Actually NONE IB is the only one. Yeah, I'm a NOOB (but not a crook or lazy). I see now why IB fan-club is much strong My be I'll also join this club. As a noob my frustration was about the 'modify/cancel fee' and I feel that it will hold me from making good trading decisions. May be I'm wrong; so kindly tell me about your experience regarding the same. Does it really hurt trading decisions? What are the good practices around it? I got this quote from some other thread "good traders never modify their orders". How good this holds for OPTIONS trading? The other alternative that I was considering was SogoElite(or SogoTrade). They have better rate (0.004) for equity trading without any 'modify/cancel fee'; but do not support OPTIONS. SogoElite has no web-based interface and can only be connected through their client. SogoTrade has no extended-hours trade. Again, thanks a lot for your valuable time. Cheers, Sudhaker
I was also pissed when they announced that some time ago. But I found that I have never been charged this fee in real trading although I do cancel a lot of trades. So I still don't know when they apply this fee but in case of my trading it does not seem to be a problem.
Not true about good traders never modifying orders. In fact it's the opposite. A pro will modify orders based on new information that tells him/her to do so. Modifying orders based on fear or impatience is not a good way to go about it. Neither is chasing a market. As for cancel/modification fees, depends on your style of trading as to whether or not it will affect your bottom line adversely. I only trade futures so it's not an issue, per se, for me. Globex has a policy against what they call, excessive messaging. Which is cancelling/modifying of a placed orders relative to the number of executed orders per day.
"Most of IB criticism comes from noobs, crooks, and the lazy who have the audacity to post disparaging remarks. " Let's see, I opened a position of 50 calls on the Q's. The trade started to go against me so I decided to short the Q's, but the trade doesn't execute, I try to close the position and buy puts , that doesn't execute, I call IB, wait a considerable amount of time as the Q's tank and am told the servers are down. Of course they can't initiate new positions from a phone order so forget about shorting the underlying Q's or buying puts. But they do offer to close the trade at a $3000 loss Now you tell me how this situation makes me the noob or crook and IB the professional's choice?
we have and resemble the above, many times. IB has so many features that are bs and have no value as they do not even acknowledge the items that to me is a major issue. their liquidate immediately if compliance is breached is a joke, they override your account manually, liquidate last is a joke, sma is a joke and no one there to date can give an explanation never mind the same one, lost date, log in, tws going pink so you can exit, lagging executions etc etc. but they are the best of the worst re electronic trading for offering stocks, options, futures etc. and I have been with them for years and yes I can bitch about them like any other broker who doesn't give a hoot about you or me or trade within their parameters. w