IB: Yes or No??

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

  1. I'm currently a CyberTrader client, trading QQQ most of the time. I'd like to ask the board if you have any experience using IB for QQQ trading?

    Most traders here, satisfied with IB, seem to be futures traders. Trading QQQ on NYSE may be different?

    I'm also looking into using TS6 for the QQQ trading (usually 1000 QQQ trades) as I'm already using TS6 for the excellent charting. Any comments to this - advantages/disadvantages?

    Also, today I have TS6 charts on one screen with its own computer, and another computer/screen for CyberTrader trading. If I use TS6 for both charting and trading, I'd like to use two screens like today, but figure I cannot logon TS6 from two different computers. How would I solve that problem?

    Thanks for any answers!
     
    #51     May 11, 2002
  2. mike s

    mike s

    ...just their pricing:eek:
     
    #52     May 11, 2002
  3. I agree; Terra Nova probably has the best trade desk around.
     
    #53     May 12, 2002
  4. mccoyml

    mccoyml

    I use Terra Nova now and I have zero complaints about their service. I have never had any problems. However, I guess I just do not trade enough volume both in numbers of trades and shares per trade. As a result, the per ticket fees are eating up too much of what profit I am able to pull out of this market.

    Accordingly, I started this thread to get an opinion about IB to see if it might be a viable alternative for conducting my stock trade executions. I want to keep the RealTick data and just pay for it. If I can use IB, the savings I will get will pay for a month's data in one day of trades.
     
    #54     May 12, 2002
  5. I am in the process of opening a futures acc t for eminis and have been exposed to the debate of IB vs. Terra nova,other brokers who can't offer IB rates.


    Main complaint seems to be if IB goes down, it goes down hard w/o any trade desk to get you out. I guess it will forever be a balancing act between risk of system failure which can wipe out savings of lower commish from IB vs. other brokers. Anyone trading actively could conceivably save hundreds of $ monthly so.....

    My questions is this. Has anyone implemented or considered using the savings $ from IB and used it to finance an option strangle position which protects emini trader from big moves caused by exogenous event OR system failure which seems to be main complaint of IB customers.

    Is the cost of spreads of options too expensive? What options? DIA, QQQ, SPY or emini options ( I don't even know if they exist) Any insights would be welcomed.

    Thanks
     
    #55     May 12, 2002
  6. mike s

    mike s

    Same here except I'm giving PointDirex a try.
     
    #56     May 12, 2002
  7. KEF

    KEF

    I too use realtick and terrnova-mb. I have recently looked into daytradz (daytradz.com). They work with Realtick. Their prices are much more reasonable than others with Realtick, but I have not seen anyone discussing them. In the 1000-2000 lot pricing, they seem to have similar commissions to IB. IB is good if you "par" out your stocks. Anyone with experience with Daytradz?
     
    #57     May 12, 2002
  8. You have to remember that Realtick charges more because using Realtick is practically a license to print money. Didn't you know that?
     
    #58     May 12, 2002
  9. KEF

    KEF

    note: I am not looking at the cost of realtick when comparting brokers. I assume I am paying for realtick. (250-260) I am only looking at commissions. If you are with terrnova-mb just figure $10+ trades for the first 25 trades. after that, the price goes up.
     
    #59     May 12, 2002