Error Message at IB

Discussion in 'Retail Brokers' started by newestmember, Mar 8, 2004.

  1. The order price 10.001 does not conform to the minimum price variation for this contract.

    --- I'm trying to place an order through SMART or ISLAND using TWS and I keep getting this error message ---
     
  2. sprstpd

    sprstpd

    Try 10.00 or 10.01 and see if you get the same message.
     
  3. ISLAND no longer takes orders in sub-penny increments on stocks trading above $1
     
  4. Thanks for the reply. I wondered if the merger between ISLD and INCA had something to do with this. First day that I noticed....thanks again!
     
  5. UMU

    UMU

    IMO this is the biggest fraud one can imagine! They (INET themself) is making the biggest profits by applying this "automatic" rounding up/down for their own advantage. That is: they internally are using sub-penny pricing for their own advantage! This is a free ticket to let them do how they want with the money of others! IMO these bastards are the biggest gangsters in Wall Street. I personally am goiing not to use such ECNs anymore where sub-penny pricing is not possible.
     
  6. UMU

    UMU

    Here's the reason:
    A strategy gives
    with sub-penny usage: 154%
    without sub-penny usage: only 34%
    So, these gangsters know exactly how to rip the masses! Sub-pennywise! The volume makes it... And: the rounding effect eats up all ECN rebates, even x-fold! Forget INET!
     
  7. even bigger than say, TraderBrat??

    -qwik
     
  8. UMU

    UMU

    TraderBrat is peanuts.
     
  9. Got question: I assume it is possible to trade odd lots on IB through SMART, correct? For example buy 155 stocks, etc.?

    Thanks
    50
     
    #10     May 2, 2004