Yeah, for all those trashing IB, please recommend other alternatives for automated program trading with low costs. I'm seriously all ears...
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Horrible experience:IB cost me $50,000 this morning
- Thread starter zhexin2
- Start date
Yeah, for all those trashing IB, please recommend other alternatives for automated program trading with low costs. I'm seriously all ears...
Quote from zhexin2:
I am a program trader. I shorted around 300 stocks of totally 4.5 million dollars. when I decided to close those positions, IB refused to take my order. All the liquidating orders were in the status "acknowledged but not transmitted". Until One hour later, my order started to take effective. This is very horrible today since the nasdaq kept going up. The stupidity of IB cost me 50K. later on, I received a message from IB "over excessive order submission, and my account is flagged". On Tuesday this week, I had the same problem but that time I did not receive IB message about the excessive submission warning.
this problem occurred a number of times when there were too many positions in my account. I wonder any one came across the same problem.
Were any of those stocks affected by new margin rules for individual stocks that went into effect on Monday?
Quote from zhexin2:
I received a message from IB "over excessive order submission, and my account is flagged". On Tuesday this week, I had the same problem but that time I did not receive IB message about the excessive submission warning.
I am guessing the problem was not the number of symbols or the size of your position. Could it be that your program may have submitted a bunch of erroneous orders that were rejected for some reason or that the program made a large number of modifications or resubmissions of existing orders? I think there is some API limit on the number of messages that can be transmitted during a given interval.
Quote from Longhorns:
Assent.
Thanks. I will look at them. I need a broker who supports OpenQuant. My choices it seems right now are Open E Cry, MB Trading or Genesis as an alternative to IB. If anyone has any experience/recommendation with any of these in regard to automated program trading let me know. I have looked the most into OEC but their recent technical issues have given me pause. Thanks.
API message limit per second = 50.
http://individuals.interactivebrokers.com/en/p.php?f=programInterface&ib_entity=llc
Click interface comparison.
http://individuals.interactivebrokers.com/en/p.php?f=programInterface&ib_entity=llc
Click interface comparison.