Anyone used Interactive Brokers ? ?

  • Thread starter Thread starter teenie_weenie
  • Start date Start date

For the option traders: IB wrote a recent comment letter regarding rule changes at the PSX that may restrict retail option trading via auto-ex. The letter can be found at: http://www.interactivebrokers.com/html/companyInfo/press.html you,ll then have to click the appropriate section. After reading it you may want to send a note of your own to the SEC. Seems like previous letters from retail traders have made an impact on their decisions.

sk, there will be a new version of the tws coming out in a few months which will allow for resizable windows, custom colors and a host of other features.
 
def,

in the last online Q&A to one of IB's executives, there was mentioned, that TWS will also be available in a java-version. This would enabling IB-traders to access their account and trade from any PC which has a connection to the internet ( like with a browser-broker ).

Any ideas when this version will be released ?

regards

------------------
Good Trading
Privateer
 
privateer,
a beta version is being internally tested but I do not know an exact time frame. To be safe I'd say 2-4 months. Sorry can't give you a better idea at the moment. When I know a more specific time frame I'll let you know.
 
To DEF,
Is it possible to trade a stock such as CSCO 1/16 of a point at a time. Doing 50 to 100 trades a day. CSCO seems to be a very good stock for small movements. On the demo on Aug.25 I could do this making many small movement trades per hour. Is this possible with the TWS in the "real world".
Shares traded would be 100 to 300 shares at a time.
Anybody else out there use this form of trading a single stock?

My e-mail if others need to respond....regis8@prodigy.net
 
regis8, the demo and the real world are too different things. There is no cost to placing and/or removing an order so in theory it is possible. Some people on these pages have stated that they do well scalping for small amounts. Others are convinced it is a losing proposition. All IB can and will do for you is to get you the fastest execution possible at a commission level (1/100) which will give you a fighting chance.
 
There is now a link on the IB website to send mails directly to IB management. While I'll still continue to do my best to post here, that may be the best place to go for an "official" IB answer. There is also a link that will post selected mgmt responses to questions.
 
def:

The News posted on IB website about new JAVA TWS being released on Dec 1st 2000 is FALSE. I chatted with [IB]Shadow(IB representative that is present in our chat channel) today and he said it wont be ready by that time and what will be available only is the lower commission structure of 2.95. He also told me that JAVA TWS will be browser web based. I imagine this as a Daslinger interface where you have to press "Refresh" in order to confirm your trades

Now, its my turn. The more I use IB's TWS the more I hate it because its a pain to get out of a fast moving stock going against you. The TWS interface is awkward, prone to mistyping errors every time I enter an order and price. To worsen that, every time I want to use another execution route to make a trade, I have to type in the symbol again, select the route, type in the amount of shares and price and by the time I finish all that, the stock's price has changed.

Even worse, orders placed on ECN's other than REDI and ISLD, take 5+ seconds to go live ! ! ! Let's say I want to bid a stock using ARCA or INSTINET, I place an order to join the bid, I have to wait 5 seconds or more in order for that order to show on Level II and go live after I press the "transmit key". Thanks god ISLD is not so slow and is < 1 second to go live.

Also, IB customer support is worsening everyday. These people seem to care a little about what happens to you during trading hours, they even sometimes make "upgrades" when market is open and shut your TWS for several minutes. And dont even tell you they are going to do that (SOES upgrades 1 week ago). When you have a stuck order, you have to beg them to find out what is happening with your order. It seems that sometimes the customer knows more than the IB representative concerning IB operations.

All in all, dont trade more than 100 shares with this broker. Their service is poor and their Trading Interface is 80's era and MS DOS look like. You have to memorize keystrokes and combinations to enter trades and if that makes you feels more savvy in the markets, it can cost you dearly.

I have been using IB 3 months from now and seldom trade more than 100 shares in order to minimize losses if IB problems occurs and they can't help you out.

Storkelif
 
hsanson,
sorry about your experience. given that you forwarded your comments to management, I will not comment on them here. I will however forward your comments regarding the help desk to the appropriate people.

Regarding the new interface, you are mistaken. In addition, the current interface, if set up properly, allows you to enter an order with a point and a click, prices are adjusted with a mouse and thus if you do not use the order box, personally i think it is is difficult to make an error. But no sense getting into that topic now as that interface will be decommissioned shortly. The new interface will offer more flexibility and ease on how you send an order. I do not know where you get the idea that you will not have live prices - totally unture. You WILL NOT have to hit refresh to update your prices. I have used a beta version on the futures side and orders for e-minis from HK to the US were at the exchange in a matter of a second or two.

From the press release:

"Customers using the new Java-based Trader Workstation can view multiple windows simultaneously, sizing the trading screen and arranging its contents to their preference. Furthermore, customers are given the opportunity to choose from a multitude of options when entering, modifying and transmitting orders.... "

"With the Java-based Trader Workstation, IB customers will continue to trade with real-time streaming quotes, clicking on bids and offers for direct access and Best Execution..."
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I was told Dec 1 is the target date for the Java Station and haven't heard otherwise. The combination of adding access to all A/C/E markets for retail plus offering the unbeatable price of 2.95 per futures contract is the big news at the moment. The Java station will address some of your other concerns and I hope you would at least try it out before jumping to conclusions.
 
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