IB retail pit access or not ???
- Thread starter local_crusher
- Start date
hi . i'm totally new at pit trading and have only traded electronic so plz forgive my ignorance but any info would be great. i trade using the IB standalone platform.
-i was planning to start withone contract in the cattle contracts but a previous post stated that one contract would get ignored.so how many contracts would be a min.? if i do one contract what should i be prepared for? no executions or having to basically look for a fill at acrappy price?
-usually the cme quotes just show the last price but i notice that sometimes a bid or ask shows up. is that a "real" price? i'm used to seeing a constant bid/ask so its strange to me.just going by the last price will be an adjustment
- when i submit an order, what should be my expectation for the amount of time for the order to even get to the broker? and when i cancel and the Ib status goes red, am i really canceled? or just maybe. i ask that one cause a couple of times with an amex option order it said i was canceled(red status light) but the next day i found out it wasn't.oops. this was yrs ago and it is the amex but i thought i'd check.
thanx for any info. this pit rookie appreciates it
-i was planning to start withone contract in the cattle contracts but a previous post stated that one contract would get ignored.so how many contracts would be a min.? if i do one contract what should i be prepared for? no executions or having to basically look for a fill at acrappy price?
-usually the cme quotes just show the last price but i notice that sometimes a bid or ask shows up. is that a "real" price? i'm used to seeing a constant bid/ask so its strange to me.just going by the last price will be an adjustment
- when i submit an order, what should be my expectation for the amount of time for the order to even get to the broker? and when i cancel and the Ib status goes red, am i really canceled? or just maybe. i ask that one cause a couple of times with an amex option order it said i was canceled(red status light) but the next day i found out it wasn't.oops. this was yrs ago and it is the amex but i thought i'd check.
thanx for any info. this pit rookie appreciates it
Quote from steeldust:
hi . i'm totally new at pit trading and have only traded electronic so plz forgive my ignorance but any info would be great. i trade using the IB standalone platform.
-i was planning to start withone contract in the cattle contracts but a previous post stated that one contract would get ignored.so how many contracts would be a min.? if i do one contract what should i be prepared for? no executions or having to basically look for a fill at acrappy price?
-usually the cme quotes just show the last price but i notice that sometimes a bid or ask shows up. is that a "real" price? i'm used to seeing a constant bid/ask so its strange to me.just going by the last price will be an adjustment
thanx for any info. this pit rookie appreciates it
1. I have traded one contract at a time in the grains: I suppose it is feasible in the livestock pits, too. Occasionally, at price extremes, your order, if against the trend, might not get filled. However market orders are filled with limited slippage in normal market ocnditions.
2. Only trades are reported from the pits, there is no flow of bid/ask prices. Only occasionally these might be disclosed, possibly when they find no counterpart.
Quote from steeldust:
hi . i'm totally new at pit trading and have only traded electronic so plz forgive my ignorance but any info would be great. i trade using the IB standalone platform.
-i was planning to start withone contract in the cattle contracts but a previous post stated that one contract would get ignored.so how many contracts would be a min.? if i do one contract what should i be prepared for? no executions or having to basically look for a fill at acrappy price?
-usually the cme quotes just show the last price but i notice that sometimes a bid or ask shows up. is that a "real" price? i'm used to seeing a constant bid/ask so its strange to me.just going by the last price will be an adjustment
- when i submit an order, what should be my expectation for the amount of time for the order to even get to the broker? and when i cancel and the Ib status goes red, am i really canceled? or just maybe. i ask that one cause a couple of times with an amex option order it said i was canceled(red status light) but the next day i found out it wasn't.oops. this was yrs ago and it is the amex but i thought i'd check.
thanx for any info. this pit rookie appreciates it
You can trade one lots! People do it all the time. Gotta start somewhere. There are all kinds of one lots coming into the pits. Some brokers don't like it ---but tough---it is their damn job to fill orders!
WHAT THE HELL!!!
Today I had an order in to sell live cattle on a stop.
When I did not get a fill back I called up IB, 877-442-2757.
A half hour later "Bob" at IB told me that he had checked the order and IB only accepted limit orders, not stops and not market orders for the CME pit orders.
Nobody told me that, did anyone else see that?
Why should anyone use this IB CME pit?
The price is not so hot and now this?
Today I had an order in to sell live cattle on a stop.
When I did not get a fill back I called up IB, 877-442-2757.
A half hour later "Bob" at IB told me that he had checked the order and IB only accepted limit orders, not stops and not market orders for the CME pit orders.
Nobody told me that, did anyone else see that?
Why should anyone use this IB CME pit?
The price is not so hot and now this?
IB's web site says they simulate stop, stop limit, and GTC orders on CME floor orders.
Better call them back and get them to read their own web page.
Good luck.
Better call them back and get them to read their own web page.
Good luck.
I just talked to another person there at IB, "Earnest", he said the website is wrong, that as of now only limit orders not any simulated orders are working. I said that is not what the IB website said. He said there was nothing he could do. I could send an email to help @interactivebrokers.com
I tried IB's new CME pit access today.
IB's website says they take stop orders for the CME pit orders.
http://www.interactivebrokers.com/e.../exchanges.php?
exch=cme&ib_entity=llc
I entered stop orders in cattle.
When my orders were not executed IB said that their website is false, that only limit orders are taken and they refused to compensate me for the orders not executed, writing to me:
"IB would not compensate you based upon incorrect information
on the web site as there is a disclaimer posted to our home page
that basically states that we do not indemnify the information
provided against error or omissions"
"The contents of this Web Site are believed to be reliable....."
I am sure I am not the first person that used an order other than a limit order, and they could not believe "The contents of this Web Site are believed to be reliable....."" they knew their website had false information.
IB's website says they take stop orders for the CME pit orders.
http://www.interactivebrokers.com/e.../exchanges.php?
exch=cme&ib_entity=llc
I entered stop orders in cattle.
When my orders were not executed IB said that their website is false, that only limit orders are taken and they refused to compensate me for the orders not executed, writing to me:
"IB would not compensate you based upon incorrect information
on the web site as there is a disclaimer posted to our home page
that basically states that we do not indemnify the information
provided against error or omissions"
"The contents of this Web Site are believed to be reliable....."
I am sure I am not the first person that used an order other than a limit order, and they could not believe "The contents of this Web Site are believed to be reliable....."" they knew their website had false information.