You don't get executed until you hit cancel, while others get filled at the price of your orders. You cannot cancel because you will get filled when you try to cancel. And a cancellation fee apparently is charged in this case. Also the rate of busting at bid/ask spread is higher than normal on the expriation day. These are nice tricks. Who is playing?
Do "they" want everything, from commission to cancel fees to the spread to the swing? "They" want it all. Okay, Okay. Here is my account. Take it. Take it. Who cares. Who cares!!!
On an option expiration day, you just don't know when they will bust your executed orders. That is a pain in the butt. Sit tight and I will give it to you!
Even with a new moderator assuming his/her duty, one of "They" or not, no one on ET is able to or is willing to answer the bitter questions. How many of you are affiliated with one of "they" evil axis CBOE?! Is IB the other axis?
As a former member of THEY at the CBOE, I've got a few questions for you: When you see your price trade, do you know for sure that it was not part of a spread (in which case you have no entitlement) ? How much size do you normally trade ? I honestly have no idea how big you trade, but if you're not doing AT LEAST 100 contracts, guys in the pit aren't going to waste their time trying to screw you out of a nickel. Most probably, there are other orders resting in the pits, and you probably aren't getting filled because of those orders. And by the way, you think that you are getting screwed when you get filled as you cancel, try being a MM and making a trade with a broker, hedging it, and finding out 20 mins later the "customer screwed up, we have to bust the trade" and eating a $10000 loss for making a market. Call MM scummy, I don't care, I ain't one anymore, but those guys get screwed over alot more by the big houses (especially Goldman) than they screw you over. Hope this helps, but seeing how your posts seem to be so against options, stop killing yourself (and account) and go back to trading stocks/futures.
He's got a 2k acct, calls IB 20 times a day to bitch and wants to be the moderator of this forum - and probably entering the ninth grade this Fall. Don't waste your time.
But instead of bashing him I thought I would provide some insight into what really goes on down there. Nomoreoptions-- I hate to break it to you, but if you're going to trade options off the floor, you had better expect to hit the bid, or lift the offer, because trying to buy the bid or sell the offer without the market moving against ain't gonna happen. For one thing, guys on the floor aren't going to sell you at their bid, or pay the offer unless the market is moving THEIR way (in which case it ain't their bid/offer anymore), and second, the only chance you have of getting filled at the bid or offer is if another customer order comes in at the market and your order is resting in the book, in which case you MAY be lucky enough to get filled however a lot of times a MM may pay or sell a nickel better than your bid/offer if he wants to get in good with that broker. Hope this helps. Vega--formerly gammaboy
A while back, we all did the same thing. Then he proved beyond a doubt that he wasn't worth the time. Reality is not important to him. There are always going to be people who put tin foil on the windows to keep the aliens from stealing their brain waves. You can talk to those folks all you like, but most of them still reboot at midnight.
Thought I would give him(Nomore) a fair shot, but from what you said, and the more I thought of it, I probably just wasted my time, oh well, no skin off my back. Vega