IB cheating

[Tonkadad]

Quote from stock777:

NEWS ALERT: The markets are a risky place.

You know, just like the racetrack, where the jockey can fall off the horse.

Well maybe he should wear his seat belt.

 

[Bob111]

this one?

 

[stock777]

 

[Maverick2608]

I have traded for a living for 10 years.

I have never seen OPG (opening) orders clear after more than 26 minutes.

I did get the correct price on RATE.
The problem is the selective cancelling of my OPG orders.
My RATE order did not get cancelled, because it was out of the money after 26 minutes.
My RKUS order was cancelled because it was in the money after 26 minutes.
That's the problem.

I doubt any of the critical posters on this thread will be trading for a living for 10 years. That requires an ability to recognize when your broker is f...... you.

IB is now conducting an investigation.

 

[Maverick2608]

Quote from jtrader33:

Funny thread. There was no trading in NYSE symbols R - Y at IB today until 9:57am. They sent out a bulletin but not until 9:37 after your marketable orders had sat there unfilled for 7 minutes (and then 20 more after that). Orders in those same symbols got cancelled at 3:43pm yesterday as well...but no bulletin at all on that one. All around they are a great firm that offers stuff no one else does, but these quirks are part of doing business there. I've conditioned myself to expect a cost of 5 - 10k / year for this stuff and have made peace with it (sort of).

I agree on this.

IB from time to time cancels OPG orders. It is safe to assume that the cancelled OPG orders on average are ‘in the money.’ If NYSE OPG orders sit too long, I cancel them myself and fill the orders manually.

There is also some slippage on the executed orders. I know exactly what the amount of slippage is on average.

I have taken this into account and I still make a profit.

However, this was a different situation, because:
1) The delay was more than 26 minutes
2) I was blocked from cancelling my orders during the 26 minutes

That is why I have filed a complaint with IB and that is why they are conducting an investigation.

 

[Maverick2608]

Quote from zdreg:

from a number of different sources the opening for rate was $10.10.
http://finance.yahoo.com/q?s=rate&ql=1

the 1st uptick could have been at$10.02. unless you specified opg you are of luck. i will bet that you entered your order as sell short at market.


nearly every time somebody accuses IB of cheating it is the poster's error that created the unintended result.

I did get the correct price on RATE.

That is not my complaint.

Read my post.

 

[def]

Quote from Maverick2608:

I did get the correct price on RATE.

That is not my complaint.

Read my post.

A complaint is one thing. Claiming someone is cheating is another. You'll get a proper analysis going through the formal channels. However with a BS title such as the one in your thread, don't expect much help from the likes of me on this forum.

 

[Maverick2608]

Quote from def:

A complaint is one thing. Claiming someone is cheating is another. You'll get a proper analysis going through the formal channels. However with a BS title such as the one in your thread, don't expect much help from the likes of me on this forum.

I agree it was a BS title.

I did and do not expect any help.

I wanted to let others know what happened and I needed an outlet for my frustration (wrong decision, wrong venue).

And I wanted to spare my hand which has an above average number of bite marks year-to-date.

 

[Maverick2608]

PRLB is a good reference.

15:32:40 yesterday my PRLB OPG buy order filled at 47.94 whereas the opening price is recorded at 46.70 - slippage 2.7%.

This is ok because:
1) I could cancel the order at any time up until the order was filled at 15:32:40
2) I can stop using OPG orders altogether if I the slippage gets too large on average

RKUS and RATE were not ok because:
1) I could not cancel my OPG orders for 26.5 minutes
2) After 26.5 minutes IB made a discretionary decision to cancel the heavy in-the-money RKUS order while filling the out-of-the-money RATE order

IB should of course have filled or cancelled all the OPG orders - not cancelled some and filled others at their discretion.

 

[PorkBellies]

Quote from Maverick2608:


RKUS and RATE were not ok because:
1) I could not cancel my OPG orders for 26.5 minutes
2) After 26.5 minutes IB made a discretionary decision to cancel the heavy in-the-money RKUS order while filling the out-of-the-money RATE order

IB should of course have filled or cancelled all the OPG orders - not cancelled some and filled others at their discretion.

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