Anyone used Interactive Brokers ? ?

  • Thread starter Thread starter teenie_weenie
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wshi88, Software is great for the uptick rule - it holds your order until there is an up-tick and then sends it automatically.
I usually "test" whether the stock is available for shorting, first thing in the morning by sending in a short sell order a long way from the market. If it gets accepted then they have the stock to short. Shame they don't publish a list, however it seems to be pretty extensive - these guys seem to do alot of business, check out this link - it shows the top 15 program traders on the NYSE (I was amazed when I first saw this list!)
http://www.nyse.com/pdfs/072000pt.pdf
 
Thanks for all the people that responded to my questions. very appreciated.

I sent a check to set up an account, they told me they hold check for 10 days after they received it. but 11 days after they have CASHED it, they still not credit my account. I sent an email to complain, only after that they promptly credited my account. I really question their 10day policy!!
 
wshi88,
the 10 day policy was put into effect after someone attempted to defraud IB and another online broker. It was pretty well documented in the press. The vast majority of people are honest. It's the few dishonest one's that create havoc for all of us. Wire transfers are encouraged.
 
A couple of questions:

1. Can you trade a basket of stocks with IB? If not where? I know that if you use CyberTrader you can load baskets...

2. Additionally, does anyone know of a broker (IB?) that will allow you to have a pre-set limit sell, or stop loaded upon an execution?

3. As an offshoot to the previous questions, I have a couple ideas that I think would work as a "programed" trade based upon a time value and an index movement. Any suggestions on how to persue this possiblity?

Please excuse typos, it is 5:15 am, and have yet to sleep.

Thanks

RAY
 
Hi,

someone mentioned that he uses ARCA and REDI to trade stocks because of better and faster executions than "Best Execution", my question is i often see bid/ask outside those of Best Execution. for example, if a stock XYZ is trading 100 and 100 1/8 on Best Execution, yet on ARCA it shows 98 and 102. Now if I buy XYZ on ARCA at it's offer price, what price will I be most likely be filled? 100 1/8 or 102?

Thanx
 
Short availability, I'm surprised that IB don't let u short JNPR (Juniper), which is a popular and liquid stock. I'm not too happy about that.
 

hsanson or anyone else:

Would you tell me more details about MIRC chat
among interactive brokesrs users?

I have used MIRC one time before, but if I remember it
correctly, I need server information to access the chat,
right? Please provide me complete info so that I can
access it.

BTW, how many of you are participating and what kinds of
topics are you discussing?

Thanks in advance.

WJ

 
wshi88

If you placed a market order using ARCA, you would get filled at 100 1/8. ARCA looks within its own book first for the best price. If it can get a better price, it will then look at ECNs, then market makers. Since the ARCA book itself isn't all that liquid, I rarely use it. Normally I use best execution or the ECN with the best price. If the market is not moving very fast, I will definitely use whichever order book has the best price and not 'best execution.'

The problem with IB, from my experience, is faster markets. If you use a direct ECN, the order will go through instantaneously. But by the time you enter the stock and all the information you need to get your order made, that ECN may no longer have the best price. Then you have to enter another line for the other ECN that now has the best price. The solution, or course, would be best execution. But as I mentioned earlier, for some reason best execution can take an unbelievably long time. I have tried best execution in markets that weren't moving at all, with ISLD or REDI just sitting at the best bid or offer. Nothing happerns. Then I cancel my order, use the direct ECN, and it takes about a second. This doesn't happen every time, but it happens enough to make me question how good best execution is.

My conclusion? I will not use IB in any kind of faster market. I'm better off paying $15-$20 to Cyber to get a better execution.
 
mjt

the solution is to input a line for every ecn available for the stock you are trading. when you want to execute against any of those ecns, it's a simple matter of clicking on the bid or offer, then "T" (assuming you have default number of shares preset). or, if you want to make a market, just use whoever you want to appear as. i've found this to be very fast. as far as best execution, the only problems i've had is when trying to execute against a market maker, and this could be attributable to snet (ib does not use soes). i've used ib to trade ipos right out of the gate and it works well. also, i've only been a customer for a few weeks, but i have not found a stock that i could not short yet.

that all being said, they could improve the user interface. it would be nice to be able to resize the window, and resize the areas within the application; be able to have just one line for a stock and a drop down box to choose the routing; have better colors (it's hard to read imo) or be able to choose your own; a more logical display of buying power available; have bulletins pop up in your face where you can't miss them (haven't gotten any yet though); and probably other things i can't think of at the moment.
 
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