All right and Oanda does not have this slippage eh? No, just be aware they may do funky things too according to this thead: http://www.elitetrader.com/vb/showthread.php?s=&threadid=72749&perpage=6&pagenumber=1 Disclaimer: Since I do not trade with Oanda I cannot confirm or deny the truth of that thread. (and have read that some other bucket shops, erhh Forex shops allow only a stop or target 10 pips away from entry...) edit: PS you may want to consider trading Futures instead on the CME, then you won't have any issues at all with fills. vital statistics
What kind of funky things. He just said that the sl is based on the quote when you open the window for the trade. Again I never encountered slippage with Oanda, they are simply the best and i hope will not change their policy
Wrong. At least get your facts straight. The thread is going from dumb to dumber. Ballyhoo, IB make their money by charging you a commission. Counterparties make their moneys by being better traders than you are. Try using limit or stoplimit orders if you want to manage your entry prices in any market.
kiwi, of course they charge extra commission and of course they charge commission again when you have to change your win or loss back to your base currency (incredible policy, these are hidden fees you do not think about when you open an account with them) and of course the rollover is much higher with IB Interactive Brokers compared with Oanda and so on and so on... You trade forex with them? Or you work for them? My facts are straight, and i cannot see what is dumb about posting facts. So stay friendly and don´t get personal.
No. I am a user of IB and like most of their defenders have had lots of experience with brokers in the futures and stock industries. I've even had a forex bucket shop (better charting than oanda but more inclined to screw with the prices). Yes I've used both of their forex offerings although I'm primarily a futures trader. IB is great compared with most of those we've experienced and we value their services and their presence here and willingness to answer queries that are not offensively placed. In the interests of peace. You made this statement: "even in calm times they take one or two pips from you, thats the way they earn money" Its WRONG. I don't know how long you've been trading but the spread in IBPRO is caused the same way that a spread is caused in any honest market - by an unwillingness of any participant (not IB) to fill it. Re the cost of moving currencies ... its a plus not a minus ... try to get that rate out of a bank sometime. Not understanding how their offer works doesn't reflect badly on IB. Thats what learning to be a professional trader is all about --- learning FWIW I think Oanda is probably the best of the bucketshop models but if you spend some time searching here, and at the forex boards you'll discover that although Oanda are much better than some they're still in the business of making money ... and the bucketshop model has resulted in behaviours that raise much more justified complaints than the one that started this thread.
IB is known to have real bad customer services, see postings all over the net, i can underline that. They claim to have lowest spreads, but this is worth nothing when you get filled again and again, even in calm times, with slippage. I believe that the slippage is taken not by the MMs but by IB. In calm times there is no reason for slippage, forex is the most liquid market. LOL, thats always the best way of defense, claiming the other one does not understand/has to learn. I trade for over 16 years now, was in the cash management of EXXON, hedging, swaps, options, forex, you don´t have to explain business to me. I can calculate the cost and fees of Interactive Brokers and only can warn to trade with them, they are expensive compared with others and unreliable.
What you believe, is incorrect. You've either: 1. Never had an account with us; or 2. Using stop orders without any understanding of how they work. In which case you may wish to refer to my posting here: http://www.elitetrader.com/vb/showthread.php?s=&postid=1129338#post1129338 The above post should be self-explanatory, but if not then feel free to pm.
Steve, what about my original post? my order took 5 seconds to execute. Again, I am not complaining about the price, I am complaining about slow order execution. My stop was triggered at 8:30:02 but was executed at 8:30:07. Banks had posted many quotes during those 5 seconds, why they did not honor their quotes and execute my market order immediately. By definition, market orders do not guarantee price but guarantee immediate execution on either bid or ask quote depending on the side i'm taking.
Also, the size of my order was EUR 125K and this shouldn't impose any liquidity problem. I have concerns because I was planning to trade at least 500K at a clip.
Its really funny to see how many people are paid by Interactive Brokers (IB) to fight against all the unsatisfied customers. And always using the same scheme like "you don´t understand" or "you have to learn". Just understand that some have experienced heavy problems with IB, their performance, their behavior with errors they made and we want to prevent others from making the same mistake. So stay away from IB, especially for forex and don´t give a dime for all the IB staff around here!