OK...my last word on the subject... It is not my intention to "bash" IB, but rather to suggest, in the strongest possible terms, a sense of urgency. Perhaps all this goes without saying; but I was quite surprised (and worried) to see the NYSE lost at the most critical moment of the week. I have conveyed these concerns to IB via email, and received an encouraging reply. I also appreciate def's reply here, and take him at his word that reliability and stability of the system have been, and will continue to be, the rule and not the exception at IB. Now...back to business. saxon
Not really. I don't understand why it was addressed "dear futures traders". I got my gray hair quota for the year because of NYSE being down for over an hour after the open on Wednesday and Thursday. I don't know if the problem that the letter purports to explain is related or not. I wouldn't even think about trying to ask for a clarification. I thought the letter was remarkably cold, and did nothing to address the real problem, which was the failure of the trade desk to be able to get statuses and handle orders manually, or even behave like they gave a s**t.
I have several accounts with IB ... futures, stocks and IRA. All of them are up at the same time. Yesterday they were all blinking on and off like a Christmas tree... whatever was happening to the futures accounts seemed to be happening to the others. I thought the e-mail I recieved was better than no explanation at all. However... IB has not told me what brand of ethernet switches caused the grief.
How about with options? Voodoo ---------------------------------------------------------------------------------- Initially I thought this wouldn't help if you didn't know the status of an order, but obviously you could put a limit on the maximum loss by buying the corresponding put or call. Thinking about it a bit more, what you really want to do is buy volatility, since that is the only thing that would hurt you. So buying a straddle would minimize any catastrophic loss, for the cost of two commissions, the spreads, and a day's volatility.
Let's be honest here...They clearly spell out that if the system goes down it is your problem not theirs...But when the same problem occurs three days in a row at the same time, this is unacceptable...The guys defending the firm are affiliated, I have noticed their threads in the past...They sponsor this section of the website... I said, yes, open an account with another futures broker as a hedge, but that does not mean that everyone should just accept the attitude of "it's ok, they are kinda reliable, etc, etc." And telling people who do voice their opinions to stop bitching is not exactly warranted either...People who open an account with a firm have the right to expect good service(i.e. in this case a reliable trading platform)... By the numbers, this basically affected tons of people, and no one can get out of the trades with just a couple of help staff...So yes, I back up trades with another broker, but let's not kid ourselves and say, oh that is ok...Heck, IB basically hedges itself by saying this in its literature...Go get another broker cause we can go down at any time and you will be stuck...
I am one of those defending IB. And like I said, you can go back to my posts and see that - I am not affiliated - I have been very critical of IB in the past (I mean very, even advising to go elsewhere because they did not want to change their policy). as well as very cheerful. So I think I can speak up for myself in all fairness, not as an automatic defender. But again, You are also free to say you are not happy with them and you can vote with your money going elsewhere. What strikes me is when people seek perfection.. are you perfect ? do you think there is a perfect broker ? I think the complaints are not the same as asking IB to improve their software or customer support. Sh*t happens. Did you forget the day the NYSE crashed because of software problem ? Did you forget the day the Nasdaq went down because of a network problem (twice I think, or was it NYSE twice.. whatever). Did you switch to trading in Iceland ? Of course not. I too had positions in the market. I too did not like that at all. I only want people to put things in perspective even when they are entitled to be angry. tntneo PS : and on a more constructive note. Every trader should have a plan in case things go terribly wrong. whatever that plan is. Because you just can't protect against everything. what about another terrorist attack ? what about a market failure again (after all it happened this summer) ? what about your broker going down (hmm) ? You can't prevent everything, you can prepare and try to handle anything. I followed my plan when they went down, and although unpleasant, there is no point in actual bitching. well, on the other hand, if it makes you feel better.. It does not really bother me. I said what I meant, and I think it's clear.