The IB rep was incorrect with her statement. Stop orders if entered correctly should get triggered and sent to the exchanges properly. Most important is to understand how the stops get triggered. Details on the triggers and how to enter the stops and stop limits are on the website and TWS manual.
I already have had 3 stops go through my desired price. I know I set them correctly because they have worked on other occasions. Luckily, I was there to cover the trade manually. Anyone who is reading this should not trust IB with stops. Missing once is one too many, but three times is just nonsense. Anyone with information to alleviate these problems, please post it.
def, I appreciate your concern and help in trying to find a solution to this problem we are experiencing. But how hard can it be to enter a stop order? You simply pull up the order form click the proper selections, enter your stop price and transmit the stop order. I have never had a stop order execute, I have tried on several occasions with stop and stop limit orders. The price falls right through the stop price and is never executed. I manually transmit all orders now. Once again I appreciate your help but there has to be something wrong somwhere. BP
the feed back i have rec'd with client problems on the stops mostly pointed to confusion on the trigger points which was confirmed from looking at the audit trails. The reason I said our rep was inaccurate in her statement was that I spoke to her and the info she based her reply on was unreliable. If your stops are getting blown through, the best thing to do is record the details, e-mail the help desk and it can be tracked down. If the problem is on the IB side, a programmer should then be able to solve it. The programmers and head of operations are very responsive but they need evidence and examples. So please send any details of blown stops to the help desk.
well, on Friday i had another 3 blown stops.. well not totally blown, they are just triggered about 1 minute after the market has bid above, or ask below my election price. feels like the IB server is very slow in recognizing an election situation. seems it's a better idea to elect the stops on the TWS level, instead of on the server. I also tried some stops for NYSE stuff, yes they were triggered, but hell were they slow ! seems the only stops usable are with emini NQ and ES, those are stored at the CME, and are executed instantly, and in 90% occasions, with zero slippage. So, at this point, what is everybody's take on this issue? anybody had experience with other brokers with more reliable stops? Cyber? Datek ??
I found RJT to have VERY reliable stops. I quite using Datek because of problems with stops. RJT trades are only $5. I have been using Tradescape but they don't let you place stop orders. Have been using Tradescape because they are cheaper for small orders, plus they give me level two screen. I would always use RJT if I wasn't watching and wanted a reliable stop. DJC
IB has terrible customer service and a flippant attitude towards customers. I have had numerous execution problems including no confirmations until midnight the day of trade. Once again today I had execution problems and they offered no help except to stick me short with 1000 shares of stock! Don't use them if you scalp or trade short term.... IT WILL COST YOU!!!! If you have more specific questions I will be glad to answer them....too pissed right now!!!! Stay Away until they get a reliable trading system!!!!
Are you using the Rapid Jet Plus or the regular web-based interface? As far as you know, is there any difference in how they route orders for the two interface? I contacted Tradescape a few times about stops, all they say is 'will be offered in the near future'.
I'm using Rapid Jet Plus. I don't know if there is a difference in how they route orders, but I would think that there is not. Also if you use Medved quote tracker you can interface with RJT and trade directly from Medved's quote page. DJC