IB Woes

Discussion in 'Retail Brokers' started by ShoeshineBoy, Jul 19, 2001.

  1. I'm a newbie that patiently saved up 2k to send to IB after spending a few months developing a dozen or so swing-type trading systems. I realize the $ amount is pitiful, but not really when you consider that I only want to do non-options trading and I backtested on SnP500 stocks (including loss/sell/profit targets). I am VERY anxious to start trading, but I found out IB requires 100 share lots. This has killed 98 % of my potential trades. (I have found that even if I look at small caps, the only stocks my algorithms are picking are foreign stocks!) Can someone suggest some other broker(s) that would be good for a beginner in my situation, i.e. will let you trade odd lots? Thanks!
     
  2. You are saying you can't trade odd lots on ISLD via IB ????
    It may depend on your choice of the route.....
    Odd lots can be traded by most brokers. but when a broker
    charges a penny a share with no minimum it's clear if they
    try to make at least a buck...frankly I did not know this..
    Def if this true ???
     
  3. def

    def Interactive Brokers

    you can't trade odd lots at IB for NYSE issues due to the NYSE regulators. there are no restrictions on NASDAQ stocks.
     
  4. The NYSE specialist will charge a "surcharge" for odd lots
    there is no limit for ETF's (on the Amex) - this is where
    you should begin anyway... 1 share is a "lot" for SPY and
    others....
     
  5. I called IB and of course you're right - they allow odd lots for NASDAQ and AMEX. But I want you to know I explained my whole situation to two customer reps and neither explained that the odd lot limit only applied to the NYSE. I was ready to pull my funds - thanks!!!!.
     
  6. ktm

    ktm

    Def saved another customer. That's what good customer service is all about.
     
  7. those IB reps should be required to read elite trader so they can answer questions lol
     
  8. Amex / IB lot sizes
    Be aware :
    ML Holders and Cubes (QQQ) trade in 100 share lots only !
    If trading iShares and spyders etc. watch out for the spreads. Can easily make out 2% an more at times.
    Good luck
     
  9. gh1

    gh1

    Can i get a clarification:

    I can't trade AMEX stocks on the IB platform -- i don't think they have access to that exchange.

    Am i mistaken?

    regards/greg
     
  10. m_c_a98

    m_c_a98

    gh1,

    You may trade with Amex listed securities with IB platform.
     
    #10     Jul 19, 2001