hii, not quite. You only get credits against the fees. Thus the cancel would cost 1.20 and you'd get a credit UPTO NOT OVER the 1.20. Modifications: They are treated as cancel/replace by the exchange and thus charged. Wolf, You don't think we keep audit trails. You don't think we are audited by accountants, exchanges, regulators. Keep crying, no one is listening.
SEC and NASD ask you brokers to provide itemized statement in detail for all transactions and fees! That is THE REQUIREMENT! BTW, did you ever insult ex-customers using other aliases? As for me, I always keep the root of my aliase QDZ.
Currently, one execution eliminates one cancel fee. If you had three cancels, then traded 15 contracts, you would have to "unbundle" that order into three 5 contract orders to eliminate the cancel fees. After the new changes, you will be able to eliminate three cancel fees with a single 15 contract SMART-routed execution. But with all this crap, I ask again why any of you should really want to trade options at all anymore. Single Stock Futures give you none of this garbage to deal with. There's only two complaints people can make about Single Stock Futures: 8¢ spreads, and limited list of SSF stocks to choose from. 8¢ spreads? So what? With options, you're generally trading a minimum of 5¢ spreads, because they trade in 5¢ increments. Quite often, the spread on options is 10¢ or even more. When you factor in the costs of these cancellation fees, that adds more pennies to the cost of trading an options contract, depending how much you cancel or modify your orders. SSF: NO cancellation/modification fees! Cancel/modify at will! No Time Decay. Your timing must be perfect when you buy options. No PDT. You need $2,000 to trade SSF. With $2,000 you can trade SSF as often as you want. Screw you, S.E.C.! {middle finger} 5:1 margin, intraday and overnight. This generous leverage gives you as much profit potential as you will get from options even if your timing is perfect, which it needs to be with options. I don't understand why people snivel about 8¢ spreads on SSF, while banging their heads against the brick wall that is options. I think people are just reluctant to try anything that is new and not widely discussed. I'm glad that I'm a person who is willing to try something new. And I'm glad that SSF came along when they did. They allow me to say a hearty "Screw you, S.E.C.!" every time I trade them or even place an order to trade them that I later cancel (with no fee!).
We are never insulting you, but from time to time we send a request to ET and ask for removal of your user ID.
Lots of useful information & lots of crap in the 21 pages. My $.02 â IB is still great, cancellation fee or no cancellation fee. I am happily letting them be the conduit through which I manage my current income and my retirement money and thatâs not going to change anytime soon. Def et al at IB â many thanks and keep up the good work.
Another bit of information you might find useful: you can set your user preferences to display 40 posts per page instead of 5.
For once I agree with you. You should abandon trading those expensive options and trade only SSFs. A much better deal indeed.
Real friends loyal to IB would paid IB as much as commissions as possible from their sustainable consistent profits generously. Shut up crapping for the PDT rules , outrageous illegal fees, and baby-care overtrading etc.