Jay, you seem to be missing a key point here. IB is doing you a favor by combining a cancel and a place order into one. If you placed a 1000 share order, filled 500, canceled the rest and placed a new order for 500 shares at a revised price, it would be reasonable to expect to have the new order commission be 0.01, right? All IB did was automate the process, leaving the commission the same. You however are expecting them to lose $2.50 in commissions because they made it easier for you to make the change. Yes, there are other brokers that do not alter the commission, but their base commissions are higher to make up for it. No good deed goes unpunished
Agreed, when viewed that way it sounds reasonable to accept the cancel/modify situation. Everybody its time for me to call it a day with this thread. There are over 1200+ views not bad for a discussion like this, however, I am getting tired as well. With Medved's last comment I think that about sums its up for this thread. Good trading to all.
Jay, commissions on IB are about as low as you are gonna get them, with a firm that has had very few serious problems, is a member of the serious exchanges, tells everybody and gives everybody the same sweet deal whether they hardly trade or trade their guts out. Pretty unique. I became a floor member in 1982, when a 100 million share day became history. As a member I paid 4x the commission you pay now. Let alone the data feeds which you virtually get free now. I think all of us should worry about commisions actually going up, not carping about them being too high. Give good brokers high marks for keeping your money safe, continuing to evolve technology, and offering reasonably low commission.
Just had to reply to this and say yes Spyderman you are correct many times over. The b/d industry and as a result traders have come along way with advances in technology and lower commisions. Its a wonderful situtaion to be in none of which goes unoticed by me. Three Cheers for Capatalism! Now lets all go out on Monday and go steal those trading dollars from each other!
So what would happen if Mr. Trader got his 500 shares and decided not to get the 2nd 500? Or decided to get the 2nd 500 a day/week/month later? You still expect the 1000 share rate? I would think not. He doesn't "get filled on his remaining shares," he essentially gets filled on a 2nd order. Two separate orders is what I see.
yes, IB's commissions are fine with me. A more pressing concern is that IB was down for several hours during the big blackout.
Well that would also involve taking in to account the time in force conditions of the order. A GTC order yes if I had a limit order and never modified price I would expect the next day to have a same standing order open.
"yes if I had a limit order and [if I had] never modified price" Exactly. You never got your original order completely filled, you wanted the other 500 shares which you then offered more for. Two orders of 500 shares each.
My theory is , Jay123 is from the PR dept of the firms discussed. Now we're all twice as greatful for our accounts and 3 times happier to do business there. Just a theory.
The beauty of IB is that you CAN change your price, re-transmit and have it fill all as one order. You can do this as many times as you like and it will always remain one order, with the savings in commission over 500 shares.