There are no good retail forex brokers. NONE.
$52k gone from my IB account. What next, sue IB?
- Thread starter zzzap
- Start date
if your news trading, and your system has been working well, then someone didn't like it on the receiving end.
it will be hard to prove, but I have friends that news trade forex, with greater then 100 million a pop.
and liquidity is not available to them, and is pulled.
Good and important thread, although I feel sorry for the OP and wish him all the best resolving the issue quickly and to his fullest satisfaction. Here is my story which happened sometime in August of this year. I was way luckier than the OP. First off, a few pieces of information:
- All my trades are entered manually. I do not use the API.
- I always have 200-300 of positions open, usually with 50-60 pending limit orders to open/close positions at any time
- On that specific day, an order was filled and I heard the "order filled" sound alert which I heard although I was not at my desk.
- I clicked "Trades" to see what was executed and I was shocked to see that "I bought" 5 deep in the money NYSE:GBX call options. I never placed that trade.
- I have never ever traded that symbol before, I had to look it up in the first place because I had no idea what this stock/company was.
- Needless to say, I never placed that order. I have no idea how or why it was executed.
- I use the secure login token device, there's no way someone else could have logged on into my account
I called IB and told them about this, and they basically said this was a limit order that's been in the system for longer than 6 days (I can't remember the exact number, could have been 5 or 7) and therefore they can not fully analyze the audit trail anymore. But from all the information they see "the order was placed from my TWS".
Well I told the guy I didn't place the order and I want the position taken out of my account. He said he can't. Oh well, I was kinda lucky because I was able to sell the position with a $200 profit, kept the money and basically forgot about it until I saw this thread. I guess I was just lucky it wasn't a 200k loss!
Since that day I check the "Pending order" tab every morning to find any phantom orders but so far I haven't encountered more.
Disclaimer: I am a big fan of IB, I'm a very happy camper but something is definitely up with their backend software/order tracking. Maybe this thread can get IB to reserve manpower to investigate this issue since I am 100% certain there is something wrong here.
- All my trades are entered manually. I do not use the API.
- I always have 200-300 of positions open, usually with 50-60 pending limit orders to open/close positions at any time
- On that specific day, an order was filled and I heard the "order filled" sound alert which I heard although I was not at my desk.
- I clicked "Trades" to see what was executed and I was shocked to see that "I bought" 5 deep in the money NYSE:GBX call options. I never placed that trade.
- I have never ever traded that symbol before, I had to look it up in the first place because I had no idea what this stock/company was.
- Needless to say, I never placed that order. I have no idea how or why it was executed.
- I use the secure login token device, there's no way someone else could have logged on into my account
I called IB and told them about this, and they basically said this was a limit order that's been in the system for longer than 6 days (I can't remember the exact number, could have been 5 or 7) and therefore they can not fully analyze the audit trail anymore. But from all the information they see "the order was placed from my TWS".
Well I told the guy I didn't place the order and I want the position taken out of my account. He said he can't. Oh well, I was kinda lucky because I was able to sell the position with a $200 profit, kept the money and basically forgot about it until I saw this thread. I guess I was just lucky it wasn't a 200k loss!
Since that day I check the "Pending order" tab every morning to find any phantom orders but so far I haven't encountered more.
Disclaimer: I am a big fan of IB, I'm a very happy camper but something is definitely up with their backend software/order tracking. Maybe this thread can get IB to reserve manpower to investigate this issue since I am 100% certain there is something wrong here.
There is definitely something wrong with the order recovery after disconnects between the IB server and TWS, although I have never seen any phantom orders, just orders mysteriously disappearing. From looking at the log file, there appears to be two network roundtrips to send a new order (although I haven't investigated this thorougly). If there is a network disconnect during those two messages, the TWS order recovery mechanism (at least sometimes) fails. When I have seen this, I have called IB, and there have not been any orders working at their side. However, if order recovery is broken in one way I don't find it hard to believe that it might be broken in other ways as well. I find these reports of phantom orders worrying.
Daal,
So it would seem although I have turned the Reuse Rejected Orders option OFF. That way there are less likely to be any phantoms sitting awaiting a glitch.
GTS,
Yes. From damnit its not really a surprise although I would have expected more from lindq.
Hopefully IB will be able to:
1) resolve the ops issue satisfactorily
2) track down any remaining bugs of this nature and get rid of them.
In the mean time it would seem sensible to turn Reuse Rejected Orders OFF and to follow makloda's practice of checking the pending order tab from time to time.
So it would seem although I have turned the Reuse Rejected Orders option OFF. That way there are less likely to be any phantoms sitting awaiting a glitch.
GTS,
Yes. From damnit its not really a surprise although I would have expected more from lindq.
Hopefully IB will be able to:
1) resolve the ops issue satisfactorily
2) track down any remaining bugs of this nature and get rid of them.
In the mean time it would seem sensible to turn Reuse Rejected Orders OFF and to follow makloda's practice of checking the pending order tab from time to time.