I cannot seem to find the commission schedule for Cbot pits?? I am guess you have not got around to postingit yet. So If I want to buy Corn in the Pit ---I just Put in ZC in TWS(cbot pit) and pull up a ticket and buy it at the market?
Beebers, If you are looking for a stop setup, I would recommend running a conditional market order off the CBOE SPX index, or whatever underlying tracks the products you are trading in the pits. I do this all the time with IB and it works beautifully.
ktm - thanks. I use conditional orders for other stuff on IB - and it works great. I will see what I can come up with .....
This is a whole new world .... Ecbot provides stops and all - but it only trades when the pits are closed. I just had a cursory glance at it last night. Cbot (pits) really only has market and limit orders. Amazing they get away with it. Or maybe I am just a spoiled example of the electronic age.
me too beebers.spoiled. not having bid/ask is strange. i finally understand why the pit traders want to protect what they have down there. they can see the order flow while i only see last price.
Sorry - I really have to jump in here. I think that without stop orders in the pits, you're missing a significant protective mechanism. It's my decision if I want to risk slippage using a stop order - I don't think IB should make that decision for the customer. For the record, we usually enter buy and sell stops or market orders for 100+ contracts in the grain pits and slippage is usually 2 ticks at most. Once in a while we'll get slipped for 5 or 6 ticks but that's rare and still not so bad. Believe me, if we got slipped for 5 cents on a grain order I'd probably be happy 'cause chances are I still got out at the beginning of a catastropic move. It's tough to justify trading a product on a platform without some sort of protective stop mechanism for exits of current positions or entries into breakout type strategies. Please encourage the powers that be at IB to rethink their position on not offering stop orders. The idea of having one platform to place both pit and electronic orders via the IB API is awesome - I can't wait to give that a whirl but will hold off on doing that until stop orders are supported for the pit traded contracts. -eLindy
I don't used stops normally. But I agree with you. The grain markets can handle stops no problem (even on size). I think IB is just trying to get the pits rolled out and then decide once the kinks are out --what needs to be done to make it better. IB is not a company that oversimplifies things for no reason. The pits are not very complicated. IB should let their customers enter whatever kinds of orders the pits allow. They do it for every other market on earth.