Ib Sucks

[jaan]

Quote from FX-Trader:
Do not rely upon the executions window !
If I need to know my positions I always use the account window. During last 12 months I had about 2 to 3 executions that never showed up in executions window. It did not help to re-start PC and re-login to TWS.

ditto to that. i've also seen orders disappear. the account window has always worked. i use an ancient version of TWS though w/ API.

Quote from PuffyGums:
I take it the the executions panel comes from a local file of execution confirmations the TWS received hence it may not reflect what the IB server has?

correct. TWS does synchronise this file with the server, but the code seems to be buggy, so occasionally it misses trades. in my experience, this is always related to network problems that cause TWS to disconnect/reconnect.

- jaan

 

[PuffyGums]

That is why I'd like to see a detailed order summary log. It would have fresh, server data, nothing cached on the client.

It would include filled orders, canceled orders, working orders (stops and limits), and price replacements. This would include stamps for all the orders as well as confirmations.

So if put in a limit order and cancelled it, I would be able refer to both actions in my log and would have a CME confirmation of the cancellation.

This would also have a flags of simulated orders by IB. The log would show, what you command IB to do, what IB told the CME to do, how long the simulated stop was held by IB, was it canceled by the user, was it triggered by the market, is it still in force, is there a confirmation?

 

[CarlErikson]

Quote from white17:

On the execution screen, some trades have a + mark in the far left column with no title (at least that's my config). What is the + mark for ?

I think this means that this was an execution made of multiple fills - if you click on the + then you can see all the partials.

 

[Hurricane]

I've only had a few problems with IB in the 1 1/2 years I have been with them. After getting their explanation, mulling it over a bit, etc., I've found they were right in every case . . . until earlier this week! I was missing a dividend payment, and after triple checking my data, sent them a short note with the facts (e-mail works well for this). The next day they wrote back and said that after researching the matter, I was right. Funds (all $43 of it) was credited to my account the next day.

As for the 1 or 2 times I got an unexpected execution, if IB gets a late notice they have no choice but to pass it through.

 

[CarlErikson]

Quote from FX-Trader:

Do not rely upon the executions window !
If I need to know my positions I always use the account window.
During last 12 months I had about 2 to 3 executions that never
showed up in executions window. It did not help to re-start PC
and re-login to TWS.

About half a year ago, the Account window seemingly updated once every few minutes - and so you wouldn't know your real position for that time. Back then, I always checked my Executions window to figure my real position out. Fortunately, IB has fixed this lagging Account window problem.

I say check your Account window and make sure it jives with your Executions window every so often. If it doesn't, call IB and don't let them off the hook until the situation is resolved.

Carl

 

[iceman1]

but sorry I must dissent...

as a general proposition there wil be disputes of one kind or another, with all trading firms on all levels of the biz, IMO. And I doubt one can find an off-floor trading firm that is going to be stellar in every single regard when any disute arises. They have to look out for thier interests as well. So don't expect someone on the other end of the phone to have a PhD. in human resources or political diplomacy or negotiation...

I believe one has to look at this as slippage like an out trade. And be more careful next time. I have also come to learn in the final analysis that when these issues occur one must rate the good vs. the "bad" not unlike risk/reward in trading before deciding to throw out the baby with the bathwater and change firms; U might just be going from frying pan to fire!

Next time... try to cool off first, then be real sweet and diplmatic. If ncessary, kindly ask if you might escalate the matter to a higher "authority" (no not God). As in all customer service issues... we know that as you go higher up the ladder of 'competence' and responsibility the more likely you will have dialogue with someone intellectually and emotionally more willing to hear you, with a sympathetic ear. No?

Not preaching here, just telling you what I learned and do to take it out of my trading, and not have it spoil future positions by holding on to this kind of "baggage". Or going through all the trouble of changing firms every time there is a dispute. Particulalrly if IT doesn't happen repreatedly.

Ice

 

[PuffyGums]

Quote from Hurricane:



As for the 1 or 2 times I got an unexpected execution, if IB gets a late notice they have no choice but to pass it through.

How does that happen? If I cancel an order, my cancellation gets its confirmation, does it not? If IB gets a late notice, then I have a cancellation without a confirmation which should be revealed by TWS not removing the order line that I attempted to cancel and should be traceable in a properly desgined order audit trail/ log/execution report.

 

[white17]

....right you are about the + mark. Thank you

 

[white17]

....as I recall, Preferred's software had a great audit trail. You could (can) see the order, modifications, cancellations, confirmations, all timestamped. So it's sure possible to have it that way.

 

[FX-Trader]

Quote from PuffyGums:

How does that happen? If I cancel an order, my cancellation gets its confirmation, does it not? If IB gets a late notice, then I have a cancellation without a confirmation which should be revealed by TWS not removing the order line that I attempted to cancel and should be traceable in a properly desgined order audit trail/log/execution report.

Some time ago there was a long dispute about a "late notice" which was manually added to a customers account 2 days after the trade. If it´s the fault of the exchange or a third party then IB will pass thru any position to customer´s account.