Does anyone here use IB for daytrading stocks? How is their software and executions, etc? Do they have a direct connection to the nyse? They have some fantastic commission rates. How do they compare (trading & execution wise) to say an assent (anvil)? -Guru
Ib seems to have the largest following. From what I read, execution is good enough for day trading, though some strange stories appeared on ET about the execution: e.g., a market order not filled for 45 seconds, order not routed to the best price. So where were you trading? Tuco? You seem to be around for years.
I'm pretty content daytrading IB. Very fast fills, very few problems getting short. Only complaint is when the data gets crossed in high volume. If I'm not in a play, or perhaps want to get out, it can get dicey. I'll say content under normal trading conditions. I only trade equities, and like the cost. Don't mind missing a few plays to have overall great cost.
Sadly the platform that I liked best for day trading no longer exists. Cybertrader. I have heard a lot of good things about the Fidelity Active Trader platform but their commissions are a bit high for my taste. The Think or Swim platform is fast enough execution and data wise to day trade with but since it is geared for options the order entry system is probably not the best for high speed intra day scalping. Sorry, but these are about all the platforms I really know much about. My absolute best suggestion is to look through the section of Brokers here on ET and read through the reviews to get an idea of what is out there and what people think about them. Try to get a demo version of the software if it is available and play with it until you find what you like.
If you want to trade equities and you place it side by side with either Anvil or Laser (the 2 most popular) you will notice a noticeable difference in execution and performance. I feel the problem lies in the "jack of all trades" approach to the platform and the fact that it's front end is Java, not a clean C/C++. If it is your intention to "daytrade" it will probably suffice for your equity trading but I would not rely on it if scalping was your style. http://www.nasdaqtrader.com/Trader.aspx?id=CertifiedPartners edit: Like one of the earlier posts, IB has one of the best short lists for retail traders.
Talk is cheap. Prove that TWS is not as fast as the other platforms. I say for manual scalping there is likely ZERO difference.
And I thought that old myth had been put to rest. I strongly suggest looking at the CPU utilization (of TWS) while TWS is running - you will find it is very small. And why is C/C++ "clean" and by inference Java "dirty" anyway ?
These Java bashers are full of it. Look at Thinkorswims application, written in java. Nothing slow about it.