Best Thread Interactive Brokers

[hobby]

Thanks guys...being unfeasibly tight, I'll go the BACS route!

I think my confusion came becuase I was loathe to complete the wire details until I could be sure of the impact (still waiting of funds to clear from a share sale in my bank)...however having being reassured & just done that bit, all my other questions have been answered (eg where to send ID etc).

Also, I'm not depositing $25,000 as I don't intend trading more than one or twice per day initially. I propbably missed the nit in the reams & reams of stuff that appears on screen during the online application, but it only became apparent about the $25,000 deposit needed for day trading when I rang their customer services for something unrelated!

I don't consider myself to be the slowest kid on the block, so it's puzzling why I'm finding the application process such hard going! (perhaps I *am* the slowest kid but nobody has ever told me :cheesy: )

Anyway, thanks for your tips.

 

[firewalker99]

Also, I'm not depositing $25,000 as I don't intend trading more than one or twice per day initially. I propbably missed the nit in the reams & reams of stuff that appears on screen during the online application, but it only became apparent about the $25,000 deposit needed for day trading when I rang their customer services for something unrelated!

Anyway, thanks for your tips.

Don't know exactly what it is you plan to be daytrading, but you only need $25000 for daytrading stocks & options, not for futures.

 

[hobby]

Don't know exactly what it is you plan to be daytrading, but you only need $25000 for daytrading stocks & options, not for futures.

Probably just the S&P mini - thanks for that. That wasn't explained by their Customer Services when we were talking about it - they simply said "if you're a daytrader you must deposit $25,000", so I asked what their definition of a daytrader was, they said "It's not our defintion, but the US Government's...& it's if you do 5 or more trades per day (no mention of just applying to stocks or futures)!

 

[Charlton]

Probably just the S&P mini - thanks for that. That wasn't explained by their Customer Services when we were talking about it - they simply said "if you're a daytrader you must deposit $25,000", so I asked what their definition of a daytrader was, they said "It's not our defintion, but the US Government's...& it's if you do 5 or more trades per day (no mention of just applying to stocks or futures)!

Hobby

Just a slight correction for the benefit of other readers:

NASDAQ/SEC rules define a day trader as someone who buys and sells a particular security in the same trading day and does this 4 or 5 times in any 5 consecutive business day periods (and not in a single day as you wrote).

Once identified as a pattern day trader you must follow special rules, primarily to keep $25,000 equity balance in a margin account.

It applies only to stocks and options, not futures or forex.

IB then redefine this as 3 round trips within 5 days, so that they catch any problems before it hits the regulatory limits.

Effectively, this means that if you want to trade US equities/options (other than as a longer term position trader) that you probably will need the minimum $25k otherwise it severely restricts your ability to react to the market.

Charlton

 

[Enlightened]

NASDAQ/SEC rules define a day trader as someone who buys and sells a particular security in the same trading day and does this 4 or 5 times in any 5 consecutive business day periods (and not in a single day as you wrote).
/QUOTE]

Depending on your strategy, the day trader rule may not even affect you.
For instance, after you execute 3 round-trip trades in the trailing 5 day period, you can still open new positions, and also continue to close positions that were opened on previous days.

Since the stocks my software buys don't usually go up on the same that I make the purchase, I trade fine with under $25k in my IB account.

EI

 

[Kevin21]

if trading futures on the dow and ftse, whats the smalls contract size i can trade. For example how much does it work out per point?

 

[dcraig1]

if trading futures on the dow and ftse, whats the smalls contract size i can trade. For example how much does it work out per point?

Mini dow - YM - is $5 per point.

 

[Interactive Brokers]

Reminder we support direct access to listed exchanges. Hence what the professionals see and trade on is what our clients see and trade. That is, we do not get in the middle of the trade quote.

PS: Thank you DCraig1 for your answer.

 

[Trader333]

I know that IB provide the ability to download backdata which I am trying but I have been unable to download data that is for the current day. Is it possible to download up to the minute data or is there a deliberate delay ?


Paul

 

[alexander]

Reminder we support direct access to listed exchanges. Hence what the professionals see and trade on is what our clients see and trade.

It cannot be done another way. Professionals need retail and vice versa.

That is, we do not get in the middle of the trade quote.

You cannot since you are neither market makers nor specialists.

Getting in the middle of a trade is not necessarily bad for the end customer who placed the ticket. Dark pools do that for the benefit of their customers by attracting liquidity from various sources. The end result may be a slightly bigger spread but overall lower average price.

However, IB like other brokers gets indirectly in the middle of a trade by often passing through tickets to preferable sources of liquidity for the purpose of making revenue.

I would prefer to deal with a liquidity source that gets in the middle of a trade and fills my order than a retail broker who passes through orders and constantly gives me partial fills on market orders. At the end of the day it costs much more.

IB seems very good and fast however. Bad the platform needs major reworkings. Reminds technology of the 90's.

Alex

 

[evostik]

I know that IB provide the ability to download backdata which I am trying but I have been unable to download data that is for the current day. Is it possible to download up to the minute data or is there a deliberate delay ?


Paul

Hi Paul

Sorry if I have not understood your question but lets say I am a little late getting to my office and turning on the PC etc. Lets say I arrive at 3pm so I have missed the first 30 mins of trading. I then have to perform a history download (from IB) for today. My charts are then complete from the open. I use Hyperserver to manage the interface netween IB and Gloabl Server. Is this what you mean?

Cheers

Steve

 

[dcraig1]

It cannot be done another way. Professionals need retail and vice versa.



You cannot since you are neither market makers nor specialists.

Getting in the middle of a trade is not necessarily bad for the end customer who placed the ticket. Dark pools do that for the benefit of their customers by attracting liquidity from various sources. The end result may be a slightly bigger spread but overall lower average price.

However, IB like other brokers gets indirectly in the middle of a trade by often passing through tickets to preferable sources of liquidity for the purpose of making revenue.

I would prefer to deal with a liquidity source that gets in the middle of a trade and fills my order than a retail broker who passes through orders and constantly gives me partial fills on market orders. At the end of the day it costs much more.

IB seems very good and fast however. Bad the platform needs major reworkings. Reminds technology of the 90's.

Alex

You can route any order to whatever destination you wish with IB. You do not have to use smart routing. I can't see how IB is getting in the way.

I have also yet to see any evidence presented by anybody that IB's smart routing decisions are made on any other basis than getting the best price.

What major reworkings ? What is 90's about it ? And who cares if it is 90's if it does the job.

 

[dcraig1]

I know that IB provide the ability to download backdata which I am trying but I have been unable to download data that is for the current day. Is it possible to download up to the minute data or is there a deliberate delay ?


Paul

Yes, the API definitely supports download of historical data to the most recent bar. If you are having probems, it's either your software, configuration or something you are doing wrong. Also check your PC clock and timezone is correct and preferably sync your PC clock with a network time server periodically.

 

[alexander]

What major reworkings ? What is 90's about it ? And who cares if it is 90's if it does the job.

The simple fact that the platform amongst other things does not provide historical charts and indicators but it directs users to simple charts by MarketWatvh, not of any great value to position traders. Position traders using the IB platform in need for historical charts on demand must subscribe to some other service that works with the IB feed and this effectively makes the IB service much more expensive that it appears to be.

This is what I mean by technology of the 90's. How difficult is it to add to the platform Java enabled daily historical charts with indicators? Most retail brokers offer this feature at no additional charge. Some of them offer very fancy charts with advanced analytics.

Alex

 

[Trader333]

Thanks Steve and DC, Yes that is what I meant so there must be something not correct in my set up for this. I will do some investigating.


Paul

 

[Trader333]

Apparently, IB have recently changed their API and my issue has highlighted to Hypertrader a problem that everyone using their interface would have had. They managed a fix in 3 hours and all is well now.


Paul

 

[pc71]

Hi all,
I’m considering a Universal Trading Account with Interactive Brokers, and would appreciate if anyone could answer the following questions for me so that:

a) I will know in advance whether I satisfy the Criteria required to be eligible for an Account (If I don’t, then it will save me a lot of time by not having to go through the Application Process).

b) I can check that I have (or prepare) the required Documentation in advance.

Although I’m interested in an Interactive Brokers Account, if anyone has experience with (or recommends) other Brokers, then any feedback / advice will be appreciated – I’m with CMC Markets at the moment, and have never had a Broker’s account before.

Account Opening Questions:

1) Are there any Financial requirements (eg: Salary / Income / Profits / Net Worth etc) – and do they require any proof of this (if yes, in what form)?

2) Are there any Trading requirements (eg: Number of Trades / Length of Time Trading etc) – and do they require any proof of this (if yes, in what form)?


Trade Execution Questions:

1) When opening a position, is there an option with the IB software to submit both a Market Order and a Stop Order at the same time? (Rather than submitting a Market Order, and then having to go through the same process again to submit a Stop Order).

2) Can a similar thing happen to close a position – submitting a Market Order to close a position and an order to cancel the Stop Order, at the same time?


Many Thanks

 

[Interactive Brokers]

1. To open an individual account you need to have good or extensive knowledge for any product you wish to trade. Prior execution of 100 or more traders any product. A minimum equity deposit in cash or stock of USD 5,000 or USD equivalent. You must have some type of income.

2. We support over 40 FREE order types. In addition we provide you tools to create macros to minimize your commands. For example HOT KEYS or BUTTONS.

 

[pc71]

Hi Interactive Brokers – thanks for your reply,

1) Is there a minimum level for the Income, and do you require any proof of this (if yes, in what form)?

2) Do you require any proof of the 100+ trades (if yes, in what form)?

3) Will the Macros you described enable me to execute trades in the manner I described in my previous post?

Thanks

 

[Kevin21]

with IB can trade futures in the S&B Mib (italy) and if so how big is the spread?

thanks

Kevin.