Stop orders seem to be simulated by IB
https://www.interactivebrokers.com/en/?f=/en/trading/orders/stop.php
I am not sure about limit orders.
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Unacceptable Limit Stock Order Handling by IB
- Thread starter NoVoodooHere
- Start date
Stop orders seem to be simulated by IB
https://www.interactivebrokers.com/en/?f=/en/trading/orders/stop.php
I am not sure about limit orders.
Not specific to you. You seem thoughtful, and your point about vendor lock-in (via the API) is interesting. Agree it's an easy trap to fall into, and a worthwhile warning to others. But there are dozens of junk threads on this site of the form "IB sucks because (fill-in-the-blank) but I use them anyway."
I can assure you your replies in this thread are of no value whatsoever to the topic at hand, as suggested by SIG
they are not simulated. If chosen then they can be held on IB's server, which is actually sometimes very useful, at other times less. By the way when talking about stop orders at IB one needs to be accurate. For a buy stop order to be triggered the bid, not the offer, has to touch/exceed the stop price.
Stop orders seem to be simulated by IB
https://www.interactivebrokers.com/en/?f=/en/trading/orders/stop.php
I am not sure about limit orders.
you are the one who does not understand IB. You can choose to have a stop or limit order held by the exchange, given the exchange accepts limit and stop orders. You can also choose to have the limit or stop order held on IB's servers. Not sure what the issue here is.
First, to those who don't see the problem here, the OP put a limit in inside the current spread and it doesn't show up for the rest of the world to see. Some securities, SPX option spreads are a great example, show a fairly wide bid/ask spread, but you're almost always hit if you bid/offer 5 cents (minimum tick) off the mid...Except if you're seeing this IB behavior and they don't send your order to the market. Then no-one knows you're willing to offer just above/below the mid so they can't and don't fill your order. This is absolutely unacceptable, and its baffling why IB thinks its OK, except that they just don't seem to care.
To the OP, this is standard IB behavior. They claim that they've determined your order isn't marketable (which is utter BS if you're inside the spread, but they do it anyway) so they're "holding" it until it is. It actually gets worse, you can have a futures position on in something illiquid like an out month corn contract and they won't even submit a market order to the market when you enter it because they somehow decided the market isn't trading at a reasonable level. This should be illegal, but somehow that concept of FINRA policing its own just doesn't seem to lead to any action, crazy I know. However it does take just a few minutes to submit a report online with FINRA, so please do. For what its worth, you can sometimes get around this behavior by specifying the exchange instead of using SMART order routing.
they are not simulated. If chosen then they can be held on IB's server, which is actually sometimes very useful, at other times less. By the way when talking about stop orders at IB one needs to be accurate. For a buy stop order to be triggered the bid, not the offer, has to touch/exceed the stop price.
What is the difference between orders that are simulated by IB and held on IB's server?
no difference which is why I wonder why you call them simulated. (regardless of what IB calls it), either they are held on IB's server or the exchange's. By the way you can change the trigger methodology even. What more customizability do you desire?
What is the difference between orders that are simulated by IB and held on IB's server?
The presumption here is that a choice can be made to transmit or not a limit order. Where? When I click transmit that is not good enough? And that the default is held on IB's servers. Seems odd. No such option anyways that I am aware of. Normal behavior would be this. Limit order placed, it shows up live on a public exchange. This is not the case.you are the one who does not understand IB. You can choose to have a stop or limit order held by the exchange, given the exchange accepts limit and stop orders. You can also choose to have the limit or stop order held on IB's servers. Not sure what the issue here is.
The issue is that sometimes IB holds a limit order on their server without you asking them to and without giving you an option to get it to the market, even if you want it to go to the market. They don't tell you this, you only know because your bid/offer inside the spread doesn't become the NBBO on the tape. Imagine if every broker did that, there would be no more market!
BTW, this is a legitimate question, in what scenarios do you find it beneficial for IB to hold a limit order on their server instead of putting it out to the market? I always put a limit order out because I want it filled, so I can't see the benefit of limiting who can see it, but I realize I might not have run into the scenario yet where this was desirable.
BTW, this is a legitimate question, in what scenarios do you find it beneficial for IB to hold a limit order on their server instead of putting it out to the market? I always put a limit order out because I want it filled, so I can't see the benefit of limiting who can see it, but I realize I might not have run into the scenario yet where this was desirable.
Simulation is what IB ( or other broker ) does with the order ( like sending it to exchange under certain conditions ) besides of holding it on its server. Somehow I am sure the OP understood my post.no difference which is why I wonder why you call them simulated. (regardless of what IB calls it), either they are held on IB's server or the exchange's. By the way you can change the trigger methodology even. What more customizability do you desire?
IB has reps that troll these forums.... Interesting that they are not choosing to take on this topic.