The following is my reply to the email sent by IB regarding implementation of level 2, and represents my main concern in trading with IB. If you have the same conern, it might help if a lot of us expressed it in our replies. "I actually have to have an additional account with another broker because of the lack of level 2 order routing with IB. Sometimes there are opportunities that would pass me by because I have to type in a symbol in a third party level 2 box, then type in the symbol in TWS for order entry. Ideally what would be the fastest solution is this: you type in a symbol in a level 2 box, it automatically shows up also as an order entry line in TWS, and you have the option of routing the order through the level 2 box or through the TWS order entry line as you do presently. (A chart that would automatically pop up would also be nice.) I would not like to have the level 2 replace the current setup, but to have it in addition.
I'd like to see clients given the option to have IB TWS integrated with third party data platforms similar to what MB Trading is supposedly doing with Navigator. Analytical platforms offered by brokers all seem to suck imo. The main problems being the lack of analytics and attention to detail.
I hope any new functions come without sacrificing the low commissions. Level 2 feed (useless garbage IMO) and charting is dime-a-dozen on the internet.
I hope that IB stay focused on what they do so well: a rock solid order entry and position management platform. Level II, Charts, Scanners etc. is readily available from multiple different sources at low cost (< $100/mo). IB software is infinitely more stable than e.g. CyberTrader (in my experience). Why muck with it ?
My 0.02 worth: IB should concentrate on its knitting. TWS is good, it can be a heck of a lot better. IB's main concern should be this. First remove bugs, second, improve TWS for traders Period
I don't need alot of bells and whistles, I already have those in other packages. But i would like to be able to type in a symbol, bring up a L2 type box, click on a price and transmit for on the fly trades, based on preset trade size and route---similar to Real Tick. I'd also like to have some more hot key options. Like being able to put in an order to buy at the bid and sell at the offer. 99
If you want something similar to RealTick, why not use RealTick in the first place? I don't want IB to become yet another mediocre jack-of-all-trades broker, but rather remain an efficient and reliable order entry platform. BTW, all day traders I know trade only a small basket of stocks, so they already have a page set up for it and don't need to shoot from the hip.
Can only agree with most other people here. I appreciate IB's attempt to gather info about their customers preferences with regard to more sophisticated trading tools. But I'd rather like to have more markets to trade through IB ( i.e. european stock exchanges, other than UK ) or having IB's TWS integrated in some existing RT charting application ( Qcharts, Quickenquoteslive, etc. ) than having the TWS's speed & simplicity spoiled by overloading it with too much bells & whistles. Adding some useful functionalities, as requested by some traders here, is, of course, always a good thing and the TWS progressed already quite a lot due to comments and proposals mady by traders on ET and on other IB boards. There are so many attractive RT tools out there to choose from, so I wouldn't see the need for IB to re-invent the wheel.
IB should stick strictly to what they are good at...order entry! They could improve on order entry by... 1. A Buying power calculation in the account window. Right now you must figure out what your buying power is yourself. In the "heat of the battle" it's nice to know where you stand at all times. Especially with the new margin rules. 2. Account information needs to update faster. Right now I think it probably updates every minute. Traders NEED to know what their positions are. For example: I own 800 AMCC...I sell all of it...then I change my mind and buy back 500...the account window will still show 800. This has happened to me countless times. 3. A column in the account window showing each position(s) P/L and a total at the bottom. 4. A column in the account window showing your average cost per position. Now...If they were to team up with E signal, qcharts or some other charting/L2/quote service and offer some kind of rebate based on the number of trades or commissions generated. A much better idea.