Do all brokers charge $1.50 like Interactive Brokers to modify an option?

Discussion in 'Options' started by maryp, Nov 11, 2008.

  1. maryp


    Just curious. Seems like a steep price to pay just to modify your order.
  2. Go pay your pie in the sky commissions at Schwab you piker ass newbie.
    Risk619 likes this.
  3. A good trader doesn't need to modify the order. You have to sh!t or get off the pot.

    forex-forex :)
    Trading guru
  4. I'm a piker ass newbie too and was also surprised by the cancel fee. I often get hit by it as I like to leg into my positions. I'll set up both sides with limit orders but once one side gets hit I'll reset the other side if it looks like the market is moving away from me.

    I was a bit annoyed at first, but in practice it's still so much cheaper at IB even with the cancellation fees that it turns out not to matter for me.

    Dictionary: piker
    1. A cautious gambler.
    2. A person regarded as petty or stingy.
    (I had no idea.)
  5. Tradeking has no such charge.
  6. MTE


    Sure it does. They may not charge it separately as IB does, but everyone pays it one way or another.
  7. According to the rep I just spoke with, they only charge to execute. Maybe the average # of cancels/repricings is worked into their commissions, but there is no outright cost.
  8. MTE


    As I said, they don't charge directly, but it's priced into commissions.

  9. 1) The exchanges charge cancellation and modification fees.

    2) Some brokers eat the charges and some pass them on to customers.

    3) Good traders change or modify orders all the time. Only fools place an order and believe that it should be left unchanged despite all evidence to the contrary.

    4) There are many reasons for choosing a broker, but worrying about small fees should not be one of them.

  10. eagle


    And what other tasks the good trader doesn't do? You give me a good laugh. :D

    #10     Nov 12, 2008