IB Trader: Warning – IB will cancel your GTC order

Discussion in 'Retail Brokers' started by gr8stock, Jun 29, 2009.

  1. gr8stock


    IB just introduced new feature. It will cancel GTC order automatically after ninety days without sending any notice. Some traders use GTC stop order to reduce market risk. Now IB management will cancel this order automatically placing their customers at risk.

    Good order execution is the most important feature any broker must have. It is very unfortunate that IB placed their customer at risk probably to save resources. Greed caused many good businesses to go down. Hope that IB management will wake-up and save this company.

    There are so many useless features in their trading platform. Why these are not cancelled. Why do trhey have to mess-up order execution feature!!!!????!!!
  2. I confess I don't use orders like that, but ya know what.

    If you're so lame that you cant manage your book more than once every 90 days, you're way too lame to trade.
  3. gr8stock


    Yes, why do not you pick-up the phone and place your order and write down on piece of paper your order. Then IB will charge $200 commission as it used to be? Is that what you are doing?

    Is IB going backwards? It’s impossible, even if that what they would like to do.
  4. gr8stock


    They have computers and sophisticated systems so we follow up our orders manually?

    It is stupid! I am sorry, cannot find better words.
  5. mxjones


    Do you use Gmail? 90 days from the time you place your GTC order, put a reminder in your calendar to email and text you that it is about to expire. Sign up for free. Works with Yahoo too.

    BTW, if you are putting 90 day GTC orders in, you should not be on Elite TRADER, and you probably should not be using IB. Open an account with Fidelity and check out the Elite INVESTOR boards.
  6. vikana

    vikana Moderator

    I think this is fairly common, fwiw. I know that Fidelity also cancels after about 90 days.
  7. Why not sell puts or write calls?. At least your money is not sitting there wasting away.
  8. :p You can't be serious.:p
  9. A trader who depends on a 91+ day GTC is a very undisciplined trader. You should be in charge of your trade management. What happens if you die? Forget? Become seriously disabled? File for bankruptcy? Move out of the country? You are a risk for the broker, and they are managing the risk.

    Some people from poor countries (I know at least 1 person) leaving the USA will run up charges and leave the country permanently, leaving the credit cards and other companies on the hook. This guy tried some work from home businesses and owed more than $25K to his credit cards and could not pay it.

    Does your broker need to burp you and change your diaper? You put them at risk. They have every right to do things like this.

    I could not imagine a GTC longer than several weeks, for position trading.
  10. Look, the man has an order in to sell his 100 shares of SIRI , I understand his concern.

    May the Mel be with You

    #10     Jun 29, 2009