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IB's option cancellation fee
- Thread starter njrookie
- Start date
Quote from def:
Timber Hill is a market maker and and under the same parent of IBG. This fact is not hidden on our site, corporate filings, etc.
Def, I need to correct you on this statement in that in your SEC Rule 606 routing reports showing order routing statistics, TH is now "hidden."
TH didn't used to be hidden in the routing statistics (pre September 2007). http://institutions.interactivebrokers.com/en/general/about/brokerDealerReports.php
Did this removal of TH from the 606 reports in 2007 coincide with the removal of TH from visibility on IB's SMART order system?
I just wonder about the comment made by a guy who says IB caters to the new inexperienced guys by letting their OCA/one cover all deal just apply to single legs and not combos.
As a 2 month newbie trading in a small IRA, about all I can do is a combo vertical spread. I did my first paper trade on single legs and almost ended in disaster as my buy leg wasn't filled. Modified it and got it filled a day later but there was a lot of slippage. Six of my seven trades have been profitable in 2 months. On the one that went bad, I tried to close out one leg at a time and couldn't do it because the remaining risk wasn't covered by the account.
The more I think about it, I'm not sure any new inexperienced person should single leg into a trade. Only experienced ones should do so and thus IB is not catering to the inexperienced but the other way around.
As a 2 month newbie trading in a small IRA, about all I can do is a combo vertical spread. I did my first paper trade on single legs and almost ended in disaster as my buy leg wasn't filled. Modified it and got it filled a day later but there was a lot of slippage. Six of my seven trades have been profitable in 2 months. On the one that went bad, I tried to close out one leg at a time and couldn't do it because the remaining risk wasn't covered by the account.
The more I think about it, I'm not sure any new inexperienced person should single leg into a trade. Only experienced ones should do so and thus IB is not catering to the inexperienced but the other way around.
Even if you decide to use margin with IB (somthing I wouldn't recomend), don't ever ever use partfolio margin with IB. Margin is being recalculated every night, and if there is a volatile day their margin requirments can get increased by 50% the next day before market opens. Then when the market opens you just get liquidated.Quote from Options12:
portfolio margin or reg T when you got saved?
Quote from bc1:
I just wonder about the comment made by a guy who says IB caters to the new inexperienced guys by letting their OCA/one cover all deal just apply to single legs and not combos.
As a 2 month newbie trading in a small IRA, about all I can do is a combo vertical spread. I did my first paper trade on single legs and almost ended in disaster as my buy leg wasn't filled. Modified it and got it filled a day later but there was a lot of slippage. Six of my seven trades have been profitable in 2 months. On the one that went bad, I tried to close out one leg at a time and couldn't do it because the remaining risk wasn't covered by the account.
The more I think about it, I'm not sure any new inexperienced person should single leg into a trade. Only experienced ones should do so and thus IB is not catering to the inexperienced but the other way around.
lets not get all wound up with semantics or pedantics, OCA is indispensable for combo trades. For any option trader or even gambler interested in money management so misfortunes don't happen to others what happened to me with IB, where double fills occurred several times during very volatile times. Once IB develop this l will likely bring my substantial account from TOS to themselves again.
We will schedule the implementation of OCA for combos.
Quote from magmiv:
lets not get all wound up with semantics or pedantics, OCA is indispensable for combo trades. For any option trader or even gambler interested in money management so misfortunes don't happen to others what happened to me with IB, where double fills occurred several times during very volatile times. Once IB develop this l will likely bring my substantial account from TOS to themselves again.
That auto liquidation stuff is scary.
Thats why I have my account split with TD and Etrade (dumb SIPC limit of 500K)
I don't want some computer glitch or flash crash just deciding to liquidate my account sky net or HAL9000 style.
Thats why I have my account split with TD and Etrade (dumb SIPC limit of 500K)
I don't want some computer glitch or flash crash just deciding to liquidate my account sky net or HAL9000 style.
Quote from IBsoft:
We will schedule the implementation of OCA for combos.
thats fantastic news! I so appreciate that IB, do listen to their clients and x clients. A critical characteristic of any broker.
This one serious shortcoming in money management for option traders cannot be compensated by aesthetics, usability or "cheap" commissions. Because of this shortcoming I lost a substantial amount with double fills on the upside then downside or vice versa with porfolio disasterous results in volatile times leaving the double filled option deep ITM hence my move to Think or Swim. At Think or Swim, this feature prevented my account from such disasters, which would of occured again if I was still with IB. So my returns have been green with Think or Swim, despite their nickels "higher" commission. (they are actually cheaper for index options) I will definitely move back to IB once yourselves have this indispensable money management function in operation for option combos.
When will yourselves have this indispensable money management function in operation for option combos?