Whether an account is $10K or $100K doesn't really matter f you are losing (appx)$40 a month's worth of interest (which is what happens when $10k is taken out of the equation) , and you aren't trading enough to make the slightly cheaper commissions from IB worth it (not even mentioning the inactivity fee you get hit with if you don't make enough trades), then you are actually paying more to be with IB than another broker like...say...MB who pays money market rates and has similar commissions. I'm just saying $40 is $40 if you're doing a direct comparison with a broker whose main (and pretty much only) claim to fame is cheap commissions...if you can find a broker that offers similar commissions, pays interest on ALL resting cash, AND will answer the phone when you need it...well, my friend....you have a broker who kicks the shit out of IB. Yeah the interest is pretty much a non-issue ON IT'S OWN if you are making big bucks trading...BUT if you are directly weighing and comparing brokers...it does play a part as far as Occam's Razor is concerned in broker selection. As to your point of IB not being able to close trades due to a server outage...yeah that's a big old shit sandwich....but a major problem was that most people had no idea what was going on....it makes a huge difference to at least have a clue what the hell is going on.....apparently even IB's system status page was offline today. lol
You still haven't said who your broker is. But you use "MB" a couple of times as an example, so let's look at their deal. First, if you go to their webpage you'll note that margin interest, the interest you PAY on margin debt, is 7.95%. IB charges 5.65% on amounts under $100K, less on amount over $100K. That difference more than offsets any perceived difference on that first $10K loss of interest. IB pays interest on credit balances from short sales. MB does not mention it, so I presume they don't. And then, we start to compare other things like the fact that it's not possible to trade 24 hours a day at MB, a problem for a guy wanting to trade some types of futures, like currencies. In fact, at IB you can hold your balance in a variety of currencies, AND earn interest. Not likely at MB. These types of comparisons go on and on. But I'm sure that MB probably suits some type of people. I wouldn't personally even consider them. By the way, a wire transfer at MB is $15....it's free at IB. LOL. So if you have money wired out once a month there goes $15 at MB. So who is your broker? OldTrader
Not going to be accused of being a shill. I see your point, and if you review a previous post of mine I said the same thing..IB may be a good choice for some...but not for others.... If you wanted to trade currencies that bad overnight with MB, you could trade spot. Or find a broker that meets as much of your criteria as is possible. I am merely mentioning pros and cons of other brokers against IB. Not necessarily saying MB is the best, but I do admire the fact that you are doing research on your answers. I am merely making a point that IB is not the end all be all that some make them out to be. I am not trying to promote any individual broker, just making the point that one should do research for their particular situation in selecting a broker...just like they should find a method that suits them. I talk shit to you, but you are one of the smart ones here on the forums and I recognize that... Right now of course, you're being a bastard and I am wishing death upon you.
Reaver and OldTrader.. You guys provide wonderful comedy as I wind down for the weekend. LOL. Enjoy the new year.
This post started off " does anyone use TOS as a broker for futures". This has turned out as a usual screwfest. There is nothing here that helps anyone. Only you two trading jabs and insults. Reaver go to TL and put somebody else down. Leave OM alone. To each his own. WHERE IS THE MOD OR BARON???? This is what et has turned into again. I am better than you and no you are not. Yes I am. Yes I am. THIS IS CRAP!!!! If you CANNOT POST ANYTHING POSITIVE TO ENLIGTHEN ANYBODY HERE. Then GO ELSEWHERE! LOOK IN THE MIRROR AND SPEAK NEGATIVELY TO WHAT YOU SEE.
Follow your own advice and we can all be happy. Deal? Not sure what makes you worry about what I do so much. Did you not get what you wanted for Christmas or something? You seem pretty torn up for it being the holidays and all. Just relax.
P.S. glad I could be the reason for your first post in almost 5 years. It's an honor kind sir. Just makes me wonder what your regular handle is here.
For the record, js1257, I don't vouch for TL anymore... and I withdraw any support or recommendation to participate in the TL forum. As time progresses we learn things about people, etc that may alter our perceptions of them. It's a personal decision, but I just want to make it clear that I have nothing to do with TL anymore. There are some great guys there and they know who they are, but my issue lies with the owner and how he runs things. Not my style to operate that way. I had forgotten to mention that previously, but thanks for reminding me.