THe IB functionality of following the bid at .01 above is the same as what ARCA does. Doesn't Cyber have a direct connection with ARCA? If so you should be able to accomplish the same thing by offering the stock (short) via ACRA. The only way this would not work that I can see is if this is special funcionality that ARCA only makes available via Realtick (considering the Townsend/ARCA/TerraNova entity structure) which perhaps would not be too much of a surprise.
TradeCourse, Doesn't Cyber have a direct connection with ARCA? If so you should be able to accomplish the same thing by offering the stock (short) via ACRA. Cyber does have a direct connection with ARCA, but the caveat is that Cyber's software will always initially reject a short order on a down-bid (downtick...) So if you can get thru the first filter, and only place your order on an up-bid (uptick...) then the approach you mentioned will work. That's what I was referring to earlier as to the distinct advantage of IB in that there is no first filter, they will initially accept the order even on a down-bid.
So are you saying that if I were to offer a stock out at .01 above a down bid Cyber would reject the order? Or are you saying I can do this, but then when the bid goes to a lower price the original short above the bid will be cancelled and I will have to re-enter the order? Either situation sucks, but I cannot believe that Cyber would initially reject a short sell at .01 above a downbid as this obviously satisfies the Naz uptick rule and there would be no reason to do so. I cannot imagine having to deal with such scenarios in opening my shorts......positions that is!!
TradeCourse, So are you saying that if I were to offer a stock out at .01 above a down bid Cyber would reject the order? No, that order would be accepted. But if you were to offer at or below the bid (on a downtick) then it would be rejected. Or are you saying I can do this, but then when the bid goes to a lower price the original short above the bid will be cancelled and I will have to re-enter the order? No, in that case your offer (originally placed above the bid) would sit there. Maybe the price would come back to it, maybe not. Sorry for the confusion. I thought we were strictly talking about placing an order at or below the bid, so that's what I was referring to. I should have been clearer in my previous message.
Clears it up anyway As I said I agree with you anyway in that it is still a pain in the butt to get short using Cyber when the stock is already moving down. It's hard enough as it is with the rule let alone having to fight the software!
Thanks for all the feedback. Has anyone tried Tradescape? They seem to be almost as cheap as IB and don't have the software charge of Cyber. The reason I asl is I go thru a few periods of inactivity and I don't want to pay for cyber if i'm not trading. thks
>Has anyone tried Tradescape? I used Tradescape for months and finally got SOOO sick of it being down, down, down, down. Lost data, lost orders, lost money. IB has been a rock in comparison (one problem in eight months scalping the naz) JB
I was going to go with IB but I keep reading the horor stories about not be able to get out of a trade. They were down today for a while as well.
>I was going to go with IB but I keep reading >the horor stories about not be able to get >out of a trade. They were down today for a >while as well. I have traded with Cyber, Tradescape, MB, TerraNova, Etrade, ProTrader, Cornerstone, Summit (and a couple others that slip my mind) I have had situations will each one where I couldn't get out. I personally have had fewer with IB than with any of the others, but I do know that it can happen. Interestingly enough, I have tracked all of my "lost" orders from day one of my trading at all brokers and I am every so slightly up overall from these broker mistakes. It really is pretty much random when a mistake is made whether it will work out in your favor or not. I have missed my stops and been pissed as hell at my broker and ended up WAY up in the money be the time the problem is fixed. Based on this, I go with who gives me the fastest executions and the best commissions for my trading style and smile away. JB
I use to have my IRA accounts at Schwab, transferred them to Cybertrader because of their pattern daytrading restrictions that they slapped on all my accounts. Transferred to their Cybertrader division. After 5 months they just slapped a trading restriction on my IRA accounts at Cybertrader because they lost the paperwork. I understand that paperwork can get lost but if they had simply sent me additional paperwork to fill out new paperwork or even sent me an e-mail asking me to fill in new paperwork in advance of them slapping on the trading restriction I would have completed the paperwork and sent it back to them. I have decided to transfer my IRA accounts to another broker because of the way this company does business. They won't lift the restriction in order for me to place a trade until they get new paperwork back. Lousy back office and customer service IMHO.