Lightspeed vs. Interactive Brokers/IB

hoodooman · Jan 2, 2009

Keep us posted AZZY. I want to trade with Lightspeed but still have that yellow streak.

azzzy · Jan 2, 2009

Will do. Although it will be a couple of weeks before my IRA account is opened and then another 2 weeks to a month before the IRA account is closed and the daytrading account is fully setup.

Euler · Jan 2, 2009

Quote from quicktrader12:

Yeah it makes sense to cancel orders for new open orders to open new positions, but not for open orders (stop orders) to close positions.

I agree with that! I wonder if there's a system smart enough to do that -- pretty simple, maybe:

If it's a non-stop order: cancel it.
If it's a stop order: keep it.

But I may be missing something in the compound cases.

quicktrader12 · Jan 2, 2009

Quote from azzzy:

Thanks to all the posters and Euler in particular. I'm going to go with Lightspeed (there is another thing tax-wise they can do for me that IB has refused to). After I get more experience (and hopefully more money) I will check out Genesis and Assent as well.

What can they do tax wise?

azzzy · Jan 2, 2009

Quote from quicktrader12:

What can they do tax wise?

They let me pay 20% tax on my IRA withdrawal at the end of the year (as opposed to withholding it upon the withdrawal).

greek · Jan 23, 2009

I know nothing about lightspeed but I have been trading with IB for about 5 yrs. These guys are THIEVES. They always find ways to steal your $$$. I am thinking about MB Trader. Better Commissions and from what I understand no problems. Welcome any and all sugggestions

fhl · Jan 23, 2009

IB has a lot going for it unless you want to daytrade on minute charts and go from stock to stock very quickly. Hard to do with them, unless you have a preset list of stocks you want to trade. Looking for things that are hot off of screens and stuff like that and it takes too long to bring everything up and get it ready to place an order. If you are just starting out, though, shouldn't be a problem, just stick to a few stocks on a list. Or futures, whatever you trade.

If you consider lightspeed, check out very thoroughly their ability to stay current in fast markets. From what I have seen, their platform gets behind and goes down, and I know people that have left them for that reason.

urrterrible · Jan 24, 2009

Does anyone know what the availability of stocks to short on the two. I assume IB has more due to it being larger, but is it a lot more? I use Scottrade and will be switching soon..

Robert Weinstein · Jan 25, 2009

Quote from urrterrible:

Does anyone know what the availability of stocks to short on the two. I assume IB has more due to it being larger, but is it a lot more? I use Scottrade and will be switching soon..

I use IB and another guy in the ET chat uses LS. He likes LS and I was impressed with their offer.

As I short almost all my trades having a good short list is important to me. from My experience from chatting with him in cases that a stock was not available IB wins over 90% of the time.

That issue alone has kept me from considering LS any further.

urrterrible · Jan 25, 2009

Quote from Robert Weinstein:

As I short almost all my trades having a good short list is important to me. from My experience from chatting with him in cases that a stock was not available IB wins over 90% of the time.

That issue alone has kept me from considering LS any further.

I agree 100% with you and that is why I might jump in on IB. What charting software do you use in tandem with IB Robert?