Anyone used Interactive Brokers ? ?

  • Thread starter Thread starter teenie_weenie
  • Start date Start date
Since I plan to learn swing/ intraday position trading and occasional daytrading when volatility permits using low volume of shares 20-50 shares (and 1$ low commissions, too) to survive and learn first, I would like to ask what ECN's IB actually supports ? ? Also would like to know if SOES and Selectnet is supported with IB ? ?
I think that using low amount of shares (less than 100 shares) is a great way for a novice like me to learn the timing and develop my experience and especially with IB's 1$ per trade I can risk little and profit little but learn a lot the feel of daytrading. What are your opinions ? ? I currently use Qcharts as my Charting and Level II supplier.

Thanks in advance,
Hsanson
 
Hsanson,

I'm in your situtation too. After researching all the
available brokers I have ended up with IB.
I think together with Tradescape they are the best for
the beginning daytrader.
Your question about SOES and Selectnet can you address
to the Interactive Helpdesk of Interactivebrokers on their
site where you will get an answer in a chatroom.
You are correct that by starting out trading small
share lots is the best way to learn the ropes of the business. I also trade in 100 share lots so that you
can even make money as a scalper.
 
I read the transcript already, seems like IB had problems when they started offering this business to little investors like us. At first they had quote problems and some software/order clearing problems. Seems they have solved a lot and are trying to migrate to a better trading software which will be Windows based. No new broker is immune to problems when they first start business. DATEK was plagued of slow servers and downtime during market hours. They eventually solved all this and in my opinion a good broker is the one that acknowledges a problem and solves it and keeps up with technology advancements. Now IB even developed an online realtime chat with support department on their web page. And also answer their email 22 hours a day (they trade other foreign markets so thats why they are 24 hours). I wrote several emails asking them for info and they replied pretty quick, as quickly as DATEK.

hsanson
 
hsanson - can only agree. I am very satisfied with IB - but also with Datek, which I still use.

A pitty that Datek still doesn't offer Options. But they are working on this problem.

I consider them as one of the best online-brokers for Stocktraders next to IB. Heard also a lot of positive things about CyberX.

------------------
Good Trading
Privateer
 
Privateer:

I wonder if you had problems when cancelling orders for NYSE and AMEX (AMD & IVX) stocks with IB. Today I tried to place some limit orders outside the market and then cancelled them during market hours. After pressig the "C" key to cancel, the STAT turned pink and stayed like that for the rest of the day. I selected "Best Execution" as the exchange. I immediately started to chat the problem out in IB's Interactive Help, but these guys are dumb and they answer you with "maybes" and "Thats all I know" phrases. They can't fix any problem. The seem to refuse fixing anything and worse sometimes I ask questions related with the software and they didn't even know if I was right or wrong.
If there somebody here plans to switch to IB, I recommend a "hold" and get into their Interactive Help chat screen and see how dumb these guys are. Ask them a few executions or TWS software questions and they will answer you with vague responses that lets you wondering the quality of broker representatives you have at your disposal when you are in a trade execution hurry.

If anyone had similar bad experiences with IB like mine, please dont be afraid to post. In my opinion a broker must stand behind the robustness of its software and must know how it works and how to troubleshoot when problems come. Seems like Interactive Help's chat representatives don't even know the name of their execution software (Trader Workstation)

Storkelif
 
Storkelif,
I've been using IB since they started retail first with the e-mini then with US equities and one of the best things about them is that they tend to recognise and fix problems quickly.
It seems that they are continually taking on new people on the helpdesk, and although I believe that they are all put thru Series 3 and 7 training, sometimes you do get a rookie who answers the phone. I guess this is just a sign that Ib is having alot of growth. In this case I tend to ask for someone else or just call back.
If you get "maybes" etc, then try copying the text and send it to the supervisors on the helpdesk.
I've used a few of the other brokers, but IB seem to be as fast as anyone, efficient and cheap.....I just can't wait till they start giving access to some of their institutional only markets....



[This message has been edited by globaltrader (edited Jul 14, 2000).]
 
hsanson :

Haven't had much trouble with IB concerning modified or cancelled orders.I always use "Best execution" and got sometimes even better filled as my limit. ( Lightning fast execution )

For what concerns your problem:
You described, that you used the "C" field for cancelling.
You also have to make sure, that you've hit the "T" field in the quote-row for "Transmit" whenever you modify or cancel an order.

Without transmitting, IB does not know that you want to modify or cancel your order.

Also when you use the separate order-window, keep in mind that hitting "Accept" doesn't mean your order has been transmitted already.

You have subsequently to any order-related input to hit the "T" field

Hope this helps

------------------
Good Trading
Privateer
 
hsanson:
globaltrader could not have explained it better. All help desk reps do go through series 3 & 7 examinations but unfortunately there is no substition for experience. The same goes for the people calling in, e-mailing or chatting to the desk. Clients knowledge varies from ex-floor traders to novices who have limited trading or computer knowledge. To a certain degree the ability of the person on the desk is inversely related to the experience of the person asking the question. In a perfect world we would have people with years of trading and computer experience manning each help desk call. However, in reality this is not going to happen. We (IB) are aware that the quality of responses and knowledge vary depending on who is answering any given question. Many of you have been trading with us for a while and would hopefully agree that the help desk is moving in the right direction. While it is no excuse for the response hsanson had with his cancellation problem (probably related to an exchange/ECN not electroncially verifying receipt of an order), I'm confident that we'll be able to address these issues and improve the consistancy of responses from the desk.



[This message has been edited by def (edited Jul 15, 2000).]
 
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