What the hell does this mean...... "Dopes hope; Winners are spinners." --Larry Williams What is a "spinner"? "I want to clean my patch. Right." HUH???
"I want to clean my patch. Right." Just a quote from a UK surreal TV comedy "Triggerhappy TV". Like your "Jackass TV" only better!!!
A "Spinner" is someone who flips their position when the trade goes against them. Very profitable strategy that few people do.
Alternatively it leads to excessive drawdowns in sideways markets that your broker will thank you very much for!
From my own personal experience, Schwab will make things right for you if their systems fails to execute a trade for you. Yamner (non-online broker) will also make things right as well if they screwed up. IB, on the other hand, has told me explicitly that they do not make adjustments due to IB system failures. Schwab and Yamner cost a heck of a lot more than IB. I've saved a lot more in commissions than I have lost due to IB system failures (I've had only one order that didn't execute due to a IB system problem over the past six months), so I'm sticking with IB at this time. Again, you get what you pay for. -- SP
I wonder if Schwab's Cybercorp has this also. I doubt it. I don't know of anyone who pulls 20 trades a day with Schwab. But there is probably some out there! :eek: Myself, I will stick with IB for now...Haven't had one blown trade yet. (As he crosses his fingers)...
I had a terrible experience with IB once. I daytraded the DAX (german index) future and the front end told me my position was closed out by their system. I could still see the contract on my position window though and still had the margin requirements. I called support, and they took 48 HOURS to tell me if I had a position or not. Because I didn't know if I had it or not, I could not even hedge!! It was terrifying.. Funny thing is, after 4 weeks of examinations on their part (and even without me threatening them or something alike), one very kind guy at IB that kept working on it finally had them pay me back the losses the whole story resulted in (something like 1500$). As soon I had gotten through the helpdesk and was in contact with him, things were on their way. So, bottom line: They're cheap, and yes, they CAN screw up badly. But if you manage to get through to the competent guys, they are even trying to get things straightened out. May something like this never happen to you! Wonko
From personal experience, I can say that CyberCorp covered losses I had that could be attributed to system failure.
Yes Cyber Corp does make good on an erroneous trade . Happened to me on a short of CSCO. Long story short they doubled up on my short sale , so I called them and they said the second trade was valid so I proceeded to cover covered both shorts . There were many Island system problems that day . Anyway the next day I get a call in the Am telling me that I am now long 1000 shares of CSCO because of a system screw up and what would I like them to do . Well CSCO was up almost $ 1 premarket so I kept the long position and sold it for a $ 1000 gain . Nice surprise . The only reason I am trying IB is because of the commission for small lots trades , Cyber Corp is top notch .
What's with this 'small lot' stuff? Cyber is TWICE as much for 1000 lots (15 vs 7.50) unless you are trading a lot, and still higher even then. And if you are making many trades , say 500 a month , even $5 a trade savings is $2500. So let's stop this silly, IB for small lots talk.