Best Thread Interactive Brokers

Level II

After spending last couple of months educating myself about securities and markets, I came to conclusion that I need to continue my education in practice by trading for real without high risk exposure, which I call it level 2. I have looked at IB and few other OTP (online trading providers) websites, wanted to start with IB. Main reason for choosing IB was their support of fairly extensive third party trading applications.

Unfortunately, I have been hit with a barrier as I'm a new trader. First page of the application states 3 requirements to open an individual investor/trader account, two of them doable but one is not currently:
"Prior execution of 100 or more trades (any product)."

Is there any way around this, if not, can you suggest any other broker that support third party trading applications like IB does?
 
bob1408 said:
After spending last couple of months educating myself about securities and markets, I came to conclusion that I need to continue my education in practice by trading for real without high risk exposure, which I call it level 2. I have looked at IB and few other OTP (online trading providers) websites, wanted to start with IB. Main reason for choosing IB was their support of fairly extensive third party trading applications.

Unfortunately, I have been hit with a barrier as I'm a new trader. First page of the application states 3 requirements to open an individual investor/trader account, two of them doable but one is not currently:
"Prior execution of 100 or more trades (any product)."

Is there any way around this, if not, can you suggest any other broker that support third party trading applications like IB does?
Click to expand...

I am/was in the same situation as you now are.

You can do one of two things. First option is to lie. I assume that IB doesn't really care. imo, that requirement protects them against a negligence claim from you when you blow your account and try to come after them. The second is to do what I've done. Go and get the experience from a CFD/forex broker or spreadbetting firm.

Depending on how you go about it, 100 trades can be done in a very short span of time. The cost of entry is also much lower than the $5000 required by IB.

rgds
 
bob1408 said:
After spending last couple of months educating myself about securities and markets, I came to conclusion that I need to continue my education in practice by trading for real without high risk exposure, which I call it level 2. I have looked at IB and few other OTP (online trading providers) websites, wanted to start with IB. Main reason for choosing IB was their support of fairly extensive third party trading applications.

Unfortunately, I have been hit with a barrier as I'm a new trader. First page of the application states 3 requirements to open an individual investor/trader account, two of them doable but one is not currently:
"Prior execution of 100 or more trades (any product)."

Is there any way around this, if not, can you suggest any other broker that support third party trading applications like IB does?
Click to expand...
If you don't want to take the routes suggested by others I would suggest that you simply phone up IB. If phoning the UK ask for Gerald Perez or James Smallwood who are the MD and salesman there and explain the situation and that you have been studying TA and intend to fulful their requirements for a responsible professional trader. Personal contact should get you around the written rules designed to filter out the casual element

Charlton
 
peto said:
Quoted from another thread:

May I place a vote for a self-select maxi ISA account?

I currently trade us stocks within one with a uk broker. Apart from the high coms I am restricted to telephone trading only, accessing just one market-maker, and am unable to place a stop or any other conditional order (for my us stocks).

I put up with such nonsense for tax-free capital gains and freedom from having to report these accounts in my tax returns. If anyone knows of a broker more suitable than iDealing please let me know.

Pete
Click to expand...

Dear InteractiveBrokers,

You seem to have missed Pete's post #220, at least I can't find a reply with search.

There is also a post on the New Features Poll on the IB website about this, but seemingly no response from IB.

There are a number of us interested in this, please can we have some kind of feedback on if / when it will be considered?

Thanks
 
I know that T2W member Fibonelli is also wanting IB customers to vote for a Self Select ISA which is item 1588


Paul
 
re: forex slippage

just wondering why i get approx 5 pt slippage on the GBPUSD Cash (IDEALRPO.) + commission on each side of the trade (total 10pts)?
This is excluding the 2-3 pt spread. and its happened both times i traded the pair!

also , is it possible to place an order on the main tab without opening an order ticket?
 
Wiseass,

You don't say what time of the day you were trading. If you were trading during Aus day time the european markets are thin at that point and that will contribute. Europe tends to come to life with the German and then London openings and spreads and slippage decrease at that point. So, first question: what time?

You should avoid using market orders in anything at all thin. Use limits and stop limits for entries and non-emergency exits. You'll be surprised how often you get a good fill that you didn't expect.

The only market order in a thin market should be your worst case (emergency) stop. Thats got to be market to get you out but I'd aim to only go out on that stop occasionally - go out at a lower loss or preferably a profit using limit and stop limit orders :)

Good Trading.
 
ahh i see. both times were during the early asian session.
although i'm sure there were enough contract on the bid/ask to fill the small position i had.

ill look into limit/stop orders.

thanks nine!
 
No problem logging in but there has been an issue with the US Data Centre which is now resolved


Paul
 
Yes I had an initial problem getting in Paul and then I saw the message re the US Data Centre.

After that I managed to get in ok.

Temporary glitch I guess.
 
Is it me or are IB Support people on a completely different wavelength.

I seem to ask a question and get an answer on a different topic.

They just do not give straight answers to what I think are simple questions.

Arrgggggggh.
 
Dear Yacarob1

If you believe you are not being serviced properely by our IB Helpdesk then please call our London office 020 7 776 7800 and ask for the Managing Director, so he can get to the bottom of the problem.

We thank you for your patience and apologise for any inconvenience caused.
 
I called that number and ended up with someone ( not sure who ) and as soon as I began to explain my problem, that person hung up...or at least the line went dead.
 
Execution based alerts through an API

Hi,
I understand I can set up alerts in IB that automatically execute orders, thas good and I require this for my style of trading. However, I am looking to do this through an API (3rd party software) that offers a more robust trading program than IB offers. It must have alerts that when triggered automatically execute orders. Does anyone know of a 3rd party software that offers this function??

I am having a real hard time tracking software that works with IB with this option? Please help :cheesy:
 
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