IB's Stubborn Defendants
- Thread starter TraderSU
- Start date
Quote from sudhaker:
Actually NONEIB is the only one.
Yeah, I'm a NOOB (but not a crook or lazy). I see now why IB fan-club is much strong
As a noob my frustration was about the 'modify/cancel fee' and I feel that it will hold me from making good trading decisions. May be I'm wrong; so kindly tell me about your experience regarding the same. Does it really hurt trading decisions? What are the good practices around it?
I got this quote from some other thread "good traders never modify their orders". How good this holds for OPTIONS trading?
The other alternative that I was considering was SogoElite(or SogoTrade). They have better rate (0.004) for equity trading without any 'modify/cancel fee'; but do not support OPTIONS. SogoElite has no web-based interface and can only be connected through their client. SogoTrade has no extended-hours trade.
Again, thanks a lot for your valuable time.
Cheers,
Sudhaker
I always wondered about someone who complains about the IB security token would feel, if he pulled up his account at a small broker someday and discovered an identity thief had called up and managed to change his address or otherwise managed to get the funds out of his account. Small brokers are sometimes lax about security. These days, anything is possible.
I have OldTrader on ignore, but I saw this quoted. I just want to point out the dishonesty of this post. I specifically said that the liquidation of overmargined accounts is the trader's responsibility and I never once suggested that IB would liquidate specific securities in order to make money. That's a load of horseshit, and statements like this from one of ET's leading IB-bootlickers is why I put him on ignore in the first place.
If you look up 'IB's stubborn defenders' in the dictionary, you'll see a picture of OldTrader holding hands with the other well-known IB bootlicker.
My comments about IB's cutthroat attitude towards making money (which I have no problem with), and to refusing to compensate traders for losses that stem from systemic problems on their end are informed by repeated examples posted on these boards.
I am on record as saying that 99% of problems posted re: IB are the trader's own fault.
Past-it Trader can't seem to differentiate between posts that support IB and those that don't.
Yeah, you do get the other end of the extreme also. Such as "IB said it, I believe it, that settles it."
For instance, the elimination of day trading margin. Ardent IB defender response is "protection" and "black swan avoidance." Truth of the matter is, it was unnecessary and proven to be so by the shear virtue of the "$500 margin" brokers survival and current thriving. Sure a few of them raised margins to $1000 for a day or two last year when it was appropriate.
IB was being overly cautious because they are now a publically traded company and want to project the image of being highly conservative and "safe" to attract big players (i.e. large accounts) and more pros (i.e. money managers). Seeing as they now have shareholders to answer to, they have to do everything in their power to keep the share price up. You know how litigious shareholders are these days.
In any event, IB is a good to great broker. No doubt. Considering what they offer for the price, you can understand they'd develop a cult following. Especially if one has been trading for a good while.
I just pray for the day that someone steps up and competes with IB head to head.
Hello TraderNik:
I think what you mean is that you "never once suggested" anything in this particular post in this thread. Actually, I was referring to some of your prior posts from about a year ago when you and I got into a disagreement. They can be found in this thread:
http://www.elitetrader.com/vb/showt...perpage=6&highlight=tradernik ib&pagenumber=1
Here's part of what you said in one of those posts:
Based on your rather vitriolic response to me however, perhaps your opinions have changed. I'm certainly willing to accept that. I'm glad to see it frankly. I was just making a passing comment based on some of your prior comments that I recollected.
Now, just a quick comment on the nature of your rather offensive post. You could have simply addressed the content of my post that you disagreed with. Instead, you chose the route of personal attack. What's especially unfortunate is that this route of posting really is quite revealing about your character. Too bad. You really should try to clean your act up some, act like an adult. Probably not much chance of that though...you seem to be strong with the attack post even a year ago. Some things never change.
OldTrader
"Umm... let's see... check on the word: "most" and see what it means.
At least have the courtesy to read over a post twice before typing and/or taking offense. "
My point is the few times I've bothered posting a criticism of IB or just giving it a thumbs down in the polls here on ET, I've always been accussed ( maybe by you) of being an incompetent noob who would sing the praises of IB if I just knew what I was doing and quit blaming IB for my mistakes. Beside the situation I pointed out, I have also been given incorrect information on more than one occassion, and I am one of those people who think that even though IB is a discount broker, you should be able to ask their staff questions regarding the policies and regulations that apply to your account with them and get correct answers.
At least have the courtesy to read over a post twice before typing and/or taking offense. "
My point is the few times I've bothered posting a criticism of IB or just giving it a thumbs down in the polls here on ET, I've always been accussed ( maybe by you) of being an incompetent noob who would sing the praises of IB if I just knew what I was doing and quit blaming IB for my mistakes. Beside the situation I pointed out, I have also been given incorrect information on more than one occassion, and I am one of those people who think that even though IB is a discount broker, you should be able to ask their staff questions regarding the policies and regulations that apply to your account with them and get correct answers.
and easy to use. 2.50 any amount of shares.
Wasn't me who called you an incompetent noob. I don't do that.
I tend to answer noob questions considering that IB doesn't do a good job of it. But most noobs come along and blame IB for something that is in fact, their own fault. Namely, lack of understanding or failure to read.
That's not unique to IB. That's the nature of most noobs who trade with any broker.
And yes, you should be able to ask IB what their policies are and get accurate answers. I too do not buy the oft repeated argument that "you get what you pay for" considering that I use many brokers all of whom have relative low commissions and often get better customer service than IB provides. And that's whether dealing with an IIB or directly with an FCM.
For a company that advertises heavily in the hopes of attracting new accounts with varied backgrounds and objectives, you'd think their priority would be customer service.
Even Brown & co back in the day, who pitched themselves as only for the experienced trader, had better customer service.
Old trader, you get pissed at posts that are not favourable to you and you tell one to act like an adult. How about doing the same by first discerning what you read. You really need to read my post(s) and digest it before spitting out bs that is not even relevant.
ie... your dog comes over to my house and digs up the wife's flowers and I say to you.
your dog is an ass hole. we all understand the sentence
However, if I take out the word, dog is....totally different sentence would you not agree....?
Similiar to what you do when you read a post and use what you like to change the spirit of the paragraph.
First the liquidation policy is for my benefit, I am a shareholder and an account holder. The risk policy is to protect us all.
Not true that IB uses what ever to bring your account into compliance. They state the order of liquidations is as follows
futures, shorts, longs, options with last executed first out.
I acknowledged my trader pushed the limit, it was under the auspices of IB's staff. I stated ...hard lesson to learn..it is not a policy of my office to have the traders push their margins but again it is up to them, they are held accountable and responsible unlike IB's staff.
what I further stated that you obviously couldn't, didn't discern was trade issues outside the traders control that caused liquidation....read the post again real slow and you will see that was the jist of my concern.
Tell me, how is it a traders fault if IB's server goes down, tws goes pink, can't log in as the security device has a glitch, locked market etc.
One of the main reasons I am with IB is that should a major issue occur I felt secure I would be liquidated if all hell broke loose. (an additional risk management protocol.) Every thing I post is factual. If it was not..tell me ol boy, where is IB stating contrary. I wished and hoped they would liquidate me as per their mission statement and protocol policy.
Perhaps old wize one you can tell me why they offer all these features that have no use and are not acknowledged by them when a trader op's to use the feature....what's the purpose.
It is impossible for any traders with IB not to have had issues over the years. Unless you write an option spread wait for expiry or you do ... One or a few trades a month as a position trader
We do several thousand trades every day and are an introducing broker.
Now, I normal couldn't give a shit what people on ET think of me or my posts. I try to be factual and helpful and if you read the post what I am saying and have said many times....one can bitch or learn to trade with in IB's parameters as they are the best of the worst re electronic trading. pg 3.
and in closing I totally agree with you it is up to one's self to implement a risk management however my post was related to situations outside of one's control.
w