How I lost 10 grand to IB popups

Quote from el pollo:

Read the fine print that you electronically signed when you opened the account please. You do not have a leg to stand on here. Perhaps you should have paper traded Gold before losing your ass on a 30 lot.
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How do you know he lost his ass, maybe he has a 2 million dollar account.
 
Quote from trade2live:

I am new to Interactive Brokers but not to trading. I recently opened an account despite the complaints I read about on ET and elsewhere. I trusted them to offer good executions for serious traders.
I never lost so much money with bad executions since I am with IB ! At first , last week after I lost 10 grand in one day I felt I was going insane, I was so angry , but then I just became numb , depressed. It happened so quickly and it was so stupid I still can't believe it. It was all because of IB Tws and the popups, yes their POS software, supposedly a state of the art platform for professional traders.
Well the idiots who designed this "trader workstation" have no idea what trading is about, they caused me to take my largest loss ever , and in one day !

On Tuesday morning around 7am ET I was short some 30 YG from the week before, I realized the market was going the other way and decided to get out before waiting for a loss. Around 7:30 as I prepared my order , gold started breaking out and I hit the transmit button, that's when I got a pop up window asking me whether I wanted to cancel my attached stop order or the order to cover just sent, wtf ! actually I am not sure what it asked because it went so fast , I was furious. But that was nothing compared to what happened next: in 5 seconds before the order was actually on the exchange, gold jumped 5 points and when all was done I had lost $5,200 !
I couldn't believe my eyes.

I decided to follow my rules and keep trading that day, since this wasn't my fault . I would call the IB helpdesk at the end of the day to let them know what happened and see what kind of answer they would give.

So on with my trading day , at some point stocks jumped sharply on some Grece related announcement if I recall, S&P made new highs and I made the mistake of going long (15 contracts) , I wasn't sure how far it would go but my risk was limited with that setup, or so I thought, because I didn't count on a repeat of what happened in the morning. I still see it happen before my eyes in slow motion, unbelievable. Shortly after noon, the market stalled and I didn't like what I saw , decided to get out with the very small profit I had.
I prepared the order , using "close position", it definitely didn't look good , I hit Transmit. Bam ! S&P collapsed at the exact same time, while I saw the same pop up window that gave me a giant loss in the morning !!! I punched the keyboard first to accept cancelation of my stop, the second strike put a hole in it .
ES went down 6 points in one minute . Another $4500 loss.
All because of IB ill designed software.
If you know a good securities lawyer, please PM.
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Dude you won't get any help here. This place is crawling with Interactive Broker cheerleaders, look up Kiwi trader.
 
Quote from trade2live:

I have been trading YG ever since this contract was introduced so I know the in and outs of this market.
I traded stocks with IB, I ^noticed their stops are not reliable, I am not sure why but a few times they did not trigger and I had to manually close the position. Just those blown stops cost me more than a thousand all in all I would say.
But the 10 K i lost last week, I am fully counting on them to refund some of it in one way or the other. They owe me that money. The guy who designed TWS owes me 8,000 at least.
It should be taken out of this dimwit's paycheck.
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Haha..you are fucked
 
Quote from trade2live:

No I don't think so, I would hope an electronic broker has a duty to provide a reliable platform that comes without this kind of traps, this popup window only appears when you use the close position function, not with a regular order, you are not supposed to know every damn possible outcome of every manipulation you make before you trade. Even their helpdesk doesn't know, one of them gave me instructions that were wrong on placing a combo order and I lost money when I followed them, .
And the stops anyway were mostl likely technical failures on their side.

ow I am starting to wonder if those popups are not a way to flash trade ahead of the customer. I can't see the reason for them .
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If the 'technical failures' (HAHAHA) had created a profit for you, would you have given the money to IB?
 
Quote from the1:

I would not touch a platform for trading futures that didn't have a "trade out" or "get flat" button. This would have solved the OP's problems.
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oec does have a simple button but with ib you can go to order , close all postions, it will close out position and cancel open order.
 
Quote from the1:

I would not touch a platform for trading futures that didn't have a "trade out" or "get flat" button. This would have solved the OP's problems.
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true, but a flatten button is different from 'buy' and 'cover short' buttons right? both buy, so why over complicate?
 
Quote from Mvic:

I bought a power saw today. I flipped a switch on it that was in roughly the same place as my last one and next thing I know I had cut off my hand. Now that I am in hospital recovering I have time to read the instructions and it turns out that switch didn't have the same function as on my last machine.

I am sure you can see how the power saw manufacturer was grossly negligent in not tailoring my new saw to me based on the old tool I used to use. I think I have hit the tort jackpot!
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Unbelievable, Mvic! Same sorta thing happened to me just yesterday.

Here's my story: I'as walking across the street on Sunday to the Sonic to get me a ice cold vanilla Dr. Pepper. I'as crossing in the middle of the street, just like always, and this nice man in a red sports car was comin' along and he stopped and said go on sonny. I went on across and got my Dr. Pepper.

Well, yesterday (Monday), same situation came up. My dad was with me (I'm only 10) and we was crossin' the street going back for another one of those good Sonic ice cold vanilla Dr. Peppers. Well, all of sudden here come another red sports car. Thisun was going purdy fast. But, I had no fear cause I been doing this like forever. My dad yelled out, "Son stop! A red car is coming!" Heck, I says to myself, dad don't realize it's safe out here. So, I continue on. I wouldn't worried till.....BAM!

Well, when the po-lice got there, you ain't gonna believe what they told to my daddy. The po-lice said the guy in the red car wouldn't at fault. They told my daddy that I was old enough that I shoulda known the rules before I stepped out in front of that red car.

Believe me, I shore will know better next time. Heck, I thought I knew what I was doin'. Never had happened that way before.

So here I am all broken down, (but still able to type). Sure glad that guy was able to slow down a lot.

So, I want all my friends here on ET to make shore you know what you're doin' before you start sumpthin', cause it shore can hurt if you don't.

Kinda strange I guess. I was tradin' some today. Even made a little money. I reckun those TWS folks shore must like me. My stops been workin' just fine.

Hmmm...this Dr. Pepper is good today. Thanks daddy.
 
I believed the whole story but sorry, There's no way you are 10..
ahhahahahaa....
hilarious...

Quote from BSAM:

Unbelievable, Mvic! Same sorta thing happened to me just yesterday.

Here's my story: I'as walking across the street on Sunday to the Sonic to get me a ice cold vanilla Dr. Pepper. I'as crossing in the middle of the street, just like always, and this nice man in a red sports car was comin' along and he stopped and said go on sonny. I went on across and got my Dr. Pepper.

Well, yesterday (Monday), same situation came up. My dad was with me (I'm only 10) and we was crossin' the street going back for another one of those good Sonic ice cold vanilla Dr. Peppers. Well, all of sudden here come another red sports car. Thisun was going purdy fast. But, I had no fear cause I been doing this like forever. My dad yelled out, "Son stop! A red car is coming!" Heck, I says to myself, dad don't realize it's safe out here. So, I continue on. I wouldn't worried till.....BAM!

Well, when the po-lice got there, you ain't gonna believe what they told to my daddy. The po-lice said the guy in the red car wouldn't at fault. They told my daddy that I was old enough that I shoulda known the rules before I stepped out in front of that red car.

Believe me, I shore will know better next time. Heck, I thought I knew what I was doin'. Never had happened that way before.

So here I am all broken down, (but still able to type). Sure glad that guy was able to slow down a lot.

So, I want all my friends here on ET to make shore you know what you're doin' before you start sumpthin', cause it shore can hurt if you don't.

Kinda strange I guess. I was tradin' some today. Even made a little money. I reckun those TWS folks shore must like me. My stops been workin' just fine.

Hmmm...this Dr. Pepper is good today. Thanks daddy.
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