IB's interface easy to use?

H

Hedge22

I am thinking about switching to IB, but have only used Charles Schwab before and want to make sure that the IB interface will be easy to learn. I also want to know if you have to qualify to trade options and spread? Schwab would only let me trade covered calls and puts because my income is not high enough for them. I really want to be able to trade spreads, and have been reading books and paper trading, but schwab did not care about my educational knowledge, just my income and net worth. Also what brokers allow spreads in IRAs? thanks for listening to all my ramblings and your help.
 
From what I hear IB is not bad, but I would agree with MTE you should also check out thinkorswim, you can download their software from their site and see if you like it. I don't know what their minimums are as far as your financials but you can do spreads in your regular account or IRA if you want. It sounds like you might be a little too new to be playing with the fire of options. Make sure you really know what you are getting into.
 
Quote from Hedge22:

I am thinking about switching to IB, but have only used Charles Schwab before and want to make sure that the IB interface will be easy to learn. I also want to know if you have to qualify to trade options and spread? Schwab would only let me trade covered calls and puts because my income is not high enough for them. I really want to be able to trade spreads, and have been reading books and paper trading, but schwab did not care about my educational knowledge, just my income and net worth. Also what brokers allow spreads in IRAs? thanks for listening to all my ramblings and your help.
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I found IB's interface pretty hard to learn at first. Now that I know it, I like it.

One thing for sure, IB's low commissions have increased my profits beyond the savings attributable to commissions alone. That's because I can forget about commissions when deciding my next play.

For example, if I want to try a new strategy I can play one contract. Or I can scale into a position one contract at a time. Commissions are essentially a non-issue.

I don't really remember the IB qualification requirement to trade options, but I would doubt that they are that difficult to satisfy.

Don
 
I am thinking about switching to IB, but have only used Charles Schwab before and want to make sure that the IB interface will be easy to learn.

The platform is fairly simple to use for basic positions (buying and selling of stocks, options, etc.). There's a huge buffet of more complex features and they take some time to figure out.

I also want to know if you have to qualify to trade options and spread? Schwab would only let me trade covered calls and puts because my income is not high enough for them.

When I opened with them 5 years ago, there was a 20 question test. As for the income requirement, make up some numbers. They don't verify. But don't expect to win at arbitration if you lie about it :)
 
One thing for sure, IB's low commissions have increased my profits beyond the savings attributable to commissions alone. That's because I can forget about commissions when deciding my next play.

For example, if I want to try a new strategy I can play one contract. Or I can scale into a position one contract at a time. Commissions are essentially a non-issue.


I couldn't have said it better!
 
Quote from nikko309:

One thing for sure, IB's low commissions have increased my profits beyond the savings attributable to commissions alone. That's because I can forget about commissions when deciding my next play.

For example, if I want to try a new strategy I can play one contract. Or I can scale into a position one contract at a time. Commissions are essentially a non-issue.


I couldn't have said it better!
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I agree. I will also add that I've had much better success at getting limit orders on combinations filled at IB than anywhere else.

I actually find TOS more cumbersome, though most others would disagree. To each his/her own. It is a snazzier interface -- just not sure that it's more productive for me. And not a big fan of the Investools linkup for many reasons.
 
I just withdraw my money from OptionsXpress.
I love this broker so much, they are perfect except the commission is to high, so I plan to switch my broker

Now I am switching to IB, and will transfer my fund soon.

I want to know, whether we can login into TWS IB on sunday, coz today I try to access my account and it's failed (today is Sunday)

thanks before.
 
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