Does anyone have a solution for avoiding or decreasing modification fees with IB?

Quote from Gammahedge1:

I'm really not interested in some nitwit telling me to just hit the bid or lift the offer. I trade a lot of contracts (mostly in RUT but some weeklies as well) so I like to work an order a bit depending on a number of factors. Any ideas would be greatly appreciated!
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trade at thinkorswim

they will offer $1.5-1.25 per (active traders) and no modification fees... has helped me get much better prices and time it better without constraints over the last few months since I switched from IB.
 
Quote from Gammahedge1:

Well if you know about Jesse Livermores life, which Reminiscences of a Stock Operator is basesd on, you should also know that he blew up multiple times and finally committed suicided in the end. Funny side note (not really funny but macabre I guess) his final wife had been married five times before and all of her exes had committed suicide before she married Livermoore!! Guys I wasn't trying be rude, elitist or sound like an asshole in the least. I had a very specific question I was looking to get answered. There a 1000 different ways to make money in this game and I'm never going to tell anyone they're trading incorrectly IF they're profitable. OK I'm not going to get my answer so somebody start an interesting thread so we can all learn something on this damn thing [/QUOTE

Your knowlwdge about Livermorse is pretty accurate. I am not going to argue with you on this but I believe even if you are successful and make billions, at the end you might look back and see what you gave to get that money and then look at other average happy people and that might make you suicidal.
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Quote from iceman1:

trade at thinkorswim

they will offer $1.5-1.25 per (active traders) and no modification fees... has helped me get much better prices and time it better without constraints over the last few months since I switched from IB.
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I have mentioned this 624 times so far and it seems that I cannot be convincing. Check out my trades today. I cancelled 2 option orders today. I also had 6 option orders expired without going through. I paid $11.44 for 40 contracts. In Thinkorswim I had to pay at least 1.25 x 40 = $50. I paid less than $2 for two trades on 10 contracts SPY. I had to pay $12.5 in Thinkorswim. I paid $1.58 for 3 contracts on FB. I had to pay $3.75 in Thinkorswim. Unless I am in the habit of cancelling 369 orders everyday to execute one trade, I won't want to THINK nor SWIM. By the way I have not negotiated a special commission with IB. Everyone gets this rate. As you see I also cancell orders and my YTD cancellation fee is $1.1 !!!
 

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I remember I once run my quoter on STOXX50 on Eurex just to test the new algo. My primary market was closed at that time. I was surprised when the quoter stopped working in the middle of the session. It was because cancellation fees ate my entire account! Shocker! It was a paper account so I did not commit suicide :)
 
Quote from quatron:

I remember I once run my quoter on STOXX50 on Eurex just to test the new algo. My primary market was closed at that time. I was surprised when the quoter stopped working in the middle of the session. It was because cancellation fees ate my entire account! Shocker! It was a paper account so I did not commit suicide :)
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I think I know what was your algorithem.

While(1)
Monitor Bid/ask
For (Buy)
put an order to buy at (bid-0.02)
For (Sell)
put an order to sell at (ask+0.02)
end of while


This will be like chasing your tail.
 
Close, but it wasn't that stupid :) I was quoting front month options on European index. The quoter was quite aggressive with the orders but it won't survive in this market anyway with such a horrible commission (1.5 per contract, that is more than tick size!).
 
Quote from Kevin Schmit:

Do you understand what he is doing?

Hajinow is operating close to his margin limit. When his second order is filled, he no longer has the buying power to support the first order, so IB cancels it. Since the first order can not be reached without the second order being filled, it is not that risky.

This is a pretty well known trick with IB and option cancel fees. It has been mentioned on this board a number of times.
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interesting i didn't know that.. i change alot of my orders... i haven't audited my expenses to that level because my account is small and i don't trade that frequently.. the profit and loss from trades are more relevant to me
 
Quote from hajimow:

Quote from Gammahedge1:

Well if you know about Jesse Livermores life, which Reminiscences of a Stock Operator is basesd on, you should also know that he blew up multiple times and finally committed suicided in the end. Funny side note (not really funny but macabre I guess) his final wife had been married five times before and all of her exes had committed suicide before she married Livermoore!! Guys I wasn't trying be rude, elitist or sound like an asshole in the least. I had a very specific question I was looking to get answered. There a 1000 different ways to make money in this game and I'm never going to tell anyone they're trading incorrectly IF they're profitable. OK I'm not going to get my answer so somebody start an interesting thread so we can all learn something on this damn thing [/QUOTE

Your knowlwdge about Livermorse is pretty accurate. I am not going to argue with you on this but I believe even if you are successful and make billions, at the end you might look back and see what you gave to get that money and then look at other average happy people and that might make you suicidal.
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your basically saying he might have been killed.. i like the guys stubborn down right no give up attitude.. its to bad he killed himself.. it shows how people that make something like trading or money the center of their lives can end up empty.. i'm sure he was an interesting fellow.. but thats only speculation on my part.. maybe he just had a mental illness... if it wasn't for modern medicine (AA) i myself would most likely be in a sanitarium..
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Quote from dst:

For your information, we drastically lowered US Options modifications and cancellation fees, they are now $0.01 per modify or cancel, with a possibility of a credit (towards cancelation or modification cost), see here http://www.interactivebrokers.com/en/index.php?f=otherFees&p=cancel2
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thats great! wow i'm happy.. that was getting me hardcore offering and asking for flys at different levels, then pulling them down.. 4 legs lots of cancellation fees
 
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