Any positions I do overnight, I will not do with IB. Postions that should earn overnight, end up costing with their BS way of calculating interest.
I understand that, but why trading with IB? In volatile times you get no fills or unsatisfying fills, long term trading is as well not recommended due to their high rollover/interest rates. The only positive thing is their so called ecn-type setup and they don´t trade against you fishing s/ls (don´t they?) But i did not experienced this with other brokers, so called bucket shops.
The only reason I trade with them is they are a broker and my money is insured. The fills are good, i have no issue. The only problem I have is the BS way they calculate the overnight interest. It`s a money grab for them. Until they become more competive about this issue, i will stay away from opening positions with them which I know are going to be kept overnight. You can fool some of the people but not the ones who know how things really work. Futures are the best for any position that is going to be kept overnight.
As far as I know, it is wrong. There is 1 day lag on the interest received in accounting statement. So you can only see the interest on Thursday, not Wednesday.
If one is trading well with a leveraged instrument like futures or forex then why is interest a big deal (or any deal)?
not on ideal pro but on my overnite positions accrued interests show a negative balance, increasin' day by day, even tho the stock am invested is not marginable; i just cannot find a good explanation for that.