OANDA vs IB

[Kicking]

I think IB has potentially a great product , however the experience I have had really put me off. The liquidy providers are not always executing instantaneously and you never know what may happen , it's not IB per se. What IB should do first is changing the way stop s are executed which to me is a huge problem. I am surprised noone has mentioned that yet . ( see stop trigger method). To trade larger size I prefer Globex, the rules are the same for everyone, no tricks no "Ooh but that was fast market we could not execute your order, sir".

 

[IBsoft]

Quote from Kicking:

I think IB has potentially a great product , however the experience I have had really put me off. The liquidy providers are not always executing instantaneously and you never know what may happen , it's not IB per se. What IB should do first is changing the way stop s are executed which to me is a huge problem. I am surprised noone has mentioned that yet . ( see stop trigger method). To trade larger size I prefer Globex, the rules are the same for everyone, no tricks no "Ooh but that was fast market we could not execute your order, sir".

How should we change the stops?

 

[pipscooper]

Quote from Kicking:

I think IB has potentially a great product , however the experience I have had really put me off. The liquidy providers are not always executing instantaneously and you never know what may happen , it's not IB per se. What IB should do first is changing the way stop s are executed which to me is a huge problem. I am surprised noone has mentioned that yet . ( see stop trigger method). To trade larger size I prefer Globex, the rules are the same for everyone, no tricks no "Ooh but that was fast market we could not execute your order, sir".

In the past two months I have done over 200 round turns on IdealPro and have only had one slow (1 minute to report fill) fill report (the actual fill was at the correct price for the time the order was input). Many of my trades were during volatile times. Maybe I was lucky or maybe you were unlucky? How recent was your experience with IdealPro if you don't mind answering? Have you ever had an order not executed on IdealPro? Again, maybe I am just lucky that I haven't experienced this?

You're right that the stop logic should be fixed. I don't use IB's stops, however so it doesn't affect me, but if I did I would want a buy stop to trigger when the ask price = stop price, and sell stop to trigger when bid = sell price, rather than how it works now.

 

[TGM]

Quote from pipscooper:

In the past two months I have done over 200 round turns on IdealPro and have only had one slow (1 minute to report fill) fill report (the actual fill was at the correct price for the time the order was input). Many of my trades were during volatile times. Maybe I was lucky or maybe you were unlucky? How recent was your experience with IdealPro if you don't mind answering? Have you ever had an order not executed on IdealPro? Again, maybe I am just lucky that I haven't experienced this?

You're right that the stop logic should be fixed. I don't use IB's stops, however so it doesn't affect me, but if I did I would want a buy stop to trigger when the ask price = stop price, and sell stop to trigger when bid = sell price, rather than how it works now.

I agree with you. I have not seen a problem either. One Question---How are stops triggered in IB? I have not worked a stop on ideal pro ---so please tell me the score? I have not payed attn.

 

[pipscooper]

I asked this before and I guess the answer didn't sink in. It looks like IB already does this:

http://www.interactivebrokers.com/en/trading/exchanges/usIB-pro.php?ib_entity=llc

Stop order trigger methods (for stop, stop-limit and trailing stop orders): Last sale is not available as a stop order trigger method. Bid-Ask or variants must be used due to absence of last sale data

Also see Steve_IB's response to my question on this subject here:

http://www.elitetrader.com/vb/showthread.php?s=&postid=810360&highlight=stop*#post810360

pips, yes that's what I said. IdealPro triggers stops off the bid/ask. i.e. when ask = stop price then trigger buy stop.
when bid = stop price then trigger sell stop

 

[TGM]

Quote from pipscooper:

I asked this before and I guess the answer didn't sink in. It looks like IB already does this:

http://www.interactivebrokers.com/en/trading/exchanges/usIB-pro.php?ib_entity=llc


Also see Steve_IB's response to my question on this subject here:

http://www.elitetrader.com/vb/showthread.php?s=&postid=810360&highlight=stop*#post810360

I see nothing wrong with this. Am I missing something here? I do not normally use stops. But Ideal Pro seems tight enough to be safe for stops. I do not know how else an ECN like IB could make stops work.

Does anyone have any bad exerience with the Stops operating like this at IB?

 

[LoosenUp]

Quote from pipscooper:


You're right that the stop logic should be fixed. I don't use IB's stops, however so it doesn't affect me, but if I did I would want a buy stop to trigger when the ask price = stop price, and sell stop to trigger when bid = sell price, rather than how it works now. [/B]

For IB, it is stated that for CASH contracts, the default trigger method is bid/ask. I don't see any problems with that.

 

[Remiraz]

oanda stops trigger off bid/ask too. whats wrong with that? if it trigger off average price i think it'll cause a huge public outcry.

IB should do something like Button Trader's interface. That would rock.

 

[pipscooper]

Quote from LoosenUp:

For IB, it is stated that for CASH contracts, the default trigger method is bid/ask. I don't see any problems with that.

No nothing wrong with it from my viewpoint. Please disregard my previous message - was not thinking before posting.

 

[taboni]

Just curious why you would want a buy stop for instance to be triggered when ask price=stop price.
Personally I prefer my stops to be done when, on a buy stop for instance, bid price=stop price. In my 18 years of trading in FX, I have witnessed far too many instances where the market raced to a stop level and then backed off. I put alot of thought into where my stops should be placed and I want to make sure my technical points are truly broken in order to stop out a position, not just touch and retrace.
So it costs an extra 2 pips, for my money it is well worth it.

Also say spreads aren't 1 pip wide as after figures, etc as the interbank market goes a bit wider. Say the spread jumps to
5 pips, even for a second. Say you have a stop at 60 to buy and the market goes 52-54, then 55-60, then 52-54 again. You are executed under the ask=stop rules. No thanks. Correct me if I am wrong but this is how I see it.