You can trade everything under your IB account. IB is not ideal for trading mutual funds which I don't care and almost no other traders care. Can you liquidate all your accounts (if you have) and transfer them to IB and have everything under one umbrella? If you can control yourself in trading, maybe you can have 10K in your account and only allocate less than 2K of it for trading. If you have only 2K in OX and trading options with 5 cents spread and that $15 one way commission, you should hit homeruns to be profitable. By the way, even if you want to open an account with IB, read all the feedbacks to see anything that you dislike about IB. I believe IB will charge you inactivity fee if your monthly commission is less than $30 if your account is below 25k. If you are a semi active trader, that should not be a problem. Even if you pay inactivity fee, the money that you save would be more than $10. You cannot login to your account from Friday midnight till Sunday 12PM. This was annoying the first few weeks that I opened my account with IB.
Overall, is IB better than OX? That's a personal conclusion based on the nature of your trading and what tools you need. If you're happy with OX, you shouldn't change brokers but by no means are they comparable commission wise.
That's ridiculous advice. The whole purpose of a limit order is not to pay more than you want to when buying or receive less than acceptable when selling. Is trying to save a few pennies really worth it??? If you do any kind of volume, a mere 5 cts per contract will really add up at the end of the year. And most absurd of all is "getting the trade over" and executing at an inferior price for convenience so that you can do something else.
Did you ever consider the possibility that in the time it took you to cancel (or adjust) the first order and create the second order that someone showed up at 13 cts?
How does a retail trader decide what is an acceptable price? Why do you think a MARKET order will get filled at an inferior price as compared to a LIMIT order? So how long should someone watch the "The Exchange Has Acknowledged Your Order" message when they try and get that 5 cent discount? If they made the right call on that trade it might not get filled, unless they modify the order and accept an inferior price, which could be worst than the original buy/sell quote. PS ..... The above would be based on Interactive Brokers.
I cannot prove it but I am 110% sure that it was not the case. The stock was flat for one hour and after I traded at 0.13 the bid/ask was still 0.1/0.15
Hi, please ignore my very basic question, since I am new to this forum as well as Options market: 3- About cancellation fee, I agree that at first it was unacceptable for me but after a short while I got used to it. As I said that fee is about $10 a year for me. There are ways to avoid the fee. For example if I put an order to sell naked call for 2 and then the stock drops and I want to change my order to 1.8, I don;t cancel my first order. I just put a new order for 1.8 and sometimes because I don't have enough money for two orders, IB automatically cancels the $2 order without fee or I cancel myself after my 1.8 goes though and I have credit to cancelthe first order. Can you please explain in detail, Why we need to cancel the order even if stock drops, let the order get filled? Also, if for some reason I cancel the order, why IB charges the fees for cancellation, since it's not filled OR executed. Thanks,
in my experience, if you need/want to put on or alter a position, it will cost you money worrying about a few pennies. usually, something is moving in that direction for a reason and trying to squeeze a few cents when the goal is to make much more ends up being fruitless. i'd rather give up a little edge and have the right position on rather than being stuck with a crappy or no position and saving a few cents. just my .02
If you are a serious options trader... meaning that you trade every day.... hit me up ryandbaird@gmail.com I might be able to get you a cheaper commissions though my buddy....if it works great...if not no harm no foul he helps me because I trade 20-150k contracts a day depending on market conditions.... I can't promise anything but I'm pretty sure he'll beat all the online retail rip offs out there...