Beware - critical flaw in IB Ideal Pro

Quote from cscott:

I agree 100%. I've had this happen many times. Does AON(All of None) FOK(Fill or Kill) work on forex orders?
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No it doesn't work. But it is something that should be incorporated which would eliminate the problem experienced in this thread.

Also, I occasionally notice forex orders that I never executed. Forex trading(IDEALPRO) on TWS is full of bugs, and hopefully IB is working on fixing them BEFORE adding new features.
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That problem is common but I wouldn't blame IB for that. Banks really don't trade small lots and since IB does not act as a market maker, you sort of have to hope that at the limit price you set your order at, there are others doing the smae such that the deal executed is greater than 1mil. What I mean is, say you have a 100k order @ 1.2345 Eur/USd. You have to hope that there are 400-900k more at that same price at the same time being sent to one of the banks. Sometimes though, one of IB's liquidity providers will take the 100K order. OR if there is another IB customer who is going to take the other side of the order, IDealpro will match the order.

One of the worse things about trading forex at IB, besides the partial fills, is that you have to pay commission again to convert it to your base currency, if you are not trading in your base currency. I.E., your base is USD, and your trade GBP/JPY. Close the trade and you still have to convert to your base currency and pay ANOTHER COMMISSION! IB is the only forex broker I know where you have to pay this extra commission to convert it back to your base currency after closing the trade. TWS ought to automatically convert it to your base currency when you close the trade, like other brokers do.
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Yep, no doubt, that sucks. But you seem to be trading relatively illiquid pairs. Just FYI. But USD/JPY is a pain to trade because you'll have a few yen left over after conversion which is a total annoyance.

Additionally, it would be a hell of a lot easier to keep track of our forex trades at IB if:
1) P/L showed up on the Market Data line just like it does on other futures
2) Execution price would show on the Market Data line
3) Account window information would update in realtime instead of every 3-4 minutues [/B]
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Yes I agree to all. Except 2 can be made to happen. Set "delay to cleanup" to be so many seconds later. I have mine set at 10 secs or so.

Also, look into trading currency futures. Eur/USD is the best and most liquid.

Take a look at this CME page: http://equivalentsrdc.cme.com:443/index.html?

It's the E-quivalents page. It's great to use until you become familiar with the premium between futures and cash. And you won't have any problems as far as executions because the CME trades currency futures via Globex.
 
Quote from myminitrading:

When something is seriously flawed and the company wont act, consumers must take action.

For you to even come here and play down these flaws speaks clearly whose side your on. Do us all a favor and get lost.
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It's a flaw that only seems to affect those who do small orders. A market maker is better suited to small orders. But, IB does say their minimum order is 25,000. That needs to be upped or no partial fills that would leave a remainder lower than 25,000.
 
Quote from Eagle Eye:

I wonder when kiwi will be a man and say he works for IB, which is apparent anyway...
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LMAO Eagle Eye.

I just get amusement from poking sticks at idiots like you. Seems we get a few around here and most of them are attracted to IB's low fees but don't have the experience to get it right ---- so become perpetual whingers. If you guys don't like IB, punish them, vote with your feet and just fuck off.

Be a man :)
 
Quote from kiwi_trader:

LMAO Eagle Eye.

I just get amusement from poking sticks at idiots like you. Seems we get a few around here and most of them are attracted to IB's low fees but don't have the experience to get it right ---- so become perpetual whingers. If you guys don't like IB, punish them, vote with your feet and just fuck off.

Be a man :)
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lol, you are right about punishing IB and any other broker, but you also missing big point smarty... if you will stop whinging each time someone speaks negative about IB perhaps then everyone would just get on with what they have to say.., and we all will hear some quality responses from IB (not you lol) hence everything will be sorted.

so fair way to say would be stop being stupid and learn to take constructive criticism as a man (if possible at all), alternatively just continue what you have been doing so far as you seem to be doing that alright.

:)
 
One more point...

IB spends substantial amount of time to promote themselves and their reputation here on ET. Equally they ought to spend same amount of time to handle problems that arise with regards to their business.

Each time there is a criticism it should be handled professionally. If IB suspects its only a competitor trying to expose them (im sure it happens often) take care of it in a smart way, not like kiwi does, because that only shows to your competitors that they are succeeding in what they aiming to do!!

If its your customers, then you should take care of them in a professional manner so that it shows you hold yourself accountable. Often the excuse used is that they dont have a clue what they talking about due to insufficient amount of experience! It would be logic enough to set a minimum requirement in terms of trading experience for opening an account and that will resolve the problem. But if you take on inexperienced traders then make sure you provide the necessary support!

Most of the problems seem to relate to the same area, so why dont you give one good explanation or fix the problem. So next time it pops back up you can either point out that its under review or even better if you already fixed it.
 
Hey dickhead,

I don't have the faintest hope that you'll get it ... let alone be a man (rofl) but ...

What makes you think IB want to respond to threads like this one? If you really want to talk to them then don't expect to do it in threads with titles like this one and your little buddy saying things like:

"A bunch of excuses is what you offer, placing the blame on the banks. Your business model for FX sucks! so does your customer service."

"IBs Forex program sucks period. Once an oreder is executed, your have no information on the quote line, how stupid is that."

With fuckwits like you and your buddies out here its left for my amusement. So, fuck off back to Saxo or some other organisation more suited to your doubted talents.
 
And that is the serious point. If you guys behave like a bunch of arrogant idiots starting threads with incendiary names and posting like your mini-mate all you're going to achieve is to give me some fun poking a stick at you.

IB's not going to respect you. No other broker would either. No one on the board does either ... it amazed me the number of PMs I got in support last time I started poking some idiots making similarly ridiculous allegations.

Personally I think IB made one mistake with Ideal Pro - introducing it and attracting the incredibly ignorant new entrants that we see in these threads.
 
Quote from kiwi_trader:

Hey dickhead,

I don't have the faintest hope that you'll get it ... let alone be a man (rofl) but ...

What makes you think IB want to respond to threads like this one? If you really want to talk to them then don't expect to do it in threads with titles like this one and your little buddy saying things like:

"A bunch of excuses is what you offer, placing the blame on the banks. Your business model for FX sucks! so does your customer service."

"IBs Forex program sucks period. Once an oreder is executed, your have no information on the quote line, how stupid is that."

With fuckwits like you and your buddies out here its left for my amusement. So, fuck off back to Saxo or some other organisation more suited to your doubted talents.
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lol whats the matter, are you getting enoyed, kiwi you know what to do dont you..... for the above mentioned points I would add couple of IBs "terms and conditions" because they make it so competitive you know full package offered by you!!!

You are a perfect example of the service you would expect from IB.

You and your small vision makes me laugh.

Take care kiwi,

:p
 
IB is a market maker in spot currencies as well as most markets via Timber Hill, LLC - they are the same organization. Review the thread "IB New Forex Spreads" for their acknowledgement of that...
 
Let us know how sadly your next broker mistreats you then Eagle Eye. Remember your mottos: "its always their fault" and "the eagle takes no responsibility."

I'll leave you and your mini-mate to it. Good luck :)
 
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