"Market data problems" means that simulated stops might not trigger. IB servers cannot determine when to trigger simulated stops without market data. This is why IB customers were forcefully requesting native stop limit orders for Globex. Here is the result: www.interactivebrokers.com/html/tradingInfo/usFuturesStopOrder.html
exactly correct if you give your stop orders to ib they hold them until their computers say so. Only advantage it is not on specialist book and he can't set stop off. I usually send stop to the exchangeto avoid ib computer data problems
How can limit orders be simulated? They aren't. Saying that GTC orders are simulated is true only if you are talking about how they pull the orders at night and re-insert them into the market the next day. This is standard practice for most brokerages. When the orders are active, they aren't simulated. Stop orders are simulated at IB. There are advantages and disadvantages to this. You should do some research to figure out the pros/cons for yourself so you can take responsibility for your own actions.
sprstpd, does this stand for superstupid? You sound like you are about as smart as Oldtrader. Maybe you are old too. IB blows a sell stop and it is my responsibility? You have to be kidding right? I am not responsible for their crappy software... They are. 100%.
Another thing, why does IB even have buy/sell stops if they don't work half the time? Maybe they are on the other side of the order perhaps? I can't believe traders go along with broker incompetence... Warning to all IB Traders: Don't use buy/sell stops. They don't work...
Why does IB pull orders at night? None of the other brokers I have used have ever done this... Name one that does... So I make sure I don't move to them by mistake... There is something wrong with IB's software... They need to fix it or they will lose customers...
version, you yourself said you had 1 stop blown in two years. thus don't you think you're over-reacting? Why does IB pull stops at night? Ever hear of illiquid after hours markets? Ever hear of small orders at wide prices in an effort to trigger stops in such markets? If you want stops at IB to work after hours, it is simple as going to the configuration setting and chosing "after hours".
def, I could be overreacting, but when others say it is my fault and I am responsible for a sell stop not triggering then I have no choice but to voice my viewpoint. Do stocks such as POT which is a NYSE stock trade afterhours? This wasn't the problem. The problem was the stop didn't trigger for over an hour after the price was hit. I can see pulling emini stops or whatever but NYSE stocks? I guess I should just stop reading the thread so I won't see others griping at me for griping about IB...
Being compared to OldTrader seems like a compliment to me given the content of his posts. No, the blown stop is not your responsibility. However, as a trader, it is your responsibility to know your execution platform. One of the features of IB is its simulated stops. It is your responsibility to know they are simulated and that if IB has stale market data due to electronic error, there is no way for them to send your stop order correctly. Every brokerage will have difficult days in terms of electronic communication. The internet will have days where it will break down. The real question is if you, as a trader, are prepared for these events and how you will handle the situation. Were you watching POT during this episode? Was there a time where you noticed your stop wasn't working? If so, did you immediately cancel it and send in a market order? How about having a backup alert system - most quote providers have some sort of alert program that will beep if a stock hits a certain price. Make sure the data feed is not IB for redundancy purposes. When you hear the beep you can check to see if your IB stop order is active or not. If it isn't, then you can submit the order manually. I realize you shouldn't have to do this, but the realities of electronic trading are that you can be cutoff from your electronic brokerage at any time. You have to be prepared. The solution you are seeking is within you. The solution is not bitching at IB for electronic failure.