mdmbud, Can you explain the details of what happened? I don't mean to defend IB, but this is the third time you have been asked to explain the details of the problem, and you still haven't explained what actually happened. Your post would be much more meaningful and helpful to the rest of us if you could detail what happened with this trade. Good luck.
I am considering an account at IB and have a few questions: -Does anyone have first or second hand experience not knowing their positions at IB? If so, how often does this occur and how long do the problems take to resolve? -Once IB confirms that they have received an order or confirms a cancel, do they honor those confirmations based on time and sales? For example, if IB confirms a limit order away from the market, can the trader be assured a fill if prices subsequently, though perhaps only briefly, trade through the price? Perhaps a better example, because some exchanges do not accept stop orders: if IB confirms a sell stop below the market but is having computer difficulties at the time the stop is hit, will they honor the trade at the first up tick in time and sales (within reason)? In 20 yrs of trading, there have only been a few times when a broker was unable to confirm my position, these occurred only under exceptional circumstances, and each was fully resolved within an hour or two of the exchange's close (even during Oct 87 for my trades). Not being able to access a system to enter new orders is an irritant, but most have access to back up brokers. On the other hand, any trader that is comfortable not knowing his position in a volatile market is an exception, particularly when the market is going against that position. Backup accounts are of little consolation in these circumstances. O.
when their services went down, not the exchange, I called and the guy simply said that realy stinks. He also had some issue and it took him ovr 10 minutes to get the roder in a nd he just moved at his pace. Add this on top of the 5-8 minute wait to get them on the phone, after being placed on hold and I had a position that went from green to red. Once again, I would not use a deep discount that has in-house software EVER again. The $1 you may save is not worth the losses you CAN and LIKELY will experience if you trade long enough. The one firm I am currenlty looking at that outsources their technology is advanced futures, anyone have any comments regarding them? I have only heard positive news, so please advise if anyone has used them.
A couple of months ago I started trading e-mini's through an IB-account, right at the time when IB was having severe network-problems. So I know from my own experiance how nervewrecking it is to be in an position that can't be closed and goes against you. From time to time there are complaints about IB on this board, but what strikes me is that nobody comes up with a broker, that is able to offer 100% reliable operations. Is that a coincidence or do other brokers also have their share of connectivity problems? If so, then IB for me stands out as an excellent value. Please, comment on this.
Let us know when you find a better value. I think IB should have an auto-liquidate rule when their system goes down. Say after 1 minute, all positions are liquidated if there's problems. I'd rather be out than rolling the dice. I've been caught in two outages but still like them overall because of the low commissions and normally good reliability. Edit: at least have the option of auto-liquidation.
Count me as a satisfied IB customer. I am also a satisfied Tradestation and Datek customer as well. So much of what has been posted about IB is just bs. with IB you have to do everything their way. You call with a question or need something, they tell u that u have to e mail this person that the rep cannot forward the message for u to that department. There is no personalized service. After any dealing with IB I feel like a cow in a heard of thousands. IB's system works great. The only problem with IB Is that Customer service is almost rude. IB could solve many problems with negative posts if they just told customer service reps to be friendly and polite. The average prison guard is more polite to inmates than an IB customer service rep. Just say e mail us please and thank you.