Interactive Brokers is a scam, 2-3x margin maintenance requirements
- Thread starter bongey
- Start date
I have a Masters Degree in trading (just kidding). I don't know what they give you after surviving 30 yrs making a living just trading (whatever it is/was it was probably made of fool's gold at that).
Back to your statement. Over the decades I have seen dozens of big names (and small) drop precipitously (huh..whatever that word means
) ...I'm just a trader .. bigley ... like 25%-75% sometimes.You should trade with whatever company you are happy with. Hope you find what you are looking for, but wherever you go remember, trader psychology is still #1.
Good luck and have a great trading week.
Harvey G.
Idiot, since I close all my positions everyday I pay ZERO interest on ALL my margin loans.
I trade in 10k-15k blocks at a time. So a .01 is 100-150 , .10 , I just made 1k,
I am out, no real elite traders on here, just uneducated idiots.
Most of the negative comments against me are IB fanboys.
Reality I made 3x the amount of money trading with crappy capital one investing than I do IB.
You end up paying zero interest if you close out the position daily, so the rate really doesn't matter.
I currently split my cash into to brokers, one is IB and another is another trading platform(can't say otherwise they will call me a shill).
Whichever one I make more money over 2 months will become my broker. Currently IB is behind by 6k(2 weeks). So IB is probably not going to catch up. IB tools are better, but it doesn't matter. I am currently making much more money with the other broker.
I thought you are out?
By the way, the shortsighted person here is you. We talked, among other things, about credit and debit balances. When you have a funded brokerage account then by definition you hold a credit balance with your broker. That has nothing to do with your margin calculations and whether you hold overnight positions or not. Most brokers do not pay you interest on your credit balances. IB does.
You are one of the biggest liars on this whole, non P&R, website. Math degree? Please do not make us laugh, I am not even sure you finished high school. "Whoever broker you make money with will be the one you choose"? How much stupider can a process to find a broker be? Unbelievable. In the spirit of free speech you can of course say whatever pleases you but please do take note that you are pulling the average IQ and intellect on the trading forums down by a lot, and it is already quite low.
By the way, the shortsighted person here is you. We talked, among other things, about credit and debit balances. When you have a funded brokerage account then by definition you hold a credit balance with your broker. That has nothing to do with your margin calculations and whether you hold overnight positions or not. Most brokers do not pay you interest on your credit balances. IB does.
You are one of the biggest liars on this whole, non P&R, website. Math degree? Please do not make us laugh, I am not even sure you finished high school. "Whoever broker you make money with will be the one you choose"? How much stupider can a process to find a broker be? Unbelievable. In the spirit of free speech you can of course say whatever pleases you but please do take note that you are pulling the average IQ and intellect on the trading forums down by a lot, and it is already quite low.
Yep I am asshole, but an asshole that is correct. IB is a scam.
"Notwithstanding such margin call, Customer acknowledges that IB, in its sole
discretion, may liquidate Customer's positions at any time."
https://gdcdyn.interactivebrokers.c....formSampleView?ad=us_customer_agreement.html
Where is the do what ever the f we want in their margin documentation? Nope it doesn't exist.
Basically no other brokers have bullshit agreements that say we can do whatever the f we want.
No that is Computer Science, Math(Masters) and Minor in Physics(Physics TA).
You are flat out not understanding that since they have a 66-70% margin maintenance, you basically cannot make a purchase on margin. IE you're buying power is only 30% higher than your holdings.Also the big f u by IB says that they can literally make that 100% and just liquidate your holdings at any time, without warning.
Example 50k , you buying power is only 65k, exactly the amount I am working with IB, and exactly what my real buying power is currently limited to with IB . Other brokers , your buying power is 87500 or more. Most will let you have buying power of 2x your base. The other broker is allowing 100k. So that is 45k difference in buying power.
IB Tools are great , just they aren't up front on how they handle margin calculations.Pissed that they are behind 6k in my comparison. I get better trades with the IB tools, but I cannot get the volume because of their odd margin calculation.
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I am incredibly thankful to IB, one of my brokers, for NOT allowing you to do whatever the f you want. Good luck with your other broker.