OK IB - What Is Going On?!!!

Quote from OldTrader:

Why does it not surprise me that here YOU are once again, involved in a thread with people complaining about IB, accusing them of lying! Serious charge my friend. Do you have reason to believe that IB is "lying", or than a "feeling"?

On to the OCA types of orders. I don't have a clue how IB handles these orders. You know why? I have never once used them in the better than 30 years I have been trading.

There's a reason: the mentality behind this order is a kind of "flip that coin" style of trading that alot of small traders use. Let's face it, if a market is going your way you don't get out just because it went up a few points. You get out when it starts to do things that would indicate the move is over. Or you get out when it fails to act in a way that confirms your initial judgment.

My suggestion to you would be to develop a trading method that requires more than simply "flipping a coin".

OldTrader
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Why does it not surpise me that here you are once again,
involved in a thread with people complaining about IB, writing to
me instead of the issue. Are you following me around ET? Of
course you are. And where does it say I claim IB is lying? Your
words OldTrader, not mine.

If you don't have a clue on how OCA orders are handled by IB
then why are you in this thread? I will tell why I am in this thread:

Friday before last I put in a "test" order to make sure NT was
working correctly and it was so I cancelled the order. I had a entry,
target order, a stop/stop limit order. About 10 minutes later
the buy stop (which was supposedly cancelled at IB) was triggered
and all of a sudden I found myself long at 1097.50 at 12:59:47
Pacific time. Great. I instantly tried to close the order with NT. Of
course NT said I didn't have an order to cancel because NT had no
idea I was even in the market. So I had to close the order using
TWS at 13:00:19 at 1098.25. Yes, I made a profit. But now I do
not TRUST what IB is doing with their "new" stop system. I don't
see why I should trust them do you?

And why you are picking on "small traders" who use a "flip style"
of trading and saying everyone should trade like you? And not
even use stops? You must be kidding!

Anyways this thread is about "What is going on IB" Why did you
change your blue/green status? There must be a reason. So far
what they have told us (about 8 different stories) does not make
sense whatsoever.

If they decide to have the option of having printing on the color
blue as to where the stop is (IB, Globex, MIA) then it would be
a step forward. Otherwise, it is a step backwards for those who
use front ends for trading the e-mini's. As of now, the color blue
tells me it could be at IB or at Globex. I want the color green to
tell me it IS at Globex.

I think they should go back to what they were doing before. I bet they
don't even have that option. Why? I would like to hear the story
why they cannot go back to what was if this is true.

By the way OldTrader, what do you trade at IB? What time frame?
If you don't use stops, then you must not be a scalper? Maybe
you are an investor?
 
Oldtrader:
I didn't express myself accurately. While I have noticed the difference in color, I am more interested in what is actually happening to my (stop limit) order. My concern is about risk management. I want to make sure that if IB's system goes down, collapses, overloads, whatever, that an order to limit my losses exists on the exchange independent of that event. I realize that Globex could have problems as well. I have seen that happen. I am just playing the percentages. I appreciate everyone's comment or opinion. I am in full agreement with your comment about switching brokers when and if I am not satisfied with the service. I am guilty of being complacent in this matter. I have all my ducks in order, including automated execution and I would hate to have to change now. I am sure they (IB) knows this is the case (not just with my account but generally). Best Regards, Steve46
 
Hello folks:
For anyone who cares to read, I attach the following exerpt from a recent email "communique" sent by IB this evening:

"TWS Color Coding Change for Native Stop and Stop Limit Orders- We have changed the color coding for native stop and stop limit orders to be more consistent with simulated orders. Native stop and stop limit orders will now first turn blue when accepted by the exchange, indicating an order waiting to trigger. When the order triggers, the order status color will change appropriately. This change only affects the display of TWS order status color codes and in no way changes the way your native stop or stop limit orders are handled."

What I notice is the last sentence that seems to assure the trader (me) that there is no change in the way stop limit orders are to be handled.

I hope this clears up some of the confusion. Best Regards, Steve46
 
Quote from version77:

And where does it say I claim IB is lying? Your
words OldTrader, not mine.
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Here's your exact words: "If only IB would tell the truth...

:mad: " What do you think that sentence means?


Friday before last I put in a "test" order to make sure NT was
working correctly and it was so I cancelled the order. I had a entry, target order, a stop/stop limit order. About 10 minutes later
the buy stop (which was supposedly cancelled at IB) was triggered and all of a sudden I found myself long at 1097.50 at 12:59:47 Pacific time. Great. I instantly tried to close the order with NT. Of course NT said I didn't have an order to cancel because NT had no idea I was even in the market. So I had to close the order using TWS at 13:00:19 at 1098.25.
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So enlighten me. What does this story have to do with the colors used in TWS? Sounds like you should contact NT about this problem. But it has nothing to do with the color given stops/stop limits.


And why you are picking on "small traders" who use a "flip style"
of trading and saying everyone should trade like you? And not
even use stops? You must be kidding!
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First, I did not say I did not use stops. What I said was that I have not used stop limits. You really need to learn to read closer. And the term I used was "flip a coin style" of trading. Not "flip."

If you're really interested in how I trade (I don't think you are), then read some of my posts...I'm sure they will describe it adequately.

By the way, congrats on your winning trade. :D

OldTrader
 
Quote from steve46:

What I notice is the last sentence that seems to assure the trader (me) that there is no change in the way stop limit orders are to be handled.

I hope this clears up some of the confusion. Best Regards, Steve46
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With all due respect Steve, that very statement has been made numerous times throughout this thread. But glad you finally got it.

OldTrader
 
Quote from OldTrader:


If you're really interested in how I trade (I don't think you are), then read some of my posts...I'm sure they will describe it adequately.
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I have to read all of your posts in order to see how you trade? You
know I don't read closely enough!... :p

Oh, and thanks for the congrats on the winning trade. For once
I was on the right side with what appeared to be an IB screw up.
Maybe it was NT?... I best go talk to Ray about it... :cool:
 
Quote from version77:

Friday before last I put in a "test" order to make sure NT was
working correctly and it was so I cancelled the order. I had a entry,
target order, a stop/stop limit order. About 10 minutes later
the buy stop (which was supposedly cancelled at IB) was triggered
and all of a sudden I found myself long at 1097.50 at 12:59:47
Pacific time. Great. I instantly tried to close the order with NT. Of
course NT said I didn't have an order to cancel because NT had no
idea I was even in the market. So I had to close the order using
TWS at 13:00:19 at 1098.25. Yes, I made a profit. But now I do
not TRUST what IB is doing with their "new" stop system. I don't
see why I should trust them do you?
More...

Do you have the "Create Audit Trail" option on? Did this give you any idea what happened? Did you call IB to ask them what happened? Is there a possibility that NT did not work?

One other thing, the change in color policy that IB decided on would not have any effect on whether an order gets cancelled or not.
 
Quote from sprstpd:

Do you have the "Create Audit Trail" option on? Did this give you any idea what happened? Did you call IB to ask them what happened? Is there a possibility that NT did not work?

One other thing, the change in color policy that IB decided on would not have any effect on whether an order gets cancelled or not.
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No, I don't think I had the Audit Trail option on. If I did and I might
of, I forgot to check it out. Is it too late to check it out? It is a
possibility that NT didn't work. Maybe NT put that order into the
market. What was scary is I almost shut down for the day after
the test order and after that ES went down about 3 points at EOD
and on Monday morning it opened up about 10 points down. I
could of been long and wouldn't of known it until Monday morning....
That would of been a nice start for the week...

And I almost Never put in an order during the last 15 min of the
day much less on a Friday...

Hmmm.... Just a minute. Now I remember the test order was a buy
limit order below the market with a stop/stop limit above where
the current market was. Perhaps the buy limit order was never
cancelled because it was still sitting on IB's servers? (color blue)?

I will tell you one thing. After this happened, I checked out the
statistics manager in NT and their was no trade at all for that time
frame of day in NT... And I enter all of my orders with NT...
 
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