Broker recommendations for IB customer looking to trade pit contracts?

Well...hmmmmmm.I guess because they answer their phone within 3 rings.....ummmm......they are beating any price out there as a policy.....uhhhhhh......

What do I care....stay with IB....do I look like a broker?

here let me help....how many here choose IB because of their execellent customer service? Concerning your phone calls how would you rate IB's speed and answers to your questions? As a trader in pit contracts would customer service be a concern? While taking IB seriously and putting the whole package together, would you want to trust IB with your pit orders?

On the other hand...if their is already an established pit broker at the same price that can offer you superior service and has always offered superior service in all their products, would you need to look?

Michael B.
A highly paid OpenEcry employee....hehe...just joking...


Quote from OldTrader:

Just wondering how you would know that Open Ecry "blows away" IB in pit traded contracts when IB is just now beginning their service in Pit Traded contracts?

OldTrader
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Quote from ElectricSavant:

Well...hmmmmmm.I guess because they answer their phone within 3 rings.....ummmm......they are beating any price out there as a policy.....uhhhhhh......

What do I care....stay with IB....do I look like a broker?

here let me help....how many here choose IB because of their execellent customer service? Concerning your phone calls how would you rate IB's speed and answers to your questions? As a trader in pit contracts would customer service be a concern? While taking IB seriously and putting the whole package together, would you want to trust IB with your pit orders?

On the other hand...if their is already an established pit broker at the same price that can offer you superior service and has always offered superior service in all their products, would you need to look?

Michael B.
A highly paid OpenEcry employee....hehe...just joking...
More...

Kind of a smart ass answer there ES. The bottom line is there are many reasons someone might want to use IB's pit-traded product. For instance, I'd prefer to keep my funds at IB rather than have a separate account set up just to handle the little I will likely do. I also think it might be a good way to offset an electronic contract with a pit-traded contract at one broker if an emergency arose. Much more efficient.

I've had an account now at IB for years....with few reasons to call customer service. But when I have they have done as well as anyone at any of the many other brokerage firms I have had accounts with in the last 35-40 years.

I might add, I began trading pit-traded commodities back in 1969. I never had much of a need for "customer service". I would never pick a firm based on that. I think the people who harp on "customer service" are those who don't know what they're doing. I trust that isn't you, but based on your post, I wonder.

My understanding though is that you don't have an account at IB at this time. So perhaps you should restrain your comments since they are no longer first hand.

OldTrader
 
Who has delegated you the right to tell me what I must do...there oldtimer...

Why don't you take a step back and listen....

How many users would trust a company like IB to handle their pit trading portion of their business. I have been trading nearly as long as you have and I can surely see why I would not want to use IB for this part of my business. For years IB has stayed out of this business, why they want to get into it now escapes me. It will harm them more than help them.

One stop shops may not be the best choice in these highly specialized contracts. I would have recommended Refco at an earlier time....By the way why do traders want all their Funds in one shop? Trading is a business not a convienience....Wouldn't diversification be prudent?

This seems to be a no brainer....If you can get a competitive price elsewhere this would be the time to consider it.
I simply mentioned a dealer that I knew was good....Over the years, I just could not get myself to trust IB with my money. I know they are a sponsor here and there are many users.




Quote from OldTrader:

Kind of a smart ass answer there ES. The bottom line is there are many reasons someone might want to use IB's pit-traded product. For instance, I'd prefer to keep my funds at IB rather than have a separate account set up just to handle the little I will likely do. I also think it might be a good way to offset an electronic contract with a pit-traded contract at one broker if an emergency arose. Much more efficient.

I've had an account now at IB for years....with few reasons to call customer service. But when I have they have done as well as anyone at any of the many other brokerage firms I have had accounts with in the last 35-40 years.

I might add, I began trading pit-traded commodities back in 1969. I never had much of a need for "customer service". I would never pick a firm based on that. I think the people who harp on "customer service" are those who don't know what they're doing. I trust that isn't you, but based on your post, I wonder.

My understanding though is that you don't have an account at IB at this time. So perhaps you should restrain your comments since they are no longer first hand.

OldTrader
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I do not know how to read....lets leave it at that....But we all know that you are a longtime user of IB and very pleased with them...

It seems we feel the need to cheerlead our brokers...lol..I wonder if they know or even care how loyal we are?

Michael B.


Quote from OldTrader:

I answered some of your questions in my prior post. I would suggest a careful re-reading of it.

OldTrader
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LOL ES,

I have had three full service brokers in my time. One whose name starts with St I classify amongst thieves and robbers. Only my distance prevented my lodging complaints. The other two were pretty good.

But, when push comes to shove, they can't do stuff all about a bad fill from a lying floor broker (even though everyone knew they were lying) or all the joyous experiences that come from thinner markets. A locked limit day (or week) is a locked limit day whether you pay $37 per contract, get a discount down to $25, or pay whatever IB asks.

Your warm, cuddly, likable broker is useful to educate you (a little, don't trust him really because even if hes not commission based his bonuses are his biggest incentive) but HE WILL NOT SAVE YOUR BACON (he doesn't care that much).

So, I will probably trade some floor contracts with IB even though I still have a full service broker - it will be interesting to compare the results and costs my friend.

Cheers to you and to old trader :)
 
kiwi..I just cannot argue with Oldtrader...he can take me....he can embarrass me at make me look foolish, but he is too kind for that...

The guy trades and trades well and I know who to pick my fights with and it aint OldTrader...

Michael B.
 
Quote from ElectricSavant:


It seems we feel the need to cheerlead our brokers...lol..I wonder if they know or even care how loyal we are?

Michael B.
More...

I certainly care :D

Competition is good and we certainly understand that there are many brokers that do a good job with what they offer.

ES, FYI, we are offering the pit products due to significant demand from our hedge fund and institutional client base. We aren't encouraging the one lot trader as anyone familiar with the pits knows how small size gets abused.

Access will be via the TWS and while might have teething pains every now and then, the pit product has been tested and seems to run smoothly. We have a history of setting the bar high when providing access to a product and the pits are no exception. We'll react to feedback, make improvements and hopefully when we are able to compete with any firm in terms of execution it will all be for naught given we expect the pits move completely to an electronic format at some point in time.
 
Damn..I bet I will regret my posts against you guys someday...
But if i ever start using you guys again...you will probably have a warrior by your side...:)

I just had a bad experience with your Hong Kong office years ago....and I hear your brokerage is much better now...I do not even remember why I do not use you guys anymore. I have had no reason to change....but with my luck if a HF hires me and wants me to use you...well I will eat crow won't I...

You should thank OldTrader as over the years he has been a great clarifier for your brokerage.

Long live the Pits...


ES, FYI, we are offering the pit products due to significant demand from our hedge fund and institutional client base. We aren't encouraging the one lot trader as anyone familiar with the pits knows how small size gets abused.
 
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