My experience trading stocks with IB has been hit or miss. Usually I place an order, and it goes through like lightning. Usually if my order is unexecutable it shows up on Level 2, whether it's ISLD, REDI, or BTRD.
Sometimes this doesn't happen. Sometimes my orders stay live after I've canceled them repeatedly.
Just doesn't make any sense.
Sometimes this doesn't happen. Sometimes my orders stay live after I've canceled them repeatedly.
Just doesn't make any sense.
Hi def,
Thanks for your valuable information.
I have used IB for a couple of months now, and the reliability is surely improved. The 'disconnection' happened at least several times a day during January, but it happens only several times a week nowadays. Because of the relatively long loading time of TWS a trader still could be in a big trouble if there are open positions for fast stocks. That is unavoidable risk, I guess.
As all IB users know, your quotes are not perfect. That is usually not a significant problem if you have another data service except the following case I observed and experienced a couple of times so far. Quotes for certain stocks during certain times show only ECN not MM. For example, suppose inside market is 50 * 50 1/8. Only market makers are showing that bid quote. Stock is begin to drop. There are more than several MM at 49 7/8, ... 49. The best ECN is ISLD at 48 1/2, unfortunately. More than often ( i see this everyday. Of course, quotes for other stocks are fine) your "best execution" and other quotes shows 48 1/2 * 50 1/8. If I send a sell order at 50 or even at 49 3/4 or at 49 NOTHING happens. I see lots of trades going between 50 and 49.5, but nothing for me. It shows up at ISLD as a best offer only after bid drops below that. I know this can happen because MM might ignore mine, but I suspect this is due to your software. TWS thinks current market is 48 1/2 * 50 1/8, so it sends my sell order 49 to ISLD or INCA. ECN of course rejects it because it crosses the market. TWS will send it to another ECN until the market drops. Do you think my guess is correct? After a couple of big bad experiences, I never trade stocks which have inaccurate quotes.
Another problem I'm experiencing is the short short list, which is probably because you clear by yourself. I guess short will be more important in near future and I am often frustrated by the unavailability. I'm wondering whether there is any way for you to increase your list.
Final question. When you send orders to MM do you usually use selectnet broadcast or preference?
Overall, my experience with IB during the last month was very good and I appreciate your help.
WJ
Thanks for your valuable information.
I have used IB for a couple of months now, and the reliability is surely improved. The 'disconnection' happened at least several times a day during January, but it happens only several times a week nowadays. Because of the relatively long loading time of TWS a trader still could be in a big trouble if there are open positions for fast stocks. That is unavoidable risk, I guess.
As all IB users know, your quotes are not perfect. That is usually not a significant problem if you have another data service except the following case I observed and experienced a couple of times so far. Quotes for certain stocks during certain times show only ECN not MM. For example, suppose inside market is 50 * 50 1/8. Only market makers are showing that bid quote. Stock is begin to drop. There are more than several MM at 49 7/8, ... 49. The best ECN is ISLD at 48 1/2, unfortunately. More than often ( i see this everyday. Of course, quotes for other stocks are fine) your "best execution" and other quotes shows 48 1/2 * 50 1/8. If I send a sell order at 50 or even at 49 3/4 or at 49 NOTHING happens. I see lots of trades going between 50 and 49.5, but nothing for me. It shows up at ISLD as a best offer only after bid drops below that. I know this can happen because MM might ignore mine, but I suspect this is due to your software. TWS thinks current market is 48 1/2 * 50 1/8, so it sends my sell order 49 to ISLD or INCA. ECN of course rejects it because it crosses the market. TWS will send it to another ECN until the market drops. Do you think my guess is correct? After a couple of big bad experiences, I never trade stocks which have inaccurate quotes.
Another problem I'm experiencing is the short short list, which is probably because you clear by yourself. I guess short will be more important in near future and I am often frustrated by the unavailability. I'm wondering whether there is any way for you to increase your list.
Final question. When you send orders to MM do you usually use selectnet broadcast or preference?
Overall, my experience with IB during the last month was very good and I appreciate your help.
WJ
def
Sponsor
I've forwarded your message to our programming group who will look into what you describe has occured. These guys are good at what they do and I assume if they find a problem they will resolve the issue with the highest of priorities.
Regarding order routing: I really do not want to get into a conversation of how we route orders on this forum. For starters, most of it is proprietary and secondly, we are constantly modifying algorithms, adding ECN's, etc. I would not want to say one thing that is correct today and wrong tomorrow.
Regarding order routing: I really do not want to get into a conversation of how we route orders on this forum. For starters, most of it is proprietary and secondly, we are constantly modifying algorithms, adding ECN's, etc. I would not want to say one thing that is correct today and wrong tomorrow.