Unethical Conduct by IB

[Buy1Sell2]

Quote from ellokn:

I still do not understand why so many are attracted to the forex cash market where there is no centralized clearing.

FX is tough enough without having to deal with the ever changing logistics of an unregulated, decentralized market.

yes--it is very foolish to trade the cash. Unregulated etc. Anyone ever hear of Refco FX?

 

[TRADERguy]

Quote from jimrockford:

TRADERguy,

did the TWS display a red colored order status, indicating cancellation of the order? or did it display a magenta or some other color code, indicating some other status?

I don't remember about the color but since the order disappeared and everything including the account window showed I was flat, I assumed it was canceled. I'll update everyone in a few hours after I study the audit trail.

 

[Ivanovich]

Looking forward to the update. Never had a problem like this at Oanda, but always afraid there will be a first time.

 

[Buy1Sell2]

It's just like on any busy day in any market--sometimes fills are not notified right away or cancellations are not notified right away. Just the nature of the beast. I suspect that the customer has no case. Globex computer much more forthcoming and timely.

 

[jimrockford]

Quote from TRADERguy:

I don't remember about the color but since the order disappeared and everything including the account window showed I was flat, I assumed it was canceled. I'll update everyone in a few hours after I study the audit trail.

Bad assumption. You screwed up. This was your fault. You used TWS without knowing how to do so. If you don't see the red code, indicating cancellation of the order, you are not confirmed out, and you must take further steps to communicate with IB to status the order, to make sure the order is killed or to determine any open position you may have, and to manage that position until it is confirmed closed. Perhaps IB should be partly blamed for poor TWS documentation, which may have contributed to your lack of knowledge on how to use it and to your error on this trade.

 

[fhl]

Quote from jimrockford:

Bad assumption. You screwed up. This was your fault. You used TWS without knowing how to do so. If you don't see the red code, indicating cancellation of the order, you are not confirmed out, and you must take further steps to communicate with IB to status the order, to make sure the order is killed or to determine any open position you may have, and to manage that position until it is confirmed closed. Perhaps IB should be partly blamed for poor TWS documentation, which may have contributed to your lack of knowledge on how to use it and to your error on this trade.

He simply said that he didn't remember, he didn't say that it was not red and he didn't respond accordingly/promptly. It is to early to tell if he screwed up.

 

[Buy1Sell2]

Quote from fhl:

He simply said that he didn't remember, he didn't say that it was not red and he didn't respond accordingly/promptly. It is to early to tell if he screwed up.

If he was using the system properly he would have known to look and would have remembered whether the signal and confirmation were given.

 

[winter]

Quote from fhl:

He simply said that he didn't remember, he didn't say that it was not red and he didn't respond accordingly/promptly. It is to early to tell if he screwed up.

Don't bother, JR is the local IB apologist, they can do no wrong and every complaint about them is unfounded (or posted by a competitor posing a customer).

 

[Xenia]

I looked at my executions and it showed that I went short at 1.2474 at 10:38:23

Probably a delayed execution report that was sent to your TWS at 10:38:23

I think that you will find the time stamp for the fill somewhere in your audit trail.

( SecurityExchange= IBFX; ... TransactTime= 20060427-XX:XX:XX )

 

[Htrader]

Quote from jimrockford:

Bad assumption. You screwed up. This was your fault. You used TWS without knowing how to do so. If you don't see the red code, indicating cancellation of the order, you are not confirmed out, and you must take further steps to communicate with IB to status the order, to make sure the order is killed or to determine any open position you may have, and to manage that position until it is confirmed closed. Perhaps IB should be partly blamed for poor TWS documentation, which may have contributed to your lack of knowledge on how to use it and to your error on this trade.

No its not his fault.

I cancel dozens if not hundreds of orders during the day. I don't have time to manually check if each one gets the red code, which disappears after a few seconds anyways. As long as the order is removed from the TWS screen and there is no fill, the trader should be able to assume that the order is cancelled.

Traderguy, try taking the problem to IB management. You have a legitimate case for a refund.