. They all seem to quote reliability as being their stong point so why not advertise it. Would be interesting.
    I'm sure they could easily track it and put say % figure on their website for the world to view.
    #55     Sep 2, 2002
  6. As the operator of a server farm, I can tell you we are pleased to get 99.8% per year network uptime. That sounds almost perfect but if you do the math it is still a few hours of downtime and more often when you don't want it to happen. Some years we don't get that. There is almost always a "single point of failure" in a network that is near impossible to get rid of - and sometime the entire Internet breaks, as it did on September 17th of 2001. (Not many noticed because is it was also shortly after the twin towers were attacked).

    And even if IB was up all the time, at any point in time there is always some customer somewhere in the world that cannot connect to IB. IB cannot take the responsibility of guaranteeing anything past their own network. Most of the time it is the traders Internet connection that is failing - but the trader does not usually have the expertise to make the distinction between their connection and IB. If you don't do at least a traceroute you cannot know if it is IB or someone else that is the problem. If you don't happen to even know what a traceroute is then you cannot blame IB for anything.

    Stupid Question: I have been trading for a few months with less than $25K. How can some of the small traders on this forum daytrade if they don't have $25K or more? Are their brokers that don't track it all that well? Sorry for the newbie question - just curious as to what the average account balance is these days.

    Is there anyway I can daytrade with just $15K? Or should I just "practice" with a cash account until I have $25K? Or swing trade because I can make many trades?

    #56     Sep 2, 2002
  7. I haven read all the posts but I dont believe this guy. Nobody would trade any size without a backup to offset.
    #57     Sep 2, 2002
  8. larryb


    Hi Freehouse You say "Open a DVP account. Then you can trade anywhere (as long as the executing broker has an agreement with your clearing broker)".

    What is a DVP account? Please explain this procedure. Thanks!
    #58     Sep 2, 2002
  9. I agree.
    #59     Sep 2, 2002
  10. Trade Cents

    You actually want me to believe that a guy who generates a 10,000 dollar monthly commission bill is using Interactive Brokers??

    #60     Sep 2, 2002