ur a dumbass QDZ. Not only will you never be taken seriously here on this board, you will also NEVER make a penny in the market. Shut up. You are the representation of the perfect loser.
You really need some help qdz. I hope you find it! http://www.elitetrader.com/vb/showthread.php?s=&threadid=14779&perpage=6&pagenumber=1
I almost miss replying this interesting post which curses me. Let me tell you that you are right. I will be a loser when special interest group add more and more rules like the PDT rules against me. But I was in fact lucky as I didn't lose all with IB before I quit them just in time. I hope you do the same. You know what, I want to forward your curse to against the option exchanges, NASD, SEC, and f8cking greedy cruel special interest groups.
Does the cancellation fee apply to changed orders? For instance, if I have a limit order out there to sell at the ask on the inside and I am chasing the inside all day. Let's say I change the order 5 times before getting executed. Is this effectively 5 cancellations? and would it be $1.20 each time per contract against the order? What about limit Day orders? If I never change the order and it dies at the end of the day, is this a cancellation? As you rightfully mention, this is not a good thing but I will have to adjust my placement if this is the case...maybe by getting further inside so the likelihood of a change is less so. Thanks in Advance
The communique says cancel and thus I believe it is for cancels. I guess the exchanges want to keep orders at their exchanges. (so much for all that talk of linkage). It's the weekend and I can't call anyone to confirm and thus I think the best thing to do would be to make the post on the ib site and hopefully someone will be able to clarify sooner than I can.
Def, as always I believe I speak for all (except the obvious morons) when I thank you for your truly invaluable support. I noticed as well that the communique did not mention "modification" only "cancellation". If that is true, I don't think anyone here will have aproblem with the new fees. Unfortunately, I find it hard to believe that it would be true. If it were, I could to the following to evade the fee: Let's say I have a sell limit at 2.55 and I want to cancel it, but I don't want to pay the fee. All I have to do is modify the price of the order from 2.55 to 255.00 (or even just 20.00) and wait for the day to end and the order to expire. If during the same day I change my mind again and want to sell the option, I just modify the order back to a reasonable price. It would be kind of like the trick for canceling orders on the NYSE, where you would first move it .50 away from the market and then cancel it, which used to make for much faster cancel confirmations. Of course, the NYSE eventually discovered that traders were using this trick and now a cancel takes just as long to confirm as a change away from the market. Therefore I have a feeling that even if order modifications don't cost us right now, they will soon enough. Another thing I was wondering: How is that cancellation fee reduction applied? If you cancel an order in one option and then trade another option, does the credit still apply? If you cancel an order on one day and have a trade on the next day, does the credit apply? Also, if you trade on one day and don't need the credit, will it apply for cancellations on the next day? If the credit can "span" multiple days, how many?
"I could to the following to evade the fee: Let's say I have a sell limit at 2.55 and I want to cancel it, but I don't want to pay the fee. All I have to do is modify the price of the order from 2.55 to 255.00 (or even just 20.00) and wait for the day to end and the order to expire" as posted by lobster earlier ... this sounds like a way to avoid the fee if ... A ... there are no fees for modifications B. it is easy to modify an order without it cancelling out I Assume this can only work using Smart Execution
if we must keep this thread alive over the weekend is there a way to change its name ? maybe to something like new option cancel fees for IB ?