Gordon, One more thing that I do not like about IB is that it is just a buying and selling service. They really offer no trading tools. There level II is 79 dollars a month (free with Datek if you trade more than 20 times a month, which who trades less than 20 times a month?) So with IB you also need to use a real-time qoute server, esingle, realtick, ect... That could run you another 150-250 dollars a month. Plus if you like to have real-time news you can have this for free at Datek (again on more than 20 trades per month). With IB you will have to pay for a different service like this too. IB has very low commissions and it is a great online broker but for an active trader who uses IB you may have to pay for more then just commissions. Might want to think about that as well.
Tried to switch... I trade with Ib for 2 years now. It has had it's downs but is currently very stable (for me) As we all know, great commisions and customer support is improving great. For about half a year agoo I tried to look for a better place to trade (TradeStation, PointDirex) but they all have their good and their bad things. I was then offered the trial for the Universal acct (about a month agoo) and it worked so good I immediately decided to stick with IB But I tell everyone to figure this out theirselves because otherwise you'll always have the question if another firm is better... Good luck
I think each person has to consider what each broker has to offer and the benefits/disadvantages to them personally based on their respective trading style. Just because I like IB doesn't mean the next guy will. IMO, you need to figure out what is important to YOU, then seek a broker that is best at providing those things. I am not concerned with news or research since I get it elsewhere, so for me IB is perfect to get orders executed. For someone who wants integrated news and maybe a broker to call, IB may not be the best choice. IB fits a certain niche of trader and I doubt they aspire to be all things to all people.
i had datek a while back, maybe 2 years now. back then they had the same server problems, and back then they'd say try investmenta or b....if they're getting ten bucks a trade and most of their clients do 100sh or less per trade, you'd think they'd shell out a few hundred grand for some more servers. don't they clear thru heartland, which they basically own??? if the average customer does 100sh/order, that gives them huge profits per trade if they do self-clear...maybe the real problem is the exchanges and excessive fees for data on brokers. anyway, IB is stable and fast, and TWS is phatty. not that IB doesn't have its drawbacks, but everyone else does too. at least when i get pissed at IB i don't feel ripped off like i would if i was paying tickets. true, they'll never admit they did something wrong or hold your hand, but that is the nature of IB. my relationship with IB is very love-hate, which i'm sure anyone who's read my posts can tell. we should have a thread about IB reps....some are great, some are a total pain....lol...it would be funny to get some stories posted.
I just don't know any other broker that listens as much to its active customers as IB. I've been with them for more than a year now and I'm very happy. They continue to innovate at a rapid pace; adding features we're asking for. Previously I traded actively though Cybercorp, so that's my comparison. I use my investment account for backup ... never had to use it to offset IB trades. Highly recommended
I heard their customer service leaves something to be desired. Does this extend to problems with tax reporting? Do they simplify or complicate your tax preparation?
What news/charts vendor works best with IB? I'm leaning towards e-signal. Anyone have a better match for e-minis and equity options?
The Market is going up tomorrow and I hope you are all ready to trade till you drop. IB pointdirect trdaestation and all others will ake tremendous money trading and then BOOM the floor of integrity will fall as we see that the game is over and the stock market is dead. 1100 on the Nasdaq and 8000 on the DOw you heard it here first. I am calling it. today that is the botttom.
If the drop in the Dow during this Bear Market equals the fall during the 1973 - 1974 Bear Market, the Dow will bottom at 6456. I think the underling problems in today's markets are worse than what precipitated the 1973 -1974 Bear Market. We have not seen such a bubble in the markets since the Roaring Twenties. I think this market can go lower than the percentage drop of the 1973 - 1974 Bear Market and take 15 years to again move into new uncharted territory. Just my thoughts. Catoosa