After reading qdz's latest posts, I was about to regret what I said about letting him live earlier. But I'm not quite there yet. As to socialist shithole, what do you think the US is on the fast lane to becoming? But that's really a topic for chit-chat.
I have a theory that qdz1-x is actually a shill for IB, playing the bad cop role. After his over the top diatribes, everyone is on IB's side. Voila, the perfect PR man. Ya never know.
Interesting. IB has already admitted that they have a diaplyer (see TWS bulletin on 01/06/2003, referenced in http://elitetrader.com/vb/showthread.php?s=&postid=181022&highlight=diaplyer#post181022 Now they send in a diabolic diathetic whose diacritical diatribes are so diametrically opposed to those of his dialog partners and so devoid of diaphaneity that some would like to cause a diapause of his dialectic diarrhea using a diaphragm. He could actually be trying to subliminally advertize one of the major ETFs traded on the AMEX. Let me think... could it be SPY? No. QQQ maybe? No. It must be something else. I just can't think of any other ETF which would follow an important US stock index. Any help would be appreciated.
LOL, not a bad ploy. Alas, rumors that his bashing would get him on the payroll or past the PDT rules are false at best.
My guess from the memo about cancellation fees is that it means if you place an order to buy 1 option contract, then cancel that order, you will be charged 20¢ for that cancelled order, instead of the $1.20 you would be charged now. If you place an order to buy 2 contracts, then cancel that order, you will be charged 40¢. If you place an order to buy 7 contracts, then cancel that order, you will be charged $1.20 If you place an order to buy 10 contracts, or 50 contracts, and cancel that order, you will be charged $1.20. Unexecuted Day Orders will not incur a cancellation fee. Executed orders will not reimburse cancellation fees from previous days. And the fees will be applied to order modifications as well as cancellations. That's how it's looking to me. All in all, this memo is telling you that IB is REDUCING the fees for orders under 6 contracts. The truest statement in this thread was Bob, who said "options are shit anyhow". Time Decay is the killer in options. Unless your timing is perfect, options are a sucker game. If your timing is perfect, you don't need to worry about cancellation fees. If your timing is not perfect, they're probably doing you a favor by creating one more penalty likely to push you out of options trading.
I assume you are talking about those who buy options when you refer to the great time decay. Please remember that there are two sides to every trade. Some of us make a living selling options and wouldn't have it any other way. For us, the rapid short term time decay is a blessed event. Options are a crucial element in today's markets, allowing one to hedge nearly anything against almost any event. This hedging provides stability that protects our economy and way of life.
ditto as to how mnay forget the other side of options transactions... shhhh.... let's keep it that way.