The amount of Order types available and pre-setting that you can do with them in IB is Crazy but overhelming and I'm just fascinated to learn about how they work in real trading. I was wondering why other brokers can't impliment such features in their platform. I'm sure many advanced trader uses them, so they are there for good reasons, despite an avarage trader may not use most of them at all Something "not even Half close" to that i have seen is from Tradestation only. I'm Not trying to shoot down other brokers, but I like to know reason behind it , what's your take on this ? Thanks
Easy one to answer. IB paid a lot of money to acquire a specialist software company about 10 years ago for their existing algo routines and integrated these in their own platform.
I use both brokers & often submit mirrored entries/exits across these brokers. I find they are fairly comrable in order types. IB lists every single order type, with TS they don't break down every type order type possible - they probably should. IBs adjustable stop is a breeze, in TS you have to program the order in EL - a real pain. In TS you have bracket orders with multiple targets & exits, with IB it can be done but it's a real pain. TS has OSO orders, IB doesn't. IB has scale trader which in TS can be done through an app if you know where to look. IBs order types are neatly laid out & have good supporting documentation. In TS you can program any order you can think of. With IB you don't have to mess with any programming & they do have a very deep selection of orders. Point being they both have their pros & cons with order types but the disparity between the two with order types is not that wide.
Because traders that need to utilize more complex features use Direct Market Access brokers which provide all the features available on every exchange. IB is somewhere in the middle and obviously very well positioned. Another reason brokers don’t provide these features is because “dumb” traders are their best customers
Yes, great answer. I thought you can program most of them through marco or EL if you know how to do it, where IB has Readily laid out for users to use.