Why IB sucks for futures traders: stops!

Quote from Jayford:

I always use stops to exit positions (either at my goal, or stop loss). I have found the fills using IB great. I only trade ES, and overall I have zero slippage. Maybe stock traders have a different experience.

One thing that is important with IB though is to put in a stop immediately when you have a position as you never know when the platform may crash. I lose my connection to them sometimes, but my orders still get filled (platform crash may not be the correct term here, but its still scary as hell when you have to call em to get out of a position). I haven't had to deal with this since I started placing stops with my original entry order. Overall I think they do a pretty good job. I will move to the X trader platform soon, but at my current volume, IB is pretty good.

Jay
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didn't read the entire thread, but as a new IB customer with many years experience in options and equities trading (but a rookie in futures) I have had no problems in any regard. Zero!

Been with them 2 months now. Have read a lot of bitching and whining on ET threads.... but so far have no complaints. Called them numerous times and had no problem getting through or getting questions answered. Of course, have tried to be patient & respectful with each representative; something I have opined on another ET "bitching" thread, may be the root of service issues that others have recounted.

As far as commission will probably save enough this year to pay for a (hypothetical) new car based upon last years options trading at another firm.

So long as they continue to perform this way (and b.t.w. have gotten excellent fills on NQ/Es.. and fast) my plan is to transfer more money, and recommend them to my trading friends who are not there already.

G'luck

I:cool:
 
FX-Trader,

I am not sure what you mean when you say there is no cancel pending. This is from IB's website:

MAGENTA indicates that you have sent a request to cancel the order but have not yet received cancel confirmation from the order destination. At this point, your order is not confirmed canceled. You may still receive an execution while your cancellation request is pending.

In my case I cancelled both my STPLMT and my profit LMT within 3 minutes of entry, the market was nowhere near my profit LMT, but still got filled 20 minutes later when the market got to my profit LMT, so for 20 minutes I am looking at a magenta order status on both my stop and target.

I apologize if I misinterpreting your post.

regards,

Bruce Hawkins
 
MAGENTA indicates that you have sent a request to cancel the order but have not yet received cancel confirmation from the order destination. At this point, your order is not confirmed canceled. You may still receive an execution while your cancellation request is pending.
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This is true. But you also receive status MAGENTA when you try to cancel an order that is not in the exchange´s order book. All other order entry platforms that I have used before would tell me: "No order in book". But TWS shows a Cancel Pending. Not very useful in my view.

Your STP LMT was such a case: It never reached the exchange (status LIGHT BLUE) and was not in the exchange´s order book. So there is no reason why you should get a Cancel Pending (status MAGENTA) from TWS.
 
I agree, I would have preferred to know the order was not at the exchange.

Are you a IB user FX-Trader?

I am wondering if it is an issue with the latest TWS release? I did a STPLMT test order and when I went to cancel, my favorite color came up again Magenta, I also noticed I lost the quotes on my stock page, after about 3 minutes I shut TWS down and restarted and the cancelled order was gone and my stock quotes were back.

Why did I upgrade!

regards,

Bruce Hawkins
 
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