Did I get screwed by IB today ?

Quote from I$land:

One thing I don't get is this. How can a stock trade outside of the Bid/Ask prices ? Is this always because of badly reported prices ?
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Bid/ask stop works as follows. Suppose you have a stop at 18.00 and you are long. Then as long as the ask is not < 18 (it might be <= 18, not sure), your stop does not activate. So if the stock is 17.95 x 18.01, your stop is not activated. If it is 17.86 x 17.96, then your stop is activated and you'll lose the 10 cent spread and get filled at 17.86.
 
Quote from JackR:

Non-native (exchange held) stops are held on IB's server, not in the TWS client on the customer's machine.

If you are using IB's API you can code up anything you wish and hold it locally with all the uncertainty of a connection loss and subsequent failure to trigger, etc. You can also use the IB server held stops.

Jack
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Yes, I have something like this, with a dual WAN. Might I also suggest that an emergency (farther away) stop be submitted to IB to be held on their servers and then canceled after the local stop is executed. This has worked well for me for some time.
 
Quote from OldTrader:

Next time you might want to read through the users guide first, and then actually select the features that you want in terms of your orders.
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RTFM is also a good idea before starting a thread with a title like this. Maybe OP you can still change it?

Ursa..
 
IB didn't screw this thread's author. He screwed himself, and then he screwed IB by giving it bad PR it didn't deserve. He used a sophisticated piece of trading software, without bothering to read the directions or even much knowledge of order execution, and then, instead of suspecting that perhaps he himself is to blame for the negative results, he immediately blamed others for his own foolishness.
 
Quote from stock777:

What kind of stock was this. No one 'usually' gets filled 1-3 cents from a stop unless you are trading a 5 cent stock.

I see now it was IMMR. Lol , you must lead a charmed life worrying about 10 cents on a stock like that.

I trade by hand. I dont trust stops. And if you had 10 cent slippage consider yourself lucky.

Mechanical stops are not an insurance policy for a good fill, and you should know that
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The above is professional advice.

Entering a Stop Loss order...
Just says "I cannot trust my judgement to exit a position"...
And for that failure... you are willing to pay a PENALTY every time.

Personally...
In 2007 so far...
I have entered about 200,000 orders into IB SMART...
And 100% have been Limit GTC orders.

Something like 5% Market Orders might be acceptable...
If you are trading very liquid securities...
And occasionally get into trouble during a fast market.

But seriously, people just have no idea...
What a can of worms ANY type of Market Order is.
Most regulations on the books are easily circumvented...
Either by using one of MANY bona fide loopholes...
Or just cheating and then claiming an error was made.
 
Quote from MajorUrsa:

RTFM is also a good idea before starting a thread with a title like this. Maybe OP you can still change it?

Ursa..
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Hmmm...Read The French Menu?...Read The Foreign Magazine?.... :p

I sympathize with anybody truly having problems, but cummon - let's stop the "IB Stole My Money" type threads. A simple "Question about execution using TWS", or the like title would be better.

IB isn't out to "get" our pitiful accounts. IMHO they do a great job, while keeping costs low.

And, like Ursa suggests, read the manual first. There is a bunch of info there. TWS has many many features.

Good trading to all.
 
Quote from jimrockford:

IB didn't screw this thread's author. He screwed himself, and then he screwed IB by giving it bad PR it didn't deserve. He used a sophisticated piece of trading software, without bothering to read the directions or even much knowledge of order execution, and then, instead of suspecting that perhaps he himself is to blame for the negative results, he immediately blamed others for his own foolishness.
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no need to be so judgemental. You won't get brownie points from IB.

His thread subject was a question.
 
If you think that is a good IB story, here's one of mine. I went long 50 contracts on the qqq's when Sadaam was captured. The market tanked and none of my stops were executed. When I called them up to find out what had happened they said their computer had gone down for awhile and they couldn't be held responsible because even the exchanges's computers go down sometimes. I agreed that was true, but when the NASDAQ goes down, the price of the stocks stay the same since noone can trade. Anyway, fastest $3000 I ever spent.
 
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