IB lagging and stuck quotes for ES

IB is for gamblers only. After I get my filled and unfilled NQ order straightened out I will be moving my account. Unbelievable. I'd expect even a ragtag outfit to be able to call somewhere and get my trade executed.

They were down for OVER 2 HOURS and I could not get any order executed thru Trader Workstation the rest of the day (after 1pm eastern).

This is after sporadic, short term outages the past two weeks that cost me too. They're probably the most expensive futures broker when all costs are considered (including stress).

 

That's what I did some time ago! I "promoted" IB to rankings of 'backup broker' and I am thinking that perhaps they do not deserve that either..I do not want to hear more excuses and def explanations..I just want to trade

 

The same sort of thing happened to me. I'm through with IB.

 

base-hitr: “IB is for gamblers only.”

I couldn’t have put that more accurately if I’d tried.

“They're probably the most expensive futures broker when all costs are considered.”

Undoubtedly. After all the problems I’ve had with IB, I can positively say that the true cost of doing business with them was far, far more than the advertised RT rate.

dottom: “…today's outage made it perfectly clear to me that IB is too risky… it may happen only two or three times a year, but that's too risky for my blood.”

IB definitely relies on its customers’ complacency, regarding this issue, to justify its continual poor support and software functionality. All I can say for those of you trading futures is: “Don’t think it can’t or won’t happen to you.”

All it takes is one critically nasty act of fate coupled with IB’s indifferent, impotent, and gallingly plodding response and that RT rate will skyrocket far beyond the rates that more reliable and less aggravating brokers offer. I’d rather have “piece of mind” than spend my time in arbitration fighting over IB’s negligence.

 

Def,

I think IB management should take very serious note of the following two issues:

1) The already barely passable sytem reliability has been SERIOUSLY compromised over the last month or so. I believe this is atleast partly due to IB's recent obsession with adding features to their TWS and bringing out a new version every few weeks.

2) There is a growing sense among many traders (both on and off this board) that when something like today's fiasco happens, a very high proportion of of losing fills are passed on to the traders while hardly any trades that would have been to the trader's advantage get passed on.

I hope IB can get a grip on things soon.

 

it's hard for me to comment when there is a system problem like today. i can not speak for the company on these boards but ofcourse i'm upset about it and naturally am very sorry if it cost anyone any money. However, some of the comments are out of line. tymjr you obviously have an axe to grind. you stated your case, now give it a break. i heard one of the futures brokers often lauded on these boards was down for 6 hours one day last month. it can happen to anyone. yesterday for example, the Xetra (german stock exchange) was down for 1 hour. This is no excuse for IB to go down but if you are trading electronically, this is one of the negative aspects of the business. If IB continues to be plagued with reliability problems, you should move your account elsewhere. However, IB has an history of quickly solving major issues I'm confident this time will be no different. Overall, system reliability has been excellent up until this month. Very little down time at all. when it rains it pours. unfortunately it has been pouring. yesterdays problem had nothing to do with new features, it was hardware related.

as for IB keeping winners and handing out losers - that is complete BS. IB has a track record to being fair and even handed.

 

Def, the problem is when IB starts handing out fills after the market closes when many traders have already made additional trades/offset their positions, then one can only think the worse.

There is also no excuse for being on hold 30 mins when calling the help desk. Hire more customer service reps if you anticpate having problems.

I was able to get an order in about an hour after the initial outage, but I've heard others not being able to place orders for upto 2 hours as well. I had problems placing orders during the evening session too.

 

def: “However, some of the comments are out of line.”

If you’re referring to my comments, def, I disagree completely with your assessment. IMO, I have been far kinder, with my commentary, than most people would have been after having had similar experiences with IB.

“you obviously have an axe to grind”

Guilty as charged. IB’s poor customer support and attention to detail has cost me a lot of money. It is my hope that I can prevent other traders from going through some of the experiences I’ve had them with IB. It is also my hope that, when enough traders leave IB, the management may see the need to improve the support system. Thus, those traders that have remained at IB will benefit, as well.

“you stated your case, now give it a break.”

Now I think your comments are outta line. If you had been on the receiving end of the same situations as I then I am certain you would be singing a vastly different tune. I guess it all depends on who’s ox is gettin’ gored.

It is my opinion that IB is, flat out, the worst broker I’ve ever traded with, in regard to customer support. I have never had the types of problems at other brokerage houses to the extent that I’ve had with IB. It’s unfortunate that you find my comments offensive but I will not keep silent about my experiences.

As far as “giving it a break”, the phrase tends to imply that I am incessantly ranting about IB with every post. Far from it. The issue would not have come up again if it weren’t for IB’s poor management of today’s situation resulting in other traders posts on the subject. I’ve simply responded with sound advice, a little humor, and legitimate commentary about problems that are obvious to every IB client.

These are not small problems, def. Apart from software concerns, I'm talking about consistently long telephone hold times when a trader needs to exit a trade, apathetic, rude, and ineffective customer service, and a general disregard for clientele that permeates almost all communication I’ve had with IB. Sort of a “love it or leave it” attitude. You are the one and only exception to these experiences.

“This is no excuse for IB to go down but if you are trading electronically, this is one of the negative aspects of the business.”

As dottom mentioned already, the issue is not so much IB’s current Globex difficulties as much is it is how quickly and effectively the trade desk deals with a trader's problems. If IB's gonna charge $30 bucks then it oughta staff the trade desk with enough individuals to pick up the phones in a timely manner. Watching thousands of dollars tick away, with no knowledge of whether to offset or not, while you wait on hold only to find that the IB trade desk cannot confirm or deny the existence of an order is inexcusable.

The bottom line is that when you weigh the current competitive costs of other brokers who provide responsive trade desks, many of whom are now equal to or less expensive than IB, depending on your volume and account size, it is very difficult to justify primarily trading with IB any longer.

 

Just curious if anyone here did get a fill that would result in profits from all this. Did anyone get a fill for a losing position?

At the time the system went down I had a stuck buy order that would have been up about 30 nq pts at the close. I never got a fill.

 

I was short ES01Z. I had a profit target buy stop 1142.75 (one tick above low of opening range) and a buy limit at 1141.75 (three ticks below opening range, I was playing false breakout b/c SPX.X did not break through its lower channel). LOD was 1140.50. This occured about 1:30pm. ES rallied 13.75 points from my profit stop/limit order into the close, with higher highs and higher lows the whole way, so may trailing stop would not have been hit. I would've rode the entire 13.75 point ride into the close and exit on close.

I did not receive a fill. It could have been worse if I had a short that was filled, so I'm lucky for that, but it kind of irks me I make a play to buy bottom of channel, pick the LOD, place my stops 30 mins in advance, the market hits its and rallies into the close, and oh, oops, Globex was down.

I only had a small position on, but if I had size I would be very upset. I'm only mildly upset now.