Don't know the official line, but I am pretty sure I am entering more that 4X my equity when buys and sells are totalled. I do know that the IB system will not allow new position opening orders, and will automatically cancel standing orders to open new positions, if the account is undermargined. If maintenance level is violated, the system will automatically liquidate positions. (I have no idea how it decides which ones to blow out- never had to find out).
This is what I found from the IB site regarding Opening orders. I could not find anything about margins or the ability to place both sides of the orders. Glad to see that they are helping bring more people into the game. MOO, LOO, MOC, LOC Market-on-Open (MOO), Limit-on-Open (LOO), Market-on-Close (MOC), and Limit-on-Close (LOC), orders are available for equities traded on NYSE and AMEX. You must designate direct order routing to NYSE or AMEX to be able to use these order types for an equity trade. Submit a MOO and LOO order by selecting OPG from the Time In Force dropdown. Submit a MOC and LOC order by choosing the appropriate order type from the Type dropdown. Orders are filled in accordance with specific exchange rules.
sorry to invade your thread again but to answer the IB quests: OO/MOO - same thing if i'm not mistaken. margin: you can place both sides. Margin is not utilized until you are filled. If your position goes against you where you violate the margin requirement, a portion will automatically be liquidated.
Reading I got 3 out 5 fills and positive on 4 is encouraging but it seems Hitman is the only one that actually posts what stocks he got filled on. It would be nice to know what stocks everyone is getting filled on rather than the 5 out of 14 or got filled 7 out of 19 and positive on 5. I will post my fills,specific stocks(if I get any) today.
I agree with shortee...and have a good suggestion for Don...it would be great for everyone here if you just copy and paste the part of your order book(trade blotter) on the thread ..this way everyone can see the #shares,the time and price executed...etc....it would be very easy.
Thanks, def...I was actually hoping you would respond. I have "class" this week, and I want to be clear on the current requirements at IB (it is the only retail firm I have ever recommended). Another question comes up (similar to above). If you put in 20 buys and 20 sells prior to the opening, do they allow all of them (assuming you have only enough margin $$ to cover around 4 or 5 fills).? Ameritrade and Datek said that they have to assume all orders are filled (at least one side). Since the training we do is open to retail traders, I don't want them trying anything that will get them in trouble. Thanks in advance!!
I would but my Compliance Officer won't let me...(Hi Diane!). There are concerns about "public display" by Broker Dealers, etc. (legal stuff). I do show traders in the office during training, etc. Sorry.... I will see if there is some other way to give more detailed info.
Don- Never heard of such a thing. I didn't know Bright Trading was a broker dealer....There are plenty of guys who run advisory services and trading firms that post such materials..... I guess we're just going to have to take your word for it that you make these profits and that you trade for a living(although I don't know where you find the time to trade between all these posts) And I have no problem with you posting or not posting your ACTUAL results, I just think that if you're going to promote your "workshops" and seminars here people would be more interested in attending if they were able to see the #'s It seems that most people get into trouble when they make claims that they can't support. So maybe you shouldn't post things like, "make $800 today" or something like that...but if you thinks thats the best way then suit yourself.
I am told that it falls into the catefory of "advertising" to retail customers, which is prohibited by the regulators (for professional firms). All those "advisory services" etc., are geared towards the public and can do whatever they want (and often do, as we have all seen). I will see if I can post up the confirms of the orders showing the exact buys and sells.....