Best Thread Interactive Brokers

[david786]

not had any experience with that market, and not sure it would work with my strategy.

theres not usually any problem with liquidity on the ym, just wanted to know if theres anyone out there that trades high volume on this market and what software they use if not IB

 

[Interactive Brokers]

Dear Windlesham

Thank you for your compliment.

To all, we hold free workshops in our London office i.e., how to get started and etc.
To get an invitation to our next workshop please send email to [email protected]

We wish you all the best with your trading!

 

[Interactive Brokers]

14.85% of Interactive Brokers Group Options Orders Received Price Improvement

For your reference

The Interactive Brokers Group (IBKR symbol on NASDAQ) is pleased to announce that during the first half of 2007 it received price improvement on 14.85% of its customers’ marketable US options orders vs. the industry average of 0.57% according to statistics provided by The Transaction Auditing Group (TAG) of New York, NY, a third-party provider of transaction audit services.

 

[timaru69]

Placing orders in ARCA

Hi IB

I had an issue with a trade during the week and was wondering if there was a answer to the problem I had.

Basically I went short LEH at 54.95 and then had to put a stop on in order to leave my desk and answer the call of nature.

I put my stop into TWS at 55.12.

When I came back my stop had been hit for a fill of 54.94.

I checked the chart (esignal) and was somewhat surprised to see that the price had not gone anywhere near my stop. See Chart.

Got hold of IB and of course they came back with a Bloomberg screen showing an order going through at 55.20. Therefore my stop which was held in TWS became a market order and promptly executed at the market. Scratch trade for me but IB earn their commission so they are at least happy.

Now it would seem to me that this order was away form the market and I am sure that ARCA was the best place to put stops becuase it ignored these away from the market orders (well at least that's what I used to do with my old broker)

I was also sure that IB only used to execute a stop when at least 2 orders had gone through at or above the stop price, guess this has changed.

So my questions for IB are

1. Can I route an order directly through to ARCA and if so what are the pros and cons of doing this using the TWS platform ? (I have tried this twice and it worked once but not the other, got an "invalid price" message even though the price was at the market level)

2. Can I set a stop so that it only fills when x number of orders have been filled at or above/below stop price.?

Thanks

Look forward to your response

p,s can you advise your live chat support people (Ernest in particular) that advising a client that "esignal has always had issues and you should have bloomberg" is not a particulary constructive response , thanks

 

[Interactive Brokers]

Dear Timaru69

1. Yes, you can elect to direct an order to a specific exchange e.g., ARCA NYSE through your TWS. When you enter a symbol you will be prompted in a dialog window to choose the product, currency and exchange. From here you can choose ARCA NYSE.

NOTE: We ask a higher rate to route an order to a specific exchange because if you select SMART Order Routing you get best execution. Hence, some exchanges pass along discounts that we pass along to all of our clients. If you select only one exchange we cannot provide you our group discounts afforded to Smart Order Routed clients.

2. Clients can create the parameters for thier order defaults and stops from their TWS. For example, from the menu bar > Configure > Order Defaults > Default Order Offset Amounts.

NOTE: The Interactive Brokers Group (IBKR) is pleased to announce that during the first half of 2007 it received price improvement on 14.85% of its customers’ marketable US options orders vs. the industry average of 0.57% according to statistics provided by The Transaction Auditing Group (TAG) of New York, NY, a third-party provider of transaction audit services.

 

[timaru69]

Hi again IB

The Default offsett amounts look like ticks or values as opposed to number of time a stock trades at the stop price.

i.e if stop at 55.20

then I would expect stop to be executed when price trades at or above this price (assume short) more than x number of time e.g 2

therefore

55.19
55.20 stop not hit
55.20 stop hit

as opposed to

54.95
54.95
55.20 Stop not hit
54.95 Stop not Hit

Can't see how this works using the menu path you describe

See attachment

 

[Interactive Brokers]

Try the same page Configure > Order > Order Defaults. At the top there is a section settings which allows the user to configure trigger method (e.g., last, double last and etc).

 

[timaru69]

Ok got it great very useful. Wish your live chat reps were just as helpful

Regards

T

 

[LondonUSTrader]

Lumber

I was looking through the IB latest product offering.

I see finally IB offer open outcry traded US futures.

However, at glancing through the CME open outcry markets I noticed you still don't offer Lumber.

This must be one of the only open outcry markets you don't offer. Why is this?

It is a disappointing fact that the leading US futures broker still don't offer access to ALL US futures markets.

------------------
HE LEAN HOGS LH USD
LE LIVE CATTLE LC USD
MXP MEXICAN PESO MP USD
NDX NASDAQ 100 STOCK INDEX ND USD

 

[nine]

Have you ever traded lumber?

Most full service brokers will advise you against it for one reason. They don't enjoy your reaction when you get caught locked limit in a position. This is a trendy looking future but its thin and nasty.

 

[Interactive Brokers]

Dear London US Trader

Your comments are appreciated and we try to offer as many products as we can on the 70 electronic exchanges supported through our Trader Workstation. When it comes to open out cry markets we would have to spend a considerable amount of resources to offer these products to our clients. Hence, we do not support Lumber contracts for this reason and we have had little or no demand to add this contract by our clients in our
feature poll.

 

[BerkeleyFutures]

I was looking through the IB latest product offering.

I see finally IB offer open outcry traded US futures.

However, at glancing through the CME open outcry markets I noticed you still don't offer Lumber.

This must be one of the only open outcry markets you don't offer. Why is this?

It is a disappointing fact that the leading US futures broker still don't offer access to ALL US futures markets.

------------------
HE LEAN HOGS LH USD
LE LIVE CATTLE LC USD
MXP MEXICAN PESO MP USD
NDX NASDAQ 100 STOCK INDEX ND USD

If anyone does wish to trade Lumber or any other pit traded markets, as a service broker, Berkeley Futures will happily offer you access to this as well as electronically traded futures.

 

[timaru69]

Hi

How much a RT per contract for Open Outcry traded?

 

[BerkeleyFutures]

Hi

How much a RT per contract for Open Outcry traded?

It really depends on volume of business tranacted etc but, for sake of argument, an person trading 1 lot business would expect to pay $15 per lot round turn, inclusive of clearing, exchange fees and brokerage charges.

 

[nine]

Someone like Fox futures will also provide great service and access to all those markets including Lumber, all the pigs, and even that ultimate trender, Palladium (I used them happily for 3 years and still recommend them although I do all my trading with IB).

But, don't come crying to me when you run into the joy of 3 or 4 locked limit days in a thin market. Even rice and live cattle can be an unpleasant experience (I was long cattle when the US mad cow scare hit ... I never thought that damned contract would go locked limit).

Remember that a key criteria in selecting futures markets is their orderliness and your ability to keep your money once you've earned it.

 

[LondonUSTrader]

Someone like Fox futures will also provide great service and access to all those markets including Lumber, all the pigs, and even that ultimate trender, Palladium (I used them happily for 3 years and still recommend them although I do all my trading with IB).

But, don't come crying to me when you run into the joy of 3 or 4 locked limit days in a thin market. Even rice and live cattle can be an unpleasant experience (I was long cattle when the US mad cow scare hit ... I never thought that damned contract would go locked limit).

Remember that a key criteria in selecting futures markets is their orderliness and your ability to keep your money once you've earned it.

Thanks for the advice. Anyone who trades these markets should be aware of the risks involved. I don't have a problem with being caught in a lock limit move if it happens because that is the nature of the risk in the market I am trading. When I enter an order I realised that is a possibility because that is the risk of these markets. I fully accept that risk because I understand the markets I am trading.

You make a valid point that markets like Lumber contain extra risk. That is factored into my trading models, so does not present a problem to me. It should also be added that slippage is much greater as well than more liquid markets.

The main point is you should know all the characteristics of the markets you are trading and accept those risks before placing any trades.

 

[wmbelg]

LUMBER is interesting

Dear London US Trader

Your comments are appreciated and we try to offer as many products as we can on the 70 electronic exchanges supported through our Trader Workstation. When it comes to open out cry markets we would have to spend a considerable amount of resources to offer these products to our clients. Hence, we do not support Lumber contracts for this reason and we have had little or no demand to add this contract by our clients in our
feature poll.

Pitty, because this is an very interesting product and a great size for an individual investor, say 35,000$ average.

Even tye options could be traded with the low commissions

 

[nine]

It is not a great contract risk adjusted (and it certainly isn't an investment - if you want to invest in Lumber, buy a forest )

LondonUStrader, you are the exception to the rule. IB gets a lot of attacks on another bulletin board and when you analyse them, most are from noobs who don't do their homework and don't understand what the brokerage does, let alone the market. I can hear the shouts of derision now ... IB let me down again ... blah blah blah :cheesy:

 

[*JDR*]

Attach Trailing Stops.... Dividends...

Hi,
I have two questions.

1. If I hold onto shares long enough to get a dividend from a company, how do I get paid this dividend in my IB account.

2. How does attach trainling stop work? I know the concept of a trailing stop, I just can't find reference anywhere to say whether I enter the trailing stop as a percentage or a fixed amount.
For example, lets say I buy a share for $100. I want my initial stop at 5% or $95 and then every subsequent increase the same amount. What do I enter in the trailing stop box? Is it 5 or is it 5% (i.e. .05)
I should add, that I mostly use the IB Web Trader...

Thanks.

 

[neil]

"Chart Trader" IB

Has anyone tried the "Chart Trader" facility on IB?
What do you think of it?
Many thanks,

Neil