IB: Yes or No??

Discussion in 'Retail Brokers' started by mccoyml, May 7, 2002.

  1. xstek

    xstek

    In reading the boards about I.B., this is my nightmare, SEBL, charts indicate imminent breakdown so you jump in a little early, 3000 sh short, volume so extreme that the 3 min candle is sitting there vibrating, suddenly you realize you were wrong and it moves against your position, you know you are in trouble, trying to get out with that much volume is hard enough, then TWS dissconnects, you try to reconnect it doesn't, you then try to call the trading desk but get put on hold etc,etc,etc.
    This is what I have gathered from some of the info posted. I have no doubt that eventually I.B. will solve their quote and software problems, but it is difficult enough to trade in this market without the thought floating around in the back of your mind, will it disconnect, can I get out, will I be able to reach the trading desk by phone etc.
    I would love to trade with I.B. and save the money, and I know that there are charting programs that now interface with I.B. But if you look at the Realtick, TAL, Terranova boards you see some whining :), but not the flaming that you see on I.B.
    I think I'll stay withTerra/Realtick for now. And thanks to all, especially Metooxx, Catoosa, Tech Analysis for their input.

    xstek
     
    #21     May 8, 2002
  2. savage

    savage

    Can anyone give me some pointers on entering MOO orders in TWS. I wasn't aware that IB had that capability and do not see that option in the ticket window.

    Thanks for your help.

    savage
     
    #22     May 8, 2002
  3. and that relates how to what the guy said? i didnt read anything in his post about wagering on IBs future in the direct access industry or anything else you brought up. all the points you mention are fantastic but how do any of them have any impact on the risk that some traders are dealing with NOW, especially somebody who trades alot? wether IB becomes the king of the world in reliabillity and customer service or not is totally unimportant to me TODAY. if it happens and i hear glowing reports from the masses of knowedgeable members here and not from every Ava Savealot the comes along ill hop on over... but until then ill be hunting for a company with a good connection and quick customer service.
     
    #23     May 8, 2002
  4. Htrader

    Htrader Guest

    To enter MOO orders, you must bring up a NYSE data line. Then select OPG for the Time in Force, and then just choose either market or limit as your order type.
     
    #24     May 8, 2002
  5. vikana

    vikana Moderator

    I trade for a living and use IB, so I disagree with your statement. It's a matter of trading style. I trade with computerized portfolios and often trade 10 to 30 stocks in smaller quantities (300 to 800 shares each). It's simply too expensive to use brokers with fixed charges, such as cybertrader. I would trade through Cyber if they offered 1c/share commission, not the fixed commissions.
     
    #25     May 8, 2002
  6. xstek

    xstek

    Vikana, do you trade NAS or NYSE?
    What do you do about TWS outages that I have read about? Whos charts do you use?
    Whos L2?
    And do your charts read the same as I.B. quotes?
    If not how do you know price?

    xstek
     
    #26     May 8, 2002
  7. tymjr

    tymjr

    vikana: It's a matter of trading style.”

    I think that that is the most accurate statement on this thread. It depends on what you trade and how you trade.

    Cdntrader: “…proactive approach to solving problems… lead the field in full disclosure… lowering commissions… developing cutting edge software.”

    All excellent points, but none of them apply to the current reported ongoing lack of reliability or poor trade desk service, other than to suggest that these problems may be solved some day, which wasn't the point I was making.

    “Sure they are having growing pains.”

    You’ve illustrated my point quite nicely. I’ll wait ‘til IB is all grown up. From the comments I’ve been reading on the board it doesn’t sound like I’ll be missing much in the meantime.

    “…remember the growing pains that every other direct access broker had. ”

    No. I started with IB a few years back and they were having the same reliability problems then that they appear to be having now. Before that I was using the phone.
     
    #27     May 8, 2002
  8. If you do not trade NYSE (and do not have an ISP that causes TWS to start its re-connect procedure)
    there are not too many problems you would have had over the last 12 months. Organization of helpdesk could
    be improved: If your question is too difficult they simply do not reply (or they reply without answering your question ...)
     
    #28     May 8, 2002
  9. vikana

    vikana Moderator

    xstek,

    I trade both NYSE and NASDAQ and a few options once in a while. I never rely on IB quotes. I have eSignal that I feed into my own charting and trading software.

    I generally just use market orders, since it's often difficult to manage a large number of limit orders, and for my trading style 5 cents slip is fine.

    I've rarely have any problems with outages or disconnects with IB. Please note that I didn't trade in March/April (new baby), so I might just have avoided the mess everyone here wrote about. Everything has been fine this week, though.
     
    #29     May 8, 2002
  10. nuton

    nuton

    I dont know about you mccyoml, but i am even more confused now!:confused:
     
    #30     May 8, 2002