If IB's Website Contains Falsehoods, Customers are SOL

Hmmmm.

Seems like a problem.

Does the stop order go 'green' as in working?

Problem with compensating is this. It was an order to open it seems. If the trade went against you , you would not be sending IB a check.

I will say this. If it was an order to close, and it didnt fill costing you money, I believe compensation might well be in order.

Maybe splitting hairs there.

Anyhow, why is the web site saying one thing and the system doing another, with no way to tell until it is 'too late'.?

Cmon, I know Etrade is manned by imbeciles, but IB should be a notch or two above this.
 
Quote from stock777:

Hmmmm.


Problem with compensating is this. It was an order to open it seems. If the trade went against you , you would not be sending IB a check.
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That would not be the case here, I was on the phone to them when the market was still near the stop.
 
Quote from mhashe:

There were several threads that had IB personnel like Def pretty much state that you trade pit traded futures contracts through IB at your own risk, because once the order hits the floor it's out of their control what price you get filled unless it's a limit order. He did'nt go all out and say "you're pretty much screwed ", but that was the essence of his posts on the subject. Do a search, I think there are 2 threads on this subject.
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I like that perspective. Having traded the pits with full service brokers for some years I can attest that the "if it goes wrong, you're pretty much screwed" is an excellent way to view the pits.

The screwing gets worse the less liquid the contract you trade. LC has burnt me a few times but try coffee and lumber for a real lesson in pain.

Cheers :)
 
Quote from kiwi_trader:

I like that perspective. Having traded the pits with full service brokers for some years I can attest that the "if it goes wrong, you're pretty much screwed" is an excellent way to view the pits.

The screwing gets worse the less liquid the contract you trade. LC has burnt me a few times but try coffee and lumber for a real lesson in pain.

Cheers :)
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That's why I say if it's traded in the pit it's shit! Add milk to that too. Pit traders are really pick pockets with funny colored jackets. :p
 
Quote from himself:

That would not be the case here, I was on the phone to them when the market was still near the stop.
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then you knew you weren't filled and could have submitted a new opening order. your request for compensation can be viewed as a free option. what would have made a lot of sense would have been to place the opening order and request a difference in price from your fill to the time of the missed stop as your compensation.

FWIW, via PM you requested my assistance and I responded prior to your start of this thread. As stated in my response, I forwarded the details along and also provided you with details on how to make a formal complaint. In any event, we'll certainly attend to fixing the site and find out how it was posted incorrectly in the first place.
 
Give me a f**kin break. You can't expect compensation for a trade that "might have been". My computer crashed right when I was going to put in an order for 10 ES today at the open. I'm going to sue the crap out of Bill Gates!

If it had gone against you, you would have been happy as hell.

Okay, so if you already had a position that needed closing THEN you were misled by the allowed order types, you probably have a case.

Yes IB has some growing pains occasionally from constantly adding new markets and capability, but that's their strength.


- Markets
- Execution
- Costs

IB is the best broker for most retail traders by a large margin.

Good trading to all.
 
Choad must have me on ignore ;--) , he just reiterated what I said.

As did def, the free option thing is not to be dismissed lightly.

If you knew the order wasn't filled, and more importantly WOULD NOT BE, you NEEDED to place another order. Otherwise you are just blowing hot air about compensation.

You are correct that the site should synchronize with reality.
 
Even if the website was wrong, as others said if you knew the order wasn't filled, why didn't you just place a market order since that's what you were expecting? As def said you might have been able to get them to make up the difference.....but to not make the trade then expect to be fully compensated is just nuts, and your attitude is the pits!

A question for def -- is a stop limit allowed -- this would seem to be allowable since it would become a limit order if the price hit.

On the other hand, trading in the pits is like throwing your wallet into a den of thieves then asking for it back and expecting all the cash to be there....

SSB
 
Appearently the only native order is a limit order.

If all the other types are simulated ,then you have to handle a stop manually until its fixed.
 
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