Ib Sucks

[CarlErikson]

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.

This has been my experience with IB:

1. If you try to cancel an order and you see its color status go red, then it is cancelled.

2. If you try to cancel an order and at some point it disappears from the Pending page, then it has been cancelled.

3. If you try to cancel an order and you see its color status go magenta, then it is not cancelled and something is screwed up - call IB about it, or talk to them on chat.

4. If you try to cancel a DAY order and you see its color status go magenta and you forget about it for the day, then:

a) This order won't show up on your Pending page the next day even though its status is unknown.

b) You could receive confirmation of a fill on that order several days later (a few years ago this happened to me several times - I'd get a fill on settlement date).

Always double check the Pending page before you log out for the day. If there are any pending cancels, clear it with IB otherwise you could be in for a surprise.

 

[PuffyGums]

Which leads us bacak to mdmbud's case. Does any of the above mentioned situations describe what happened with your stop that you canceled?

I suppose IBs position was that your stop got triggered overnight, or was it some other cancelled order that they claim got filled, or was it completely out of the blue, having nothing to do with your orders at all.

 

[H2O]

I'm working with J-Trader now. I have this FULL log file available. Every trade I make / cancel can be traced, as well as the confirmation. After hearing this problem, I'm glad I switched !!!

I traded through IB for about 2 years and I also had a problem which I think might have the same cause.

Once, at the end of my trading with IB, I wired most of my money out of the acct. I had 10K in there I believe. I took an option position (BUY Calls) so everyone knows, no margin is involved.
The next day when I opened my TWS I saw the required margin field was showing an amount (not sure how much) so I immediately got on the chat with IB. During this chat, in which they kept telling me I used margin to purchase the position, I got liquidations on this position.

After all , it took me more than a week to clear this up and they had to admit I shouldn't be liquidated. All my trades were checked and I was very lucky that I closed out all my positions before entering this one so I could prove there was nothing to do with margin.

Of course I asked them for an explanation and they told me it was because of a bug in the position window, and that it had been solved....... (This was in the beginning of the multicurrency accounts)

I'm not trying to put any negative comments on IB here, but I think executions and fills are things that should be handled withgreat care, and nothing should go wrong with this. So perhaps it might be a good idea to give customers full access to their trade log. (As J-Trader does)

 

[ZBEAR]

Quote from 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!

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

Iceman,
I understand and respect your point of view, however I do disagree.

I don't need the Broker to have a PhD in human resources -
but I don't want him to be some kind of knuckle dragging ill mannered Ape either !

So called "Slipages" like this are a major incident waiting to happen
and one's intuition should be screaming - GET THE HELL OUT !

Sure IB has "Cheap" transaction costs - But are they really ?

If you have a $$$$$ "ACCIDENT" That could cover a hell of a lot of commissions
with an amenable Brokerage in my book.

And this is just "ONE" of the "MANY" Horror stories I've head about IB.
No Thanks IB - I left and I'm glad I did.

This is starting to sound like a Flame - guess it's the Coffee's fault. har har .


Experience is what you got when you didn't get what you wanted, and is what you get about 5 seconds after you need it.

 

[deadreader]

I will verify that IB's customer service is arrogant, rude, and worthless.

What's more, you usually have to wait forever to get a hold of everyone......

Luckily, though, I have only run into TWO problems in the last 3 years with IB, so, I never use the customer service......

I would say my experience with IB has been fabulous, given that I was ALWAYS on the phone with my previous firm at least twice a week......

 

[Catoosa]

PuffyGums: CarlErickson's Post at 10:12 PM accurately describes most of the problems I had with IB orders three years ago. Those problems were most often the result of IB's lagging quotes at that time. I would get a phone call from IB up to three days after canceling the order to tell me IB was getting ready to post the trade to my account. IB never would go back and correct the trade confirmation for the actual date of the trade. I had to take care of that with a pen. IB has come a long way in the last three years and provides by far the best service I have had in my 31 years of trading.

Catoosa

 

[mojo59]

mdmbud and Lundy, you should also post your IB experiences on the futures thread, "Who is the best futures broker". Their is a discussion regarding ib, pro and con.

 

[white17]

I'm really enjoying this thread. It's just like the old days when there was a permanent standing thread entitled DateK Sucks. Almost feels as though there's a raging bull coming on.

 

[slapshot]

Quote from FX-Trader:

There are a lot of things that can go wrong with these orders.
You better want to use Globex native STP LMT orders. See also:

www.interactivebrokers.com/discus/messages/4/7465.html?1042127916

I wonder if MDM Bud might have used simulated STP orders ?

How does a person use a Native Globex Stop order? As a new IB user, I only know how to scroll to "stop" and set the stop price, and I use the "double last" setting. So far it works well (except the other day when Globex had bad data and my scalp bracket stops kept getting hit - I'm an idiot for not heeding the IB bulletin so it is my own fault) but I want the most reliable Stops possible since I sometimes swing ES Overnight on occasion. Is it a stop-market or stop-limit order?

Like some others, I too have once had a 'mystery position' not show up as a market line until I logged the TWS off and on. (It was a stop order that I had failed to cancel after closing my position so it was my fault it got filled, but it was scary since a market line didn't show up to tell me I had a position until I logged off/on a couple times.)

 

[iceman1]

thanks for the reply...

I have had my share of issues with firms over the years; primarily trade options, and frankly my success with getting price corrections or fills have come directly from compliance at the various exchanges. Years ago when some of my trading accounts were at Schwab... (talk about being ripped a new *&#@^% with commissions!) I called the Philly and P-Coast so often I got to know the guys in their regulation and floor compliance departments as well as my family... Lol

Was with a firm called wall street access years ago also.. and they went through Alex Brown; there were so many screw-ups on with their floor, that at times I did feel like putting my fist through the phone. SO I get it, and empathize with u.

But just as we grow in trading... I finally learned that each time these events occurred and I put too much energy into it rather than staying cool, it always affected future trading in some way shape or form. SO my thinking became like my views of NBA games where some players are always bitching... you can complain about a missed call or a tick-tac foul and thereby ruin your entire night, screw up your shooting %, and lose the game... or you can go with the flow; write it off as cost of biz. Besides foul calls even out over time IMO.

Not saying one should take a big hit or not stand up for one's right when things are crystal, but now if they arise, which luckily there have been very few, I found out that patient negotiation usually gets more results than hostility, that there is value to a "longer" history with a firm (just like w/friendships) and as far your/our credibility it does pay to pick battles well so as not to get a rep with a firm of being a pain in the neck.

Interestingly enough, although I have had accounts at other firms for years... decided to open one new account @ IB for options (and to dabble in futures), and did so last week. Talked with them on several recent occasions, asked a lot of questions and found no problem. Were they sweet as sugar. No, but few reps are. But by trying to act "humble" and respectful from the get-go on said calls... even when they seemed rushed, their patience levels seem to go up. Will have to wait and see what unfolds as trading goes forward this year with them; and in that regard your situation will be kept in mind. Thanks.

I