IB Stop Order Changed

Discussion in 'Retail Brokers' started by Sanjuro, Jun 25, 2007.

  1. Sanjuro

    Sanjuro

    I use IB and I think they're one of the best brokers I've used.
    When putting in my stops, I set the price, then change my order from LMT to STP, then transmit.

    Recently my stops have not been triggered and I look at the price is 1 point lower than where I set it. The first few times, I thought I set the price wrong.

    I just figured out that the stupid TWS automatically subtracts 1 point from your price when you change the order from LMT to STP. This is completely stupid.

    This new feature has cost me over $2000 in losses but it's my fault for not discovering it earlier. This was probably implemented a while ago but I just figured it out now.

    Anyone else notice this?
     
  2. mde2004

    mde2004

    You have to adjust your personal settings. You can make it whatever you want to.
     
  3. Sanjuro

    Sanjuro

    Thanks, I just found that there is an offset in the options and it defaulted to 1. It was always 0 before they added this option so they should've set it to 0 by default.
     
  4. I agree IB - CAN BE - a very good broker.

    BUT - the number of "gottchas" in their software & rules is amazing (& don't expect help @ IB - I've gotten it here but not at IB - their CS sucks).

    You need to be both a pro trader & an IT whiz to use IB

    blue
     
  5. forex162

    forex162

    Are you serious? You're decrying IB as a bad broker because you were too careless to notice that your stops were set at the wrong levels when you changed order type? All it takes is a second to take a look at your numbers to make sure everything is in order. And, as someone highlights above, you can change the default on this.

    There's a reason everyone should take "broker reviews" with a very large grain of salt.

    P.S. It's a good thing you don't trade forex. That one point would be worth either 1000 or 100 pips.