Anyone used Interactive Brokers ? ?

  • Thread starter Thread starter teenie_weenie
  • Start date Start date
Do IB's stop orders stay on their system, or does my end need to "stay on" to ensure transmission?

I would also like to see some screen shots... Or are the demos that are on the IB web site the entire TWS?

I am asking because I want to leave MBTrader... The realtick system is giving me an ulcer, and I am sick of having order problems; I do not scalp, nor do I care to try and get that last 1/128th.. /mb_html/smile.gif To many times I have had to continue to re-enter an order because ISLAND has moved or a MM has left my order sitting and thus the market price has left my limit.... I just want to buy and sell at a fair price when I want, thats all!!

thanks
RAY
 
Does anyone else ever run into problems with the 'best execution' route?

This first example is definitely a problem. Let's say the ask on a stock is 20, and it's all through ISLD. I place an order to buy at 20 through best execution...nothing. Then I try to go through ISLD, and it's instantaneous.

This is not a problem of a market that is changing. I am talking about after hours trading, when I am the only person trying to buy, and the level 2 montage isn't changing at all.

It makes me wonder how well best execution works during regular trading hours. For example, I have tried using best execution in a market that is moving fast. When QCOM gapped down a few points a couple weeks ago after negative news from Asia, I saw that the gap was going to close. I placed a market order to buy. It took about 3 minutes for the order to fill. I think I got in the trade a full point above where I placed the order. Then I placed an order to sell at market. This took about 2 minutes. I ended up losing about a point on the trade.

I realize that getting a fill in a fast market can be difficult. I just can't believe a market order would take that long to fill. The only thing I can think of doing is placing an order through IB and Cyber at the same time, and see if there is a time lag.

Maybe executions through IB aren't so great after all.

[This message has been edited by mjt (edited Jul 16, 2000).]
 
In response to hsanson above: seems to me the most common problem with cancels is when the cancel is sent before the stat bar turns green. Often you can cancel an order before it has gone 'live' but other times that seems to slow things down, especially if the ECN is already having trouble confirming active orders (they then neither confirm the order sent nor the cancel). I've come to assume that if the bar stays pink all day then the order is in limbo and will simply delete after the end of the day.
Is anyone able to recommend an efficient system for tracking their executions with IB? I've downloaded executions as a text file but am having trouble getting those files into Quicken. How are others doing their record keeping from the text file execution logs? Thanks in advance.
 
Thanks for possible explanations about "my stay in pink" orders in IB's TWS, but to clarify things, all my cancels were done after my orders turned green.
Also, I noticed that when I tried to use "Best Execution" for AMEX/NYSE stocks using odd lots, the TWS got stuck in pink for the whole day when I tried to cancel them. But when I tried to use "NYSE" or "AMEX" execution for AMEX/NYSE, the did cancel very well (AMEX took 2 minutes) eventhough I was trading less than 100 shares or odd lots. Seems like TWS's "Best Execution" feature doesnt work very well for odd lots. I know some NASDAQ ECNs have special restrictions for odd lots, so thats why I think that its better to use "Best Executions" with NASDQA stocks and avoid using it with NYSE/AMEX stocks.

One final question for all you who have traded multihundred times using IB's TWS. Let's say I want to get out of a long position in a Nasdaq stock as quickly as possible. The inside bid is at GSCO 40$ 100shares, and under it 39 15/16 200 shares. To get out fast what can I do since I dont see any ECN quoting at the inside bid not even one level under the inside bid. How do I target a market maker using a limit order in TWS ? ? Do I point the bid's price, select "Best Execution" and try to hit the bid or several ticks below the bid in order to let "Best Execution" find me the necessary liquidity to sell all my shares? ? ?. Or is there any other way considering there is no ECN around. I need to get out fast so forget offering it at the ask.

One tip for all IB's traders. There is a channel on Othernet's IRC called #Interactivebrokers
This is a channel made up mostly of IB's customers and they are there to help and solve problems together so when TWS falters with executions or datafeed problems, they can be cross checked with multiple TWS users. Every IB customer actively trading is invited to join this channel during trading hours.

hsanson
 
For most stocks it gives you choices of ISLD, RDBK, INCA, etc. What stocks are you trading that only allow you those 2 choices?
 
Today I used IB's TWS to place an Odd Lot order (1 share) to buy on ARCA BOOK out of the market. ARCA accepted it. Is ARCA supposed to accept odd lot or less than 100 shares orders in its book ? ? ?
Can some of you do it with another trading platform, maybe IB's Platform is weird and letting me do things otherwise not allowed.
thanks in advance for reply

hsanson
 
How about IB's short list? is it extensive? anyone tried to short a stock just by doing a straight sell? does the software prevent u from shorting because of uptick rule?

thanx
 
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