Daytrading with IB

I am ready to open an account with IB. I will probably do 4-10 trade a day in equities mostly OTC.

IS IB a good choice?

Also I plan to enter my trades every day in an Excel sheet the way IRS wants it? I hope somebody else does the same thing and comment on his/her methods.

I would apppreciate any feedback.

Agras

 

I don't think Ib does otc stocks but better check

 

You have more than $25k? If not then the PDT rules will apply.

 

ok I ment NASDAQ and the account will be over 25K. Seeking 1% a week.

Agras

 

you're seeking 1% a week? or your system generates 1% a week?

hehehe...just messin with ya

 

IB is your man. Good execution, and partial commission rates on partial fills apply, unlike an Ameritrade, E-Trade, Schwab, etc. Their system availability is excellent as well.

 

Yes low commissions, my question is how good is their platform for daytrading. I would like to hear from traders that use it the way I plan to.

Agras

 

Once you get used to the interface, its fast as hell.

 

Just use one of the third-party free frontend and its terrific!!

I use and like autotrader, but at IB-Community you'll find many more under topic 'freelance tools'.

Hittfeld

 

With that number of trades a day, you won't have any difficulty keeping track of your trades on Excel. That's what I do as it hasn't seemed worthwhile to try to download the data in Quicken or something else like that. Just be sure to keep up with it and cross check it frequently (like daily) to your account statement to be sure everything matches. It does get a bit tricky if you've short sold stock and have to pay dividends.