IB cheating

[hoodooman]

A few months ago, I shorted a stock and got a message from IB that the stock wasn't available but they would fill the order when it became so.

I immediately canceled the order. No problem with that.

About 15 minutes later they filled the order after the stock had dropped in price.

I then called IB and the bastard said that I didn't cancel the order which was a god damn lie.

As they use to say, "he would steal the pennies off a dead man's eyes".

 

[Bob111]

that's what the logs are for.

 

[Maverick2608]

Quote from PorkBellies:

what on earth makes you think it was a discretionary choice by IB? Just the profit difference? What if it was all automated with an unintentional outcome, and you just got the shitty end of the stick?

and IB "should" have tried to fill both orders independently, not cancel them both because one wont fill. Don't say they "should" have done anything outside of what you asked them to do (via order ticket.)

yes, it sucks you got filled on one shitty play and cancelled on the other. yeah maybe IB messed up somewhere technical. but I can't imagine there's some small little evil dude twisting his evil moustache while working an order desk to screw people over IB's clients

perhaps you should spend your time working with IB on a solution to what happened instead of bitching here

It is extremely naive to believe that your broker is unbiased when filling your orders.

My job is to take that into account when trading. I do not believe it is any better with any other broker.

Having your opening orders freezed for 26 minutes after the opening is NOT what I asked for.

If you don't care. If your big swinging dig will make some other trades to cover the bad ones and it will all take care of itself. Fine with me.

I believe other traders should know about the biases which are build into the system not by "some small little evil dude twisting his evil moustache while working an order desk to screw people ove." But by the design of the TWS.

 

[zdreg]

Quote from Maverick2608:

It is extremely naive to believe that your broker is unbiased when filling your orders.

My job is to take that into account when trading. I do not believe it is any better with any other broker.

Having your opening orders freezed for 26 minutes after the opening is NOT what I asked for.

If you don't care. If your big swinging dig will make some other trades to cover the bad ones and it will all take care of itself. Fine with me.

I believe other traders should know about the biases which are build into the system not by "some small little evil dude twisting his evil moustache while working an order desk to screw people ove." But by the design of the TWS.

"It is extremely naive to believe that your broker is unbiased when filling your orders. "

suggest you look at the record of price improvement of IB compared to other firms.

 

[Occam]

Quote from zdreg:

"It is extremely naive to believe that your broker is unbiased when filling your orders. "

suggest you look at the record of price improvement of IB compared to other firms.

Where does this "price improvement" come from? I don't think they're giving you a free lunch. This is a firm that reserves the right to send its orders to its Timber Hill affiliate. To assume that you're going to get the same price as you would from a real exchange is a stretch -- and this is not measurable by any means, as the exchange may have hidden orders that dramatically improve the "price improvement" offered by any smart routing system. Not to mention the fact that it screws up spreads for the market as a whole.

IB's affiliate Timber Hill LLC makes markets in stocks and acts as a
specialist or market maker on all U.S. option exchanges. Other IB affiliates worldwide, including
Timber Hill Europe, also act as market makers on global exchanges. IB's market-making affiliates,
including Timber Hill LLC and Timber Hill Europe, may provide automatic execution for certain
eligible IB customer orders routed through IB’s Smart Routing system, for certain Nasdaq stocks,
NYSE stocks, global stocks and other securities. When an order is sent using Smart Routing, if an IB
affiliate is willing to provide an execution at the best available posted price or better for that stock, IB
may send the order to that affiliate for an immediate automatic execution. Orders sent to IB affiliates
for automatic execution may be eligible for price improvement (i.e., they may be executed at a price
better than the best posted bid or offer).