How come you don't have the same attitude toward the broker side? You seem to say that they should be able to avoid the risks, but the retail trader should not have the same privledge. I think we can agree to disagree on this one. Don
Hi, I don't make mistakes with price. I make mistakes with buying and selling. I fade big moves and capture the spread because of the fade. Sometimes it is 30 to 50 cents on the spread. If I enter a buy instead of a sell it is a problem. Every other order entry software out there lets you verify the order if you want too. I can not think of any reason why IB wouldn't have this option based on system design. I assume that it must be because it generates more trades for IB. John
No, it's because many traders like myself would move if IB implemented such a system. It's probably 1 of the reasons I stay with them. Very easy and fast entry/exit. But I *think* there is an option which you can turn on/off for a dialog box to pop up and confirm an order.
Hi, Right now you can not confirm the order as a buy or sell at x price. You can use some "lame" routine where you look for value issues but not simply "buy zxy @ x?" In Real Tick, TS, Schwab it is optional to have that check. I would think that IB would could make it optional too. John
Setting to zero doesn't work because It is not only the price that is the issue. It is the direction. John
All I know is that I'm very satisfied with IB's order entry platform. I do 100-500 orders a day and if I had to be confirming any of those orders individually, I would *have* to switch platforms. Many traders have unique ways of trading. Some are more amenable to a particular broker, platform or market. Sometimes, a *small* change like this, while favorable to some, can screw things up for others. Hopefully, whatever changes they make down the road, it is with that in mind. Their TWS has an incredible amount of options and as long as any changes remain an *option* to the user, I'm probably ok with that. Otherwise, like I said, more bs and I'll be the 1st to walk!
It's hard to believe some of the comments on this thread. I think IB could be inserting cash on an hourly basis in some of your accounts and you'd still be bitching. Busts are essential to a functioning, dependable market. It's one thing if you are trading large baskets of stock, but for any option trader trading single orders - you should know full well when a fill is "too good". Without busts, we wouldn't be much further along than the bucket shops of old.
I think you are crediting the busting process too much. In my experience, exchange discretion, in contrast to explicit busting rules, opens the process up to favoritism and abuse.
Am I the only one who double checks their orders? Make sure an order says "BUY" or "SELL" before you submit it in the first place? Even if you had a confirmation dialog, who is to say that you would give the right response to that dialog? Just condition yourself to get it right the first time.