IB execute stop way above market price

Discussion in 'Order Execution' started by zmui, Mar 14, 2006.

  1. Whether individuals are right or wrong is a separate issue--but for some mysterious reason, issues that would otherwise be (first) handled in a private forum keep popping up on Elite Trader.
    IMO, IB could be doing more to increase their confidence rating. Meanwhile, it is a pity, because they spend a lot of money and time on Elite Trader for the very purpose of a good image.
     
    #21     Mar 15, 2006
  2. johncool

    johncool

    This is the response I got from IB.

    "Connection issues with the BRUT ECN caused erroneous market data to be introduced into the tick file. The prints that caused this order to trigger were actually from 9:42:19, prior to the order being submitted. The data was transmitted as if the execution was occurring real time. Accordingly, since the default for NYSE stop orders is last sale it used a last sale price of $71.03 which caused the order to execute at the market."

    Due to the small amount of loss involved, I would not pursue this matter any further.

    I would be more cautious with stop order next time.
     
    #22     Mar 15, 2006
  3. zmui

    zmui


    Thanks for you insightful explanation and your advice on excluding AMEX and NYSE from smart rounting. Since you say this happen to us all the time, I probably would not held IB liable. But i have being trading about 3 years, this is the first time it happened to me.:cool:
     
    #23     Mar 15, 2006
  4. zmui

    zmui

    I don't think i will apologize to IB, eventhough it is not their fault. They could have explain it to me in detail as alanm did, rather than telling me that they overlook and then telling me they will not make any adjustment. How would you feel if IB treat you this way?
     
    #24     Mar 15, 2006
  5. I'm another one customer who found IB stop-order is getting unreliable these few weeks.

    I have been trading IB for past 2 years and I generally have no problem with the stop-buy or stop-sell order execution. But these few weeks, the stop-order would just hang there even when the real-time price is way above (for stop-buy) or way below (for stop-sell) the trigger price. And I'm using SMART routing. Direct routing to the specific exchange is even more unstable.

    When you ask their customer service, they ask you for information. When you give them all the information you have, they ask you to be even more specific. WTF, the stop-order has not even been trigger and executed, how specific can I give you the information.

    If too many customer complain about the same thing, please just go and check your system. Please check your change log, and undo any thing that made your system unstable and unreliable. Do not always assume that your customers are always newbie in trading and know nut about order execution. And when they tell you that there are something wrong somewhere and call you, please be humble to go back and check your system.

    When your customer service ask for more information when there are no more information I can think of, he/she just explose his/her unprofessional way of handling the matter and show ignorant in trading execution.
     
    #25     Mar 15, 2006
  6. ===================
    Reply/thoughts to bitstream/zmui;

    There always sems to be bits of wisdom in bitstreams words,
    especially on stocks/DIA, ;
    however stops on liqudid mini derivatives products like YM,ES work fine with IB. Those contracts move orderly & fast enough for well researched stops to work better than with stocks. Havent traded other mini s lately enough to comment on them.

    Thoughtful Reply to Option Trader;
    Think you/me/anyone sees a certain number of posts like these for 2 reasons [1] Most people like to communicate, trading can be a lonely profession.[2] Easy to miss important details, like had temporary trouble with SMART routing because ,
    believe it or not,
    was supposed to capitalize '' SMART'' not type the usual lowercase letters.
    :cool:

    Hope this helps.
     
    #26     Apr 1, 2006
  7. ib has been unreliable with their stops compared to other systems for years - I think the reason is becasue they delay getting orders out into the marketplace once the stops are hit by a few fractions of a second giving the trading public worse fills on the slippage - so to all of you who do not care about slippage have fun trading at IB !
     
    #27     Apr 1, 2006
  8. Bullshit.

    My stops are beautifully executed. If you make the effort (read take f'ing responsibility for your actions and your results not blame everyone else like those stupid terrorists :)) to understand the options IB offers then you can get your stops to behave however you want!
     
    #28     Apr 1, 2006
  9. def

    def Sponsor

    your above comment is utter BS.
     
    #29     Apr 2, 2006
  10. while I surely take responsibility for my trading actions - obviously you guys have not used the top line proprietary systems out there - and if you would did, you would not be happy settling for second best :) good luck to you :)
     
    #30     Apr 2, 2006