IB's Buy Stops Don't Work on NYSE Stocks?

Discussion in 'Order Execution' started by version77, Nov 7, 2003.

  1. shneed

    shneed

    What to f..k are you talking about? I've had IB for 99zillion years and never a problem with stop orders! I have a Ph.D. in quantum astronomicsphysicsalgebra and can tell you for certain that your order was your own fault! This is IB bashing! Go back to your own country! Oh wait, this is the wrong thread. My bad.


    shneed
     
    #11     Nov 10, 2003
  2.  
    #12     Nov 10, 2003
  3. Just a few comments:

    1) Before you knew what had happened or whether there was a problem at all, you were posting here on the board hammering IB. Not the way a professional handles matters in my opinion. The first step is to contact IB, find out if you are filled. If there is a problem with the fill, you then discuss that with IB to find some type of resolution. Hammering the broker before you even know if there is a problem, or for that matter, before you have discussed it with them is a sign of immaturity.

    2) What you received is a standard form letter. This letter by itself would not be acceptable to me. I would want to know more about what happened and why it happened, so that I could take some sort of steps to remedy the situation. But if this is really true, that it is a problem with "market data", then the implication is that the stop was held on the IB server, not on an exchange. And therefore you opened yourself up to an error when IB had a problem that happened to coincide with the triggering of your stop.

    I would want my stop to be held on an exchange, not on IB's server...and therefore that's one element of what I would want to determine here. Frankly, if your stop was held by IB, and you had a means of having it held by the NYSE for example, you in the end have to take the responsibility for not knowing how to best enter your order to protect yourself.

    Now, if your stop was actually held by an exchange, and IB claims the problem was "market data", that is bullshit. But I doubt that is the case. I might add that I am a supporter of IB, I trade with them, I think they are a great company. But when I start to see or hear the above letter more than a few times, I start to think IB is not remedying the problem, and that is it high time to remedy the problem.

    OldTrader
     
    #13     Nov 11, 2003
  4. In the 2 years I have traded with IB I have had a similar problem maybe 5 times on different types of instruments. Another thing that is also annoying is that occasionally your GTC orders just disappear, but they usually notify you of that kind of screw-up as soon as they find out (a few hours later).

    For me, it is a simple calculation: If I had to pay $0.00005 per share more in commissions or SEC fees or ECN fees at a different broker who would not have these problems, it would still be better for my overall bottom line to stay with IB. That's why I have not considered switching brokers.
     
    #14     Nov 11, 2003

  5. Just a few comments:

    1) I knew what happened. Let me repeat it to you OldTrader so
    you will understand. Last Thursday I had a buy stop in at
    78.92 with the stock POT. On Friday, at about 11am or so I
    started up TWS and guess what? The buy stop was still sitting
    there at 78.92 and the stock was trading at 79.25. I was amazed.
    Why didn't it trigger at approximately 10:07 or so when it hit the
    price of 78.92? Because IB is notoriously known for it's stops not
    working right. And you think this is before I knew what
    happened? And whether there was a problem at all ? What do
    you think I am, stupid? No, you say immature. And I had contacted
    IB and more than 2 hours later, still no response.

    2) How do you know that what I received is a standard letter?
    This letter by itself is not acceptable to me. I have written them
    again to see "wassup". Lets see if they respond!

    3)Since you are such a fan of IB, you tell me where the buy stop
    was held. I use NYSE for my listed orders. If you think I am
    reponsible for this order not triggering then you are wrong. It is
    not my fault, it is IB's.

    All I know is my trust of IB has been blown, just like the stop...
     
    #15     Nov 11, 2003
  6. CalTrader

    CalTrader Guest

    Hmmm ... Well if its a standard NYSE stop then their explanation would not be acceptable.

    Please post their response so we know how it was ultimately handled. I have not had this type of problem with IB - actually they seem fairly reliable.
     
    #16     Nov 11, 2003
  7. Here is my magical reply for today:

    (By the way, I have written them again)


    Dear Trader,

    Per Ben's previous communication, we were able to resolve the situation shortly after it had been identified. This is not an issue that will continue to affect your account.

    If you have any further questions, please feel free to contact us again.

    Regards,
    Matthew
    IB Customer Service


    So far, it seems they have no real remedy for the blunder... :D

    V77
     
    #17     Nov 11, 2003
  8. Looks like only market orders are native on the NYSE. For limit
    orders, IB does not say that they are native or simulated. Hmm...

    Also, GTC orders are simulated and IB redoes these each
    morning. But this wasn't the problem, because when I started
    TWS up the stop was there, but just not execueted. Maybe when
    I restarted TWS it placed the stop again on IB's servers because
    IB had lost it overnight? Who knows. IB probably doesn't even
    know and that is why they have never been able to get their
    stops to work right... And probably never will... :(

    I am usually sitting at this computer each day and the one time
    I am not.... well.... so much for using IB's stops...
     
    #19     Nov 11, 2003
  9. Not to diminish anyone elses experiences, but each time I had difficulty, I was usually able to figure out that it was my fault. The only problem I had in the beginning was expecting Customer Service to figure it out for me and kiss my ass at the same time. Thanks IB for making me grow up!
     
    #20     Nov 11, 2003