Australian (ASX) Stock Market Forum

Interactive Brokers Troubleshooting

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skc said:
From memory the TWS lets you place the order but give you a strong warning about the risks of trading without prices.

Not a real peril, just a message of a peril.
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Considering the fact that I was with commsec previously where stops were $14.94 for each execution, I would have made that back in 2 trades. Plus the fact that I could "see" my stops gives me an edge.

WhiteGoodman, you are the kind of retail trader I love trading against. If you have read Jessie Livermore's reminiscence of a stock operator, you would have known that Jessie had price fed to his office directly from the exchange while the bucket shops were taking snap shots of price. That how he was winning the game of trading at one time.

You can skim on the cost of business but to your disadvantage. Anyway, DYOR and good luck in the market.

regards

ice
 
If he is trading EOD using EOD data then why does he need to update to data that can be used to scalp?

If trading EOD a few cents is nothing
To a scalper a few cents is everything

GL with your awesome data.
 
paulchow2k said:
Considering the fact that I was with commsec previously where stops were $14.94 for each execution, I would have made that back in 2 trades. Plus the fact that I could "see" my stops gives me an edge.

WhiteGoodman, you are the kind of retail trader I love trading against. If you have read Jessie Livermore's reminiscence of a stock operator, you would have known that Jessie had price fed to his office directly from the exchange while the bucket shops were taking snap shots of price. That how he was winning the game of trading at one time.

You can skim on the cost of business but to your disadvantage. Anyway, DYOR and good luck in the market.

regards

ice
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ive got a commsec account if i want aussie prices, the reason I dont want to is my account is only $20k and i dont really wanna pay market exchange fees for ASX, US and London as I'd only be making maby 4 or 5 trades a month total... Ive read Reminiscences yes, its just that if im basing trading descisions after market close and using limits and buy/sell stops i thought i could get away with it... I guess we will soon see
 
I have selected "wire transfer". Their BSB No. is ******, and their Account No. at Citibank is *********. Do i just make a transfer via BPAY (my bank account) into BSB ******, and plug in their account no *********? Just need to get this 100% straight as i am about to deposit 15k. In Australia we call it EFT or BPAY, not "wire transfer".
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Hi Aussie,

It seems you can only choose the Wire transfer when dealing with AUD transfers. I have just setup my payment option but it says that direct deposits are not accepted.

Did you manage to use internet banking transfers and did they accept it?
 
Nero64 said:
Hi Aussie,

It seems you can only choose the Wire transfer when dealing with AUD transfers. I have just setup my payment option but it says that direct deposits are not accepted.

Did you manage to use internet banking transfers and did they accept it?
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I noticed today that IB's changed their payment page, regardless, I've always chosen the wire transfer option and paid via EFT via my online banking, and it has always gone through overnight. A friend of mine who did it via the bank branch actually took longer than 5 days for his funds to clear. If you need bigger limit, as suggested before, just ask your bank to increase it.
 
RE: PAYMENTS INTO IB

I opened an account just a few weeks ago and had the same questions about wire transfers versus normal direct deposits. Similarly to people above, I'm happy to say that for me the direct deposit worked and so no need to worry about wire transfers and paying the additional costs.

And if it helps, I use Commonwealth Bank and simply did a transfer from my account to their Citibank BSB and Account #, making sure to put my IB Account # and Name in the Reference Field. Also filled out in internal IB deposit notification so they would be expecting the deposit and just chose the "wire transfer" option since there is no "Direct Deposit" or similar that we're used to here in Australia.

So the short story is that it worked, and the funds were credited to my account the very next day.

And as for limits on my account, I know that the Commonwealth Bank can adjust your limit over the phone up to $20,000 straight away.

I have a question myself though. Obviously I've had no need to make a withdrawal from IB in the last few weeks since I opened the account, but I'd like to know how they process Australian withdrawals? Can they deposit straight back into your local account via a direct deposit, or do they always do it via a wire transfer? And is it usually overnight?

Cheers Baxter.
 
baxter said:
RE: PAYMENTS INTO IB

I opened an account just a few weeks ago and had the same questions about wire transfers versus normal direct deposits. Similarly to people above, I'm happy to say that for me the direct deposit worked and so no need to worry about wire transfers and paying the additional costs.

And if it helps, I use Commonwealth Bank and simply did a transfer from my account to their Citibank BSB and Account #, making sure to put my IB Account # and Name in the Reference Field. Also filled out in internal IB deposit notification so they would be expecting the deposit and just chose the "wire transfer" option since there is no "Direct Deposit" or similar that we're used to here in Australia.

So the short story is that it worked, and the funds were credited to my account the very next day.

And as for limits on my account, I know that the Commonwealth Bank can adjust your limit over the phone up to $20,000 straight away.

I have a question myself though. Obviously I've had no need to make a withdrawal from IB in the last few weeks since I opened the account, but I'd like to know how they process Australian withdrawals? Can they deposit straight back into your local account via a direct deposit, or do they always do it via a wire transfer? And is it usually overnight?

Cheers Baxter.
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Not overnight, and around the same level of difficulty as the deposit.
Deposits and withdrawals both work nicely, but around 1~2 days slower than say if you were dealing with a domestic broker.

Cheers
 
baxter said:
RE: PAYMENTS INTO IB

I opened an account just a few weeks ago and had the same questions about wire transfers versus normal direct deposits. Similarly to people above, I'm happy to say that for me the direct deposit worked and so no need to worry about wire transfers and paying the additional costs.

And if it helps, I use Commonwealth Bank and simply did a transfer from my account to their Citibank BSB and Account #, making sure to put my IB Account # and Name in the Reference Field. Also filled out in internal IB deposit notification so they would be expecting the deposit and just chose the "wire transfer" option since there is no "Direct Deposit" or similar that we're used to here in Australia.

So the short story is that it worked, and the funds were credited to my account the very next day.

And as for limits on my account, I know that the Commonwealth Bank can adjust your limit over the phone up to $20,000 straight away.

I have a question myself though. Obviously I've had no need to make a withdrawal from IB in the last few weeks since I opened the account, but I'd like to know how they process Australian withdrawals? Can they deposit straight back into your local account via a direct deposit, or do they always do it via a wire transfer? And is it usually overnight?

Cheers Baxter.
Click to expand...

Usually 1-2 days for me. See post #476 in this thread for your next question.
 
white_goodman said:
ive got a commsec account if i want aussie prices, the reason I dont want to is my account is only $20k and i dont really wanna pay market exchange fees for ASX, US and London as I'd only be making maby 4 or 5 trades a month total... Ive read Reminiscences yes, its just that if im basing trading descisions after market close and using limits and buy/sell stops i thought i could get away with it... I guess we will soon see
Click to expand...

Hi White,
I understand why you choose this route. By the way US data is free IF u trade amount totals more than US$30 per month which you may be a boarderline case. [I'm calculating $6 per trade on IB on ASX].

I guess having data feed to IB platform for me is important because I could set my trails & stops etc unless you are using mental stops in which case this would not be applicable to you.

But everyone's mileage may vary so let us know how you go after a few months of usage. Im sure there are pro & cons on not having exchange feed to TWS.

best of luck
 
beamstas said:
If he is trading EOD using EOD data then why does he need to update to data that can be used to scalp?
If trading EOD a few cents is nothing To a scalper a few cents is everything
GL with your awesome data.
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Brad,
this is irreverent as it has to do with stops & trails. Please read previous posts regarding bugs in the trails on IB before making this assumption. If you are an IB customer, please share with us your experience on TWS and the pros & cons of no-exchange feed so that we could all benefit.

Otherwise, it's a waste of space.

regards
 
paulchow2k said:
Brad,
this is irreverent as it has to do with stops & trails. Please read previous posts regarding bugs in the trails on IB before making this assumption. If you are an IB customer, please share with us your experience on TWS and the pros & cons of no-exchange feed so that we could all benefit.

Otherwise, it's a waste of space.

regards
Click to expand...

Surely you don't need market data to set stops? And if trading EOD he only needs to reset stops once a day(EOD) at the most.
 
paulchow2k said:
Brad,
this is irreverent as it has to do with stops & trails. Please read previous posts regarding bugs in the trails on IB before making this assumption. If you are an IB customer, please share with us your experience on TWS and the pros & cons of no-exchange feed so that we could all benefit.

Otherwise, it's a waste of space.

regards
Click to expand...

Ok
I'll use space instead of wasting it
I have IB
I've never bought data
I've never had a problem
You don't need market data for your stops to activate
Space-un-wasted

Sincerely Yours
Space Waster
 
nomore4s said:
Surely you don't need market data to set stops? And if trading EOD he only needs to reset stops once a day(EOD) at the most.
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Both you and brad are correct. You don't need data on the platform to work out manual stops. Anything else such as trailing stops etc, then it's all guess work plus as mentioned previously, bugs.

Trading is a journey. We are all at a particular point in our trading career that we are meant to be at. We change our requirements as our situation change. That is what's so wonderful about the stock market, just as someone worked out a fool proof system to extract an wonderful income, the environment changes so traders who don't adapt dies.

IB recently introduced a vetting on ASX equities so now a buy or sell order 10% over/below day's opening will not be executed as per previous conversation but since the topic for this thread is troubleshooting, then let's take the philosophy that if there is not trouble experienced then let's not discuss it.

I'm over this discussion... lets move forward to another troubleshoot.

forward and upward

paul
 
Hi all,
I've read through the forum as I tumbled over the great comissions of IB as intermediate/long term investor, don't day trade, but want to trade also international stocks.

Hence was considering to change to IB.
However, reading through your forum it seems that :eek:
1.)apart from having to overcome the application process,
2.)there is the ?link to Citibank making IB ptoentially not safe in the long term?,
3.)then the TWR software which seems not to process orders once in a while and can be ?tricky to use/learn?,
4.)and particularly the concern that it takes 2-3 weeks to transfer from a Chess monitored account to IB (which can at times like this become an expensive hobby),
5.)and that I due to the change over from a Chess monitored account to IB become subject to GCT for all my stocks?

I know thats a lot of questions, but you have a lot of experience, and I would appreciate if some of you could clarify some of my questions (esp 4. and 5) please?

Thanks a million!

newaussie
 
Hi All

Can someone PLEASE help me with setting up an order type thru book trader such as the following trading 2 contracts -

Example -

Limit order set to buy 2 @ x price
If limit order executes, create bracket order - sell stop 2 at x - 4 and then profit target (sell limit) 1 @ x +4 and 1 @ x +16.

Thanks for your help in advance
 
I have been a happy IB customer for a few months now, but still unsure of a couple of things:

1) When a company makes a non-renounceable rights offer, how do I go about taking it up? In particular, I own Goodman Group (GMG) at present and would like to take up their offer when it opens at the end of this week.

2) For tax purposes, do I need to consult the relevant company websites to get franking/CGT distribution information for ASX companies that I own and have paid out dividends?
 
beamstas said:
Ok
I'll use space instead of wasting it
I have IB
I've never bought data
I've never had a problem
You don't need market data for your stops to activate
Space-un-wasted

Sincerely Yours
Space Waster
Click to expand...

My experience as well.
Often setting buy and sell stop orders---never a problem and always executed even when 100% away from price at time of setting order.

I do however have a live feed not connected to IB.
 
newaussi said:
Hence was considering to change to IB.
However, reading through your forum it seems that :eek:
1.)apart from having to overcome the application process,
2.)there is the ?link to Citibank making IB ptoentially not safe in the long term?,
3.)then the TWR software which seems not to process orders once in a while and can be ?tricky to use/learn?,
4.)and particularly the concern that it takes 2-3 weeks to transfer from a Chess monitored account to IB (which can at times like this become an expensive hobby),
5.)and that I due to the change over from a Chess monitored account to IB become subject to GCT for all my stocks?
Click to expand...

1. Application process isn't too bad, just takes a bit of time.
2. I'm pretty sure there is info on this site regarding that and all deposits are safe - under the bank protection thing?
3. The platform is very comprehensive and hence just takes time to learn how to use it. There is plenty of education material on IB's website regarding this. You can also set up a paper trading account to help you sort the platform out.
4. Why not just leave current trades with current brokers? Then just open all new trades with IB. This is what I have done, too much hassle to transfer other trades to them.
5. See 4

I can't recommend IB enough. The platform is great and brokerage is very cheap compared to other brokers in Aust. I should have opened an account with them a long time before I did:banghead::D
 
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