Take a look at this thread. This is the first serious competition that IB has had in a long time, it not ever. http://www.elitetrader.com/vb/showthread.php?s=&postid=132822#post132822 nitro
Are not rates negitiable? Have you emailed IBs mgmt on the subject of rebates (at least for you) for doing high volume? What did they say?
I am not a high volume trader at this point - I consider above 200K a month to be bear minimum for a pro. However, I am gearing up to do > 200K a month. nitro
I'm typically pretty cynical, particularly about this industry but I agree with this strongly. IB is the best friend traders have.
Nitro I had just talked about that with another member the other day. Although, even as a longer term player, I have missed my entry point as the stock runs away, thus creating too much risk. I, for one, am glad, btw, to see you up your volume. It was obvious to me after my first weeks in the trading room that you should have been doing much more size than you were. I rmember PM'ing you then too about the same. Way to go! One day I'll be telling my son...'oh yeah, I know Nitro.' "Gee Dad, you know everybody! So how come we drive this old Rambler, and he gets around in a helicopter?" 'It's all about size son.'
inandlong: Would someone who voted "NO" on the poll explain their position. I voted no because I'd imagine their margins are pretty thin already. I'm pretty durned happy with IB. No, I don't trade incredible scale, and I may never. But if I ever am able to do scale, it will be because I was able to test my theories and strategy using IB. I can scale in and out of positions, and trade 100 shares without fees eating into my profits. I will not quibble over their fees. As someone said, if for some reason IB goes under, where are we going to get such a rate? You've got to give a business, any business, and area to make some money. I am a staunch capitalist... but I've also seen the consumer drive price and margins down to unbelievably (to me) thin margins. I simply think that's short sighted.
In, Thanks for the kind words of encouragement. I have found that the biggest impediment to trading size is getting used to the swings in P/L that I go thru as my trade get's into or it doesn't get into the proper form that I would expect from being in a winning trade. Theoretically, I have the methods to tell me when the trade I am in has bad form, but I have learned to let them ride a little longer and the only thing that screams at me to exit the trade is: 1) the end of the day on a loser 2) the L part of P/L has reached the eject button stage It is number 2 above that requires "emotional" adjustment. I know that theoretically you can take your past results and multiply them by the multiplier that gives you the new size according to your account size, etc, but emotions are a funny thing when you see +$1000, -$1000, and one is not used to that... nitro