Interactive Brokers Troubleshooting

[skc]

I bought a share at $20.30. Several weeks later, before the market opened I placed a limit order to sell at $21.50. Once the market opened it executed straight away at $21.22. I called the helpdesk and they told me you need to use commsec conditonal trading to lock in profits above the market.

Anyway I will test this theory out again, but the fees are a killer.

You are doing something incorrectly Nero.. just on your "to lock in profit" wording.

A sell limit order will not lock in profit. It will close your position and bank the profit.

A trailing stop sell order will lock in profit. If you put in a stop above market price, it will be executed straight away.

 

[paulchow2k]

I was just wondering if anyone had come across this problem before and how did they proceed after finding out about the issue?

How do other brokers put in place this 10% ruling, if they need too?

What would be the possibility of having a button on the trading platform to alert the IB trading desk to stocks that need the ruling removed?

Many Thanks for any help.
4blue

Yes. All brokers have Vetting but better ones have people manually over ride them. Just look back on some of the old post where I pointed the issues out. I now have 2 accounts. One with IB for my day to day super cheap stocks while those in Market Movers I use another account.

paul

 

[Strident]

How do I buy or sell a company option like CTPO or something like BEPPA in IB? Tried opening a ticket but haven't seen a response

 

[paulchow2k]

How do I buy or sell a company option like CTPO or something like BEPPA in IB? Tried opening a ticket but haven't seen a response

Call them! It's takes 2 days to add options onto their platform.

Paul

 

[Sir Burr]

Hi,

Is it possible on the Aussie market using IB to set a buy price referencing the open price please?

For example, I want to place an order "at market" when the price hits the open price plus say 2%.

Thanks, SB.

 

[NAsX]

Hi guys,

I have recently started trading ASX equities with IB after having been with them for a bit over a year now with forex and futures.

I also experienced the so called 'vetting' issues on ASX, both as a seller and a buyer. My understanding is that if the price has moved +-10% on a day, your orders get blocked and only move one tick a minute until it reaches your set price (from the reading on past posts). Can someone please explain how this works?

For example, if I hold a stock at $1, it moves to $1.10, I won't be able to sell at an instant because of the cap. Is this trade just blocked, or how does it actually 'move up the ladder so to speak' if I want to sell at the $1.10 price?
It is possible however to call them to remove the block on a case by case basis?

So does this mean that if I have a stock that gaps over 10%, then proceeds to fall to 20%, I probably won't get a chance (or my stop) to get out at the 10% and probably will sell at the -20%? Of course, I suppose it can work both way.

I've read https://www.aussiestockforums.com/forums/showthread.php?t=17044 where Steve from IB HK have replied to a forum member that this problem is being looked at, pending ASX approval, does this mean once this is approved, I can sell at whatever or buy at whatever % just like forex and futures?

Thanks for any advice

 

[freebird54]

Hi,

Is it possible on the Aussie market using IB to set a buy price referencing the open price please?

For example, I want to place an order "at market" when the price hits the open price plus say 2%.

Thanks, SB.

good question - hope it gets answered

 

[SilverRanger]

good question - hope it gets answered

It only takes a few min to find the answer yourself

http://individuals.interactivebrokers.com/en/p.php?f=orderTypes

 

[Sir Burr]

It only takes a few min to find the answer yourself

http://individuals.interactivebrokers.com/en/p.php?f=orderTypes

Thanks SilverRanger. Thought there might have been something I missed but looking again, a percentage above open triggering a market order isn't there.

I've found some software in combination with TWS that can do it but requires subscribing to data and leaving the PC on.

 

[RazzaDazzla]

G'day guys.

I have successfully setup an IB account. For anyone who is curious;
1. fill in the online forms
2. Notify IB that you will be funding the account vi a "wire" transfer.
3. Log into your banks online banking and do a "pay anyone" transfer to the CitiBank account details that IB provides you with. ensure you put your account number in the payment description so when IB gets it; they can easily determine who it belongs to!


Now I am looking to transfer some money out of IB. I rang the helpdesk and after speaking to them I have done the following.
Account - I have entered the account number for my account with my Australian bank.
SWIFT - I rang up my bank and they gave me the SWIFT code.
When I filled these details in on the "Cash transfer form" on IB I was then taken to another page which even then asked me for my BSB number. So I entered this.

Anyway; I am awaiting the confirmation email from IB so I can setup the transfer (I bet it's stuck in a SPAM filter somewhere)

Questions;
1. The SWIFT code was postfixed with xxx. is this normal? So if my SWIFT code was ABCDEFGH, it displayed as ABCDEFGHXXX. I assume this is normal and the Xs just fill in blanks?

2. I read through this thread and someone said that they put there BSB and Account number in the field "Account number". I assume that since I am specifically asked for my BSB on the next page, that if I just entered my Account number I should be fine.

3. Lastly, my bank (bankwest) said "Be aware, you may be liable to a $10 fee for receiving an international transfer." Basically, from what I gather, if IB doesn't pay the the fee, I get slugged with it. Can anyone confirm or deny if there bank charges them for receiving an international transfer?

In a perfect world, I would hope that IB is just transferring me money from the Australian CitiBank account that I originally transferred my money into when I opened the account. So therefore I am not receiving and international money transfer, so won't be charged.

 

[SilverRanger]

G'day guys.

Questions;
1. The SWIFT code was postfixed with xxx. is this normal? So if my SWIFT code was ABCDEFGH, it displayed as ABCDEFGHXXX. I assume this is normal and the Xs just fill in blanks?

2. I read through this thread and someone said that they put there BSB and Account number in the field "Account number". I assume that since I am specifically asked for my BSB on the next page, that if I just entered my Account number I should be fine.

3. Lastly, my bank (bankwest) said "Be aware, you may be liable to a $10 fee for receiving an international transfer." Basically, from what I gather, if IB doesn't pay the the fee, I get slugged with it. Can anyone confirm or deny if there bank charges them for receiving an international transfer?

1. Yes, that's normal, NAB has the XXX as well, to be on the safe side try checking the SWIFT code using their search feature
2. I think you are safe by putting in what they ask for
3. No fee from NAB, they even issue me a confirmation letter everytime to prevent money laundering which I get very annoyed at, not sure about bankwest

 

[RazzaDazzla]

Thanks for the reply silver ranger.

Another IB question;

I put a buy order in for XYZ @ 2.10 and had it filled before I could properly setup my bracket order for a protective stop and a limit.

I have since put in a Sell Stop order for 1.88 to act as my stop loss.

How do I best add/attach a Sell Limit order to lock in any profits?

Do I just add another Sell order and set it to limit of 2.60? If the stop is triggered, I obviously want the limit order to be automatically cancelled. If the Limit order is triggered, I need the Stop order automatically cancelled.

I thought at first I just add a bracket order to the Sell Stop order. But then I read/figured out that the other 2 legs of a bracket order are only presented to market when the first order is triggered. So this isn't the way to go.
Thanks.

 

[RazzaDazzla]

OK;

So after a phone call to IB I believe this is the solution to my issue.

I needed to add the OCA group column to my TWS.

I was then told that I can create a Sell STP order (at 1.88) and a Sell LMT order (at 2.60). I then need to ensure that I put the same number in the OCA group column for both Sell orders. so if I out "123" in the OCA Group column for the STP, I need to put 123 in the same column for the LMT.

Then if one of these Sell order fills; it will cancel the other sell order.


I confirmed this by opening a dummy Buy order and attaching a bracket order. When I attached the bracket order; it auto populated the OCA Group column with the same number for the Sell LMT and Sell STP order.

I hope this helps someone out there; cos I sure as hell wouldn't have know to do this otherwise.

Cheers
Ryan

 

[hooikk]

Interactive Brokers & Iron Condors

Wondering if anyone can help out with this while I wait for a response from the IB support team.

I've been putting on Iron Condors on IB using their generic option combo screen. I seem to be getting some bad prices despite using a limit order.

Last night, I bought an Iron Condor on GDX - 3 contracts with a limit order of $0.15.

I assumed that I will only get filled if the total spread will provide a premium of at least $0.15 per contract. This seems to hold true when I just sell call/put spreads. However, I got filled at $0.01 per contract. Even the commissions for 3 contracts cost more than my premium.

Help please? Is this an error on IB's part - or how I have been using the limit order?


NK

 

[cutz]

Hi hooikk,

Sounds like you may have accidently placed a market order, check your trade confirmations in account management to confirm the order type.

BTW, is it showing negative prices ? If it is make sure you set your buy to open iron condor limit order at the high side with a negative in front.

Hard to say without seeing exactly what you got, just some ideas.

 

[elbee]

hooikk,

Suggest you make sure you have submitted the buy/sell parts of your condor order the right way around.

Buying an IC implies selling the inner strikes and buying the outer wings for an overall credit - which seems to be what you intended.

If the execution price is less than your limit price than it seems the opposite has occurred.

 

[hooikk]

Hi hooikk,

Sounds like you may have accidently placed a market order, check your trade confirmations in account management to confirm the order type.

BTW, is it showing negative prices ? If it is make sure you set your buy to open iron condor limit order at the high side with a negative in front.

Hard to say without seeing exactly what you got, just some ideas.

This actually sounds like what I've done wrong - looks like I need to do Buy the Iron condor with a negative limit. Since I put it in as a positive limit, it is effectively an market order.

It works for the call/put spreads because I'm actually putting in a sell order.

Oh well - lesson learnt. Hope it doesn't cost me too much to close off the position.

Thanks guys - will update if this isn't the case.

 

[cutz]

This actually sounds like what I've done wrong - looks like I need to do Buy the Iron condor with a negative limit. Since I put it in as a positive limit, it is effectively an market order.

Exactly,

You would have hit the ask, luckily it was a tightly quoted iron condor.

If closing out the iron condor as one package and spreads show up as negative prices make sure it's a negative priced limit order with the sell to close price on the low side of the spread.

Suggest reading up on negative prices in the manual, bit confusing at first but once you get the hang of it it's as good as gold.

BTW, if you make an error on the US market with tight spreads you will not do too much damage, if playing around on the oz market make sure you're 100% comfortable with this type of pricing as spreads are wider here.

 

[tetranomad]

I've been with IB for about 8 months and overall very happy. I have a margin account with AUD as base currency, which I use to sit on a few Aus companies and ASX listed ETFs, and to trade in a number of US companies and ETFs. I noticed, however, that in some recent statements I have been charged withholding tax for ASX listed companies and ETFs. I put in a ticket to query this, and eventually (more than two weeks later), received this as reply:

As per our corporation department, IB passes on that tax we receive from out custodian on to the customers, IB is recognized as a US firm and because of this we are taxed 15% on AUD dividend.​

Is this correct? It doesn't seem right that I should, as an Australian resident, be losing 15% withholding tax on AUD dividends from Australian companies.

 

[freebird54]

this is new to me too so await a response urgently

As per our corporation department, IB passes on that tax we receive from out custodian on to the customers, IB is recognized as a US firm and because of this we are taxed 15% on AUD dividend.​

Is this correct? It doesn't seem right that I should, as an Australian resident, be losing 15% withholding tax on AUD dividends from Australian companies.[/QUOTE]