Interactive Brokers Mistake = $22MM Loss

Then which broker you are using now?

I don't really want to repeat myself all the time, but I was soooo happy when I was finally able to leave IB.

It's such a shithole. TWS is a nightmare, customer service is non-existent, mistakes happen all the time and risk management is realtime without human intervention. They liquidated my entire portfolio due to a bad tick in their risk management market data and left me 6 figures in debt until they figured out what happened one week later.

You need to understand one thing: The industry infrastructure is NOT built for automatic processing of everything. Retail traders only see 10% of the business, 90% is risk, clearing, transaction reporting, compliance.
And there is where the shit happens...and it happens all the time.

If you're really serious about trading and you're done with your experiments, do yourself a favour and do business with a small/mid sized firm that is not focused on providing free data and software, but rather on providing service.

If you need portfolio margin for complex strategies you need a guy who understands your position and rather calls you instead of just pulling the plug. IB is for CTAs and retail, not for professional traders
 
Still quite appalled that the regulator only awarded the guy $2.4 million out of the $25 million loss, only 10% of the losses?!!

This may have happened to other IB clients, but when they make a small compensation payment it is with non-disclosure clause. I cannot say more.
 
Back
Top