Breaking: Interactive Brokers lite commission free

ZBZB · Sep 27, 2019

NewTraderAdventure said:
Am I your daddy ?

I wanted to see how long it would take you all

You failed

Truely pathetic.

d08 · Sep 27, 2019

NewTraderAdventure said:
dont think any of you actually trade. you just post on chat boards

if i limit buy at 16 and the offer is 16, i get filled at 16 or better or they are in violation of law

Rather sounds like you don't understand anything. If I limit buy on one exchange I might get filled at 15.995 and 16.00 on another. Both are valid fills but one is clearly a lot better.

d08 · Sep 27, 2019

qlai said:
I've explained my stand on this before, so not getting into this here. My point is that you should not assume that just because a broker doesn't sell your order you are automatically getting good/better execution than the one that does. You can get same or worse execution.

On average? I highly doubt it. On certain occasions you might but I'm interested in the averages, statistically meaningful numbers. It simply makes no sense to pay for a feed, get an equal or worse price - it's a losing business model.
I suggest you run comparisons between exchanges like IEX and ARCA etc. to see how big the differences really are. It's quite amazing.

Cdntrader · Sep 27, 2019

IB just wants to bait and switch newbs into regular accounts. They'll probably be educating the newbs on order execution quality as time goes on via email spam. And if they don't move they just clean up on order flow comms. I'm sure they'll offer better service than the other no fee brokers.

Pretty smart move really.

NewTraderAdventure · Sep 27, 2019

d08 said:
Rather sounds like you don't understand anything. If I limit buy on one exchange I might get filled at 15.995 and 16.00 on another. Both are valid fills but one is clearly a lot better.

if you think .005 is a LOT better , you must trade 10k blocks all day.

My trading does not depend on 1/2 cent diff in execution, if yours does you're not doing it right

Maybe we at ET can help you improve

NewTraderAdventure · Sep 27, 2019

d08 said:
Rather sounds like you don't understand anything. If I limit buy on one exchange I might get filled at 15.995 and 16.00 on another. Both are valid fills but one is clearly a lot better.

ps only a dark pool will fill you at a price like that . see, you're learning already!

NewTraderAdventure · Sep 27, 2019

tommcginnis said:
TWS is an entire rolling tool cabinet 4' high with a dozen drawers and 3-4 cabinets.

MOST TWS users have learned how to open 1 drawer, and bitch/complain about the things they wish to do, having no idea of the rich conformability of the platform in front of them. These users are IB's target market for "Lite."

This "LITE" thing is IB's recognition that TWS -- despite 1,000 pages of documentation and hours of webinars -- is simply too much for the majority of customers. It can also re-brand TWS as something meant for traders who take their trading seriously. Hence, "Pro." {Which is to say, for whom a highly-customizable platform and "Direct Market Access" have some meaning.}

A new trader or anyone trading slowly, SHOULD prefer a free platform.

It's 2019, and IB is actually charging too much for trades. It cripples the ability to trade for profit or break even . You cant break even if you have to pay them $1 per hundred. Thats a $100 a day on 1000 shares 10 times , at break even .

I refuse to trade often , and pay that kind of vig, to trade against co located bots.

guowei58 · Sep 28, 2019

does IB Lite cover MOC or MOO orders?

Also, have you guys tried Alpaca? it's API-enabled free commission brokerage. It's relatively new, but since it allows API trading AND offers free commissions, it's probably attractive to many on this forum...

tommcginnis · Sep 28, 2019

NewTraderAdventure said:
A new trader or anyone trading slowly, SHOULD prefer a free platform.

One thing does not follow from the other.

NewTraderAdventure said:
It's 2019, and IB is actually charging too much for trades. It cripples the ability to trade for profit or break even . You cant break even if you have to pay them $1 per hundred. Thats a $100 a day on 1000 shares 10 times , at break even .

You need a handle on math:
https://www.interactivebrokers.com/en/index.php?f=1590

NewTraderAdventure said:
I refuse to trade often , and pay that kind of vig, to trade against co located bots.

You are not trading against bots. Bots trade for epithelial cells -- you trade for chunks of hide.

The world is not out to get you -- they don't care that much.

d08 · Sep 28, 2019

NewTraderAdventure said:
ps only a dark pool will fill you at a price like that . see, you're learning already!

Why would I care if it's a dark pool or anything else? We're talking about the numbers.