IB Stop Order Changed

S

Sanjuro

I use IB and I think they're one of the best brokers I've used.
When putting in my stops, I set the price, then change my order from LMT to STP, then transmit.

Recently my stops have not been triggered and I look at the price is 1 point lower than where I set it. The first few times, I thought I set the price wrong.

I just figured out that the stupid TWS automatically subtracts 1 point from your price when you change the order from LMT to STP. This is completely stupid.

This new feature has cost me over $2000 in losses but it's my fault for not discovering it earlier. This was probably implemented a while ago but I just figured it out now.

Anyone else notice this?
 
Thanks, I just found that there is an offset in the options and it defaulted to 1. It was always 0 before they added this option so they should've set it to 0 by default.
 
I agree IB - CAN BE - a very good broker.

BUT - the number of "gottchas" in their software & rules is amazing (& don't expect help @ IB - I've gotten it here but not at IB - their CS sucks).

You need to be both a pro trader & an IT whiz to use IB

blue
 
Quote from Sanjuro:

I use IB and I think they're one of the best brokers I've used.
When putting in my stops, I set the price, then change my order from LMT to STP, then transmit.

Recently my stops have not been triggered and I look at the price is 1 point lower than where I set it. The first few times, I thought I set the price wrong.

I just figured out that the stupid TWS automatically subtracts 1 point from your price when you change the order from LMT to STP. This is completely stupid.

This new feature has cost me over $2000 in losses but it's my fault for not discovering it earlier. This was probably implemented a while ago but I just figured it out now.

Anyone else notice this?
More...

Are you serious? You're decrying IB as a bad broker because you were too careless to notice that your stops were set at the wrong levels when you changed order type? All it takes is a second to take a look at your numbers to make sure everything is in order. And, as someone highlights above, you can change the default on this.

There's a reason everyone should take "broker reviews" with a very large grain of salt.

P.S. It's a good thing you don't trade forex. That one point would be worth either 1000 or 100 pips.
 
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