IB's New Java Platform

Discussion in 'Retail Brokers' started by mjt, Dec 1, 2000.

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  1. mjt


    For those of you forunate enough to be at the beginning of the alphabet...have you tried Interactive Broker's new Java platform? Apparently I won't be able to use it for quite some time since I'm at the end of the alphabet. Let's hear some feedback if you've gotten a chance to use it.
  2. wshi88


    Based on the manual i've read, u still have to put one line each for different routing options for a single stock. That to me is still unacceptable, if you daytrade actively.
  3. hsanson


    As for Java TWS, today I chatted with some trading partners who were fortunate to be the chosen ones by letter "A" and they told me they used it for today and that on monday they will revert back to the OLD TWS. I hope Def or any other Interactive Broker representative is reading this post as I will summarize some opinions from traders using TWS all day long on how to improve the JAVA TWS.

    Here are the suggestions for the new JAVA TWS:

    1. Has to be lighter, the released to the public JAVA TWS is a Windows Resource hogger

    2. We trade for a living, so we need to input orders fast, in other words it would be very, very handy to be able to change the Exchange/Route without having to retype the symbol again and again every time we decide to change from ISLD to SOES to ARCA then to INSTINET. It's cumbersome

    3. BEST EXECUTION Feature cannot replace direct order routing, sometimes trading requires surgical precision executions and Best Execution is like using a general purpose scissor in surgery, worst of all if a route breaks down, Best Execution gets weird and will hang your order in pink and make you waste time, money and confidence. Give more freedom for the trader to choose its own execution route. We are not investors that only use Market orders, we have responsibilities when routing an order. Leave Best Execution for ETRADE or any other Online Web Based Broker ! !

    4. We need to have a log of all trades made during the trading day, so please fix JAVA TWS so we can export the trade confirmations to a file ! ! Even Old TWS can do it ! !

    5. IB is stubborn to change and adapt, there are several tested execution interfaces such as Real Tick 3 and CyberX, why the hell IB's JAVA TWS still follows old TWS interface for entering and sending orders ? ? Is IB too proud of itself and cannot accept that interfaces like RT3 and CyberX are far superior in user friendliness than TWS ? ? ? In other words, the JAVA TWS is no more than the Old TWS with resizable windows, nothing has changed for the benefit of a better interface for placing and managing orders.

    6. We are not online traders, so why in this world the JAVA TWS doesnt support "hotkeys" for placing orders anymore. Do you think that clicking buttons with a mouse is faster than typing a keyboard ? ? ? What do you think we are trading with the JAVA TWS ? ? We are trading highly volatile NYSE and NASDAQ stocks and do you think that clicking with a mouse we will have an edge over RT3 users punching keyboard keys in less than 1 second ? ? ?

    To summarize:
    Avoid Interactive Brokers for now, these people and their customer support is the worst I have ever had. They leave you hanging and still worse, they have no Chatroom where you can be attended by their personnel in case you have problems online that cant be solved by phone. Their TWS execution software can't be trusted and if you are stuck in an order, their customer support cant get you out because you wont be able to contact them.


  4. wshi88


    Well said, handson. That's why I abandoned IB long time ago for my stock daytrading. I only use it for occassional futures trading now (old version).
  5. def

    def Interactive Brokers


    In all due respect, you are constantly bashing IB from post to post but remain a customer. We must be doing at least something right. At a minimum, how about saving your criticisms of the new front end until you try it. I've used the beta version of the software for futures and not equities and thus unlike you will not be eager to critique or defend they system until I use it for a period of time. I can say I've had no problems running the program on my home and work PC's. There are certain things I like and others that I would do differently. I do know that some of our most active clients have beta tested the JTS and their feedback has helped shaped the design.

    In addition, no one is obligated to switch to the new JTS yet. You do not seem to like our interface and say others are superior. But go to their message boards and chat rooms and you'll find others critical of their methods. There is no way to please everyone and every type of trader. We have received hundreds of e-mails/comments requesting us not to change a thing. A common theme among the comments states that our order entry is the easiest and least error prone they have found. The new version has a couple of different ways to enter orders and I imagine that customer demand will determine if new methods are added.

    I think you are way off base on your comments in regards to reliablility and our help desk. Given the large volumes (both institutional and retail) flowing through our system there are clearly many thousands that disagree. The staff from junior level to senior management care a great deal about this company (e.g. I recall months ago stepping outside my responsibilities to assist you with certain issues) and your comments aren't taken lightly and will be addressed internally. To my end, I'll forward your comments to a couple of people including the head of the help desk and the head of programming.
  6. Hi!
    Is it true that it´s not longer possible to change the price for 59 1/16 to 59 3/16 e.g. with the right mouse click?
    Will I have to type in every order outside the current bid or ask?
    Even when I´m wating for a signal, the bid is cleard, I will have to cancel my order and start to create a new one?

    If this is really true it´s absolutely unacceptabel. There were some disadvantages with the old versio to high quality platforms like cyber but it was possible to trade.
    When I will have to type in every order scalping and momentum trading will not be possible any longer. Just swing will be the thing.

    So I, and a all other IB users I know, will have to change ther broker or stop trading. :)
    I will choose the first possibility.

    But there are 4 months left to develop an acceptable version of the new TWS. I hope IB will use this time....

    Is there an E-Mail of the developers available to send comments to the new TWS?

  7. def

    def Interactive Brokers

    send mail to ibmgmt@interactivebrokers.com

    it will be helpful if you are explicit stating what you are looking for.

    also I believe the old TWS will be supported for at least 6 months. In my experience, I have been trading derivatives electronically since the mid-eighties, is that it often takes time to get used to new methods and programs before adapting and many times preferring the new logic. If possible, give it a few days before reverting to the old software. You'll be able to give us a more comprehensive critique which will benefit all of us.
  8. def

    def Interactive Brokers

    in the previous verions I beta tested, I had the drop down price menu and it worked as before. I just logged in and it wasn't there. Not sure why but I'm sure it will be returned.
  9. def

    def Interactive Brokers

    the drop down menu is back for easy price changes.
  10. tntneo

    tntneo Moderator

    I am happy user of IB. And I'd like to balance some of the nasty comments in this thread.

    On very few instances I had to call on IB chat help. It was accurate and helpful. Time to help was acceptable. There has been only one instance when it has been impossible to reach them by chat [it was a crazy trading day anyway].
    And EVERY broker in such instances have problems. Come on, even the ECN and routing breaks down as someone pointed out.
    If you can't stand the heat...

    Where IB brings difficulties is in the routing. It is true that other platforms [and I used Cyber] make it easier to change route quickly.
    This issue might make it difficult for Nasdaq traders. So the best execution is not the 'best way'. However, I remember that when I had problems I was a bit too strict on the limit with a fast moving market [don't always blame the broker guys !].

    I did not try the java platform yet, so I won't comment on it, although I do see some advantages. But the main way of working is the same and I am glad, since I left other brokers for IB as soon as they activated back the STOP orders on stocks.

    For swing trading IB NYSE or NASDAQ is simply perfect.
    For day trading NYSE is good.
    For futures is perfect.
    For day trading NASDAQ could be improved [easier routing change, more alerts to take automatic action like cyber does]
    #10     Dec 7, 2000
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