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

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

  1. zhexin2


    I heard commission (0.005 dollar per share) at bright trading is much higher than at IB.
    #21     Mar 20, 2008
  2. squeeze


    #22     Mar 20, 2008
  3. Mirus Futures. Been autotrading professionally with them for years. Top notch service and technology. As about the Zen-Fire engine. www.mirusfutures.com

    #23     Mar 20, 2008
  4. what kind of fool trades size and doesnt use a broker who will answer the phone promptly in these kinds of situations . you got exactly what you paid for !
    #24     Mar 20, 2008
  5. DerekD


    Not sure how having instant rep access could have helped if one didn't read that the max messages per second is 50 via API. Here looks like a situation where the OP was trying to send 300 messages simultaneously through the API.

    The thing about IB is, you have to read all their literature concerning everything they offer that does and might apply to you.

    You can always ask for clarification before venturing into a setup or order type.
    #25     Mar 20, 2008
  6. They only do futures
    #26     Mar 20, 2008
  7. Two problems with them:

    1. They require that you be fingerprinted. Only potential criminals are asked to be fingerprinted. In addition, who knows what will happen to your fingerprints.

    2. They can ran away with your money, and say later that it is part of the risk (which include blowing up).

    brokers have at least an insurance.
    #27     Mar 20, 2008
  8. what are you talking about. ib has some of the best insurance of any broker out there.
    #28     Mar 20, 2008
  9. Longhorns,

    The reason so many people keep using them is that they have a good service for our group of traders. A great service.

    The op just found a problem area that will never hit me.

    Many complainers are fools. Some are not. Some just get hit by gremlins (that hit will all brokers) and want to have a bitch/ get it sorted out. Some are complete wankers.

    But, if they were not out there .... how would the rest of us make money.
    #29     Mar 20, 2008
  10. why do people use IB if they trade lots of more than 1000 shares???

    Can they do the math?

    IB is for small lot trading (that's why IB gives you per share price), once you reach lots of 2000 shares, many brokers are better choices, much better!

    Example: you buy 10,000 shares of CFC, how much commission do you pay IB?

    you buy the same number of shares, how much commission do you pay Scottrade?

    If you have a lot money, you should never use IB in the very first place.
    #30     Mar 20, 2008