Unethical Conduct by IB

Discussion in 'Retail Brokers' started by TRADERguy, Apr 27, 2006.

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  1. This morning at 10:01, I put in a limit order to short the EUR/USD @ 1.2474 on IdealPro. Then I decided that was a bad idea and I canceled the order. Everything showed that the order was canceled successfully an I did not get filled. By everything, I mean the order on the main window showed that it was canceled and then it went away, Book Trader showed that I had no position, and the account window showed that I had no position. Then at 10:38 I saw my account drop in value suddenly, with no corresponding price movement against the trade I had on at the time.

    I looked at my executions and it showed that I went short at 1.2474 at 10:38:23. The price during that minute was 1.2521 to 1.2525. I already had a short position on and didn't have any pending orders to add to it at 10:38:23. The second short position required too much margin, so IB closed it a minute later at 1.2517.

    So I called IB and they said that the order from 10:01 had been filled and the reason that it didn't show up anywhere in TWS until 10:38 was that Duetcha Bank was having "booking issues." He said that I was stuck with the 43 pip loss and there was nothing IB could do about it.

    WHAT ABSOLUTE B.S.!!! I will never trade on IdealPro again.
     
  2. lwlee

    lwlee

    Geez, that sucks. Makes the case for trading currency futures stronger.
     
  3. ozzy

    ozzy

    Crazy. I've had so many problems with Ideal Pro in the past. Many times where I hit the bid/ask and did not get filled.
     
  4. TRADERguy,

    did the TWS display a red colored order status, indicating cancellation of the order? or did it display a magenta or some other color code, indicating some other status?
     
  5. Never trade cash--only regulated futures.
     
  6. First, save your Audit Trail now, before you forget. You know how to do that, right?

    Second, have you already looked at what your Audit Trail says about the timing and status of the cancellation, if any?

    Also, as important as an immediate phone call is, that's just the first step. Once you hang up, nothing else is going to happen. You'll want to create a Trouble Ticket... something in writing and actionable.
     
  7. Pretty ugly story.

    Let's see how it plays out.
     
  8. Good Ideas. I'm printing out the audit trail now...It's 137 pages long. :eek:
     
  9. TRADERguy,

    what about the red-colored order cancellation status code? Did you see it? Did TWS give a red code to show that your order was cancelled? Do you know how to read your audit trail? What did it say? Why don't you search it online, using your browser, instead of printing an entire book?
     
  10. ellokn

    ellokn

    I still do not understand why so many are attracted to the forex cash market where there is no centralized clearing.

    FX is tough enough without having to deal with the ever changing logistics of an unregulated, decentralized market.
     
    #10     Apr 27, 2006
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