Q http://www.elitetrader.com/vb/showthread.php?s=&postid=960687#post960687 New Post 01-24-06 06:41 PM Quote from Digs: Time New York : Tuesday, 24 January 2006 02:33: Still no Quotes... I thought I could trade forex via IB IDEAL PRO at least 23.5 hours a day... What am I missing ? -------------------------------------------------------- Quote from OddTrader: How about if one day there will be a huge historical movement during the 30 minutes break against your positions? UQ
If a particular market is trading continuously 24 hours a day, and a trader of the market is also trading 24 hours ongoing, how could it be reasonable and reliable that a broker between the trader and the market's market makers, who trade continuously 24 hours ongoing, trade only 23.5 hours a day? There could be potential problems for taking huge risks and/ or losing profit opportunities ( disregarding possibly the additional cost for unnecessary exit and re-entry).
This kind of risk always exist. Even if you use a super-reliable broker, better be ready for unexpected. A backup is necessary for any serious trader. Of course, 24 is better then 23.5 but it should not be a killer.
We stop trading for 30 minutes from 1700-1730 EST because the liquidity providers stop to reset their systems after the clearing cycle begins off at 17:00. Our own technology is not the limiting factor. We may in fact increase the availability by restarting the platform at 17:15. We will be adding additional market-makers and that should allow this additional availability. Probably 6-8 weeks.
I opened the account with IB around three weeks ago. If you are going to reduce the offmarket time, is a step in the right direction. Already three times, I forgot and had been caught with positions in EUR and the system is out, nothing bad happened, but... the possibility and probability was there. My experience with IB, vs Tradestation, Option Xpress, FXCM, Gain, IFX had been: Open Account -Best IB. System completaly automated, even the signature System availability-Worst IB- Because of the 30 mnts offline Spread Euro- Great IB- 0.5 to 2 pips Reaction time to market orders- Worst IB, looks too long from 5 to 10 seconds. With FXCM, the appearance is instanteneous (I known that they are not ECN like IB and...) Margin: IB worst- IB 50 to 1, FXCM &IFX,& Gain 100 to 1. My current rating : IB-Forex is Good, if they continue improve it will be great.
I also liked the IB-Universal Account. It reduced the paperwork for trading Stock-Options and Forex from the same account, Tradestation should learn from IB on this.
LOL 5 to 10 seconds on a market order!! I have never had it take more than a split second or so. ------- With IB? for EURUSD, When I pressed "transmit", ocurred instanteneous, but the time to fill the order had been from 5 to 10 seconds with IB. If there is a faster way with IB I like to know
Def wrote "all who have access to the IB network. IB is not the counter party as IB doesn't trade. " OK when you say that IB (Interactive Brokers) does not trade FX. 1.) Does that also mean that "Timber Hill" does not trade FX? 2.) Do both IB+Timber Hill not trade FX; or is it that they do not trade FX on IDEALPRO? {Sorry but the IB/Timber Hill split can make statements ambiguous unless both are mentioned together in a statement.}