IB Woes

S

ShoeshineBoy

I'm a newbie that patiently saved up 2k to send to IB after spending a few months developing a dozen or so swing-type trading systems. I realize the $ amount is pitiful, but not really when you consider that I only want to do non-options trading and I backtested on SnP500 stocks (including loss/sell/profit targets). I am VERY anxious to start trading, but I found out IB requires 100 share lots. This has killed 98 % of my potential trades. (I have found that even if I look at small caps, the only stocks my algorithms are picking are foreign stocks!) Can someone suggest some other broker(s) that would be good for a beginner in my situation, i.e. will let you trade odd lots? Thanks!
 
You are saying you can't trade odd lots on ISLD via IB ????
It may depend on your choice of the route.....
Odd lots can be traded by most brokers. but when a broker
charges a penny a share with no minimum it's clear if they
try to make at least a buck...frankly I did not know this..
Def if this true ???
 
The NYSE specialist will charge a "surcharge" for odd lots
there is no limit for ETF's (on the Amex) - this is where
you should begin anyway... 1 share is a "lot" for SPY and
others....
 
I called IB and of course you're right - they allow odd lots for NASDAQ and AMEX. But I want you to know I explained my whole situation to two customer reps and neither explained that the odd lot limit only applied to the NYSE. I was ready to pull my funds - thanks!!!!.
 
Amex / IB lot sizes
Be aware :
ML Holders and Cubes (QQQ) trade in 100 share lots only !
If trading iShares and spyders etc. watch out for the spreads. Can easily make out 2% an more at times.
Good luck
 
Can i get a clarification:

I can't trade AMEX stocks on the IB platform -- i don't think they have access to that exchange.

Am i mistaken?

regards/greg
 
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