Horrible experience:IB cost me $50,000 this morning

Discussion in 'Order Execution' started by zhexin2, Mar 20, 2008.

  1. zhexin2


    I am a program trader. I shorted around 300 stocks of totally 4.5 million dollars. when I decided to close those positions, IB refused to take my order. All the liquidating orders were in the status "acknowledged but not transmitted". Until One hour later, my order started to take effective. This is very horrible today since the nasdaq kept going up. The stupidity of IB cost me 50K. later on, I received a message from IB "over excessive order submission, and my account is flagged". On Tuesday this week, I had the same problem but that time I did not receive IB message about the excessive submission warning.

    this problem occurred a number of times when there were too many positions in my account. I wonder any one came across the same problem.
  2. liulala


    if you trade NYSE stock, it may not be surprising

    I got screwed by NYSE for a number of times.

    But overall, IB is solid and reliable.
  3. Not a day goes by that there isn't a bad IB thread on ET.

    Why do you people continue to use them?

    Go with Assent, Bright, or one of the other large "prop" houses. They take retail accounts too.
  4. the good news is that you've got a lot of money :)
  5. eagle


    The bad news is that IB still has no words. :D

  6. why the hell on earth do you use IB if trading in the millions? are you just insane.

    What do you trade? just normal stocks? find a more professional platform..

    IB is for people who trades in the 5 and low 6 figures because IB has such a wide varity of different products all under 1 roof, like the jack of all trades, but it's not really a good platform and terrible customer service.
  7. zhexin2


    i do not know the other alternative platform to trade millions with such a low commission. maybe genesis?
  8. eagle


    He uses program trading. IB is best in class. I don't know why other powerful brokers ignore this business trend.

  9. Who do you recommend then?
  10. if i had that much money i might at least learn the limitations of the software before i put it all at risk at once.
    #10     Mar 20, 2008