Interactive Brokers

[Punta]

I am looking at using IB to place limit order during the opening auction and have a couple, of hopefully simple questions:

1. From what metric does IB use to calculate the maximum acceptable for a limit order e.g. Does it use previous days close + 5% as the maximum acceptable for a limit order, or does it use the indicative auction price + 5%?

2. What % of the price does IB allow for the limit? i.e. is it a fixed 5%, 10%?

3. If you enter a limit order that is higher than the defined %, what happens to it? does it still get placed?

From my post above (haven't actually tried switching the limits off yet):

"It looks as though you can turn this off. For the API it's in Configure->API->Precautions, and for the GUI it's Configure->Presets->Precautionary settings. However, if that's the case then it makes the IB message about the cap/floor look silly, because the message says that the exchange requires the cap/floor to be set..."

 

[geeroy]

anyone know if is possible to automatically change price of at limit order depending on time?
i want my order to be at limit until 4pm then change price so its filled on close

 

[bullet21]

I'm was going to open an account with IB. It'll be my first trading account but I've noticed it says you need 100 previous trades to open one. Does that mean newbies cant open an account?

 

[Trembling Hand]

I'm was going to open an account with IB. It'll be my first trading account but I've noticed it says you need 100 previous trades to open one. Does that mean newbies cant open an account?

Not without lying. What are you looking to trade? And how often?

 

[Trembling Hand]

I'm was going to open an account with IB. It'll be my first trading account but I've noticed it says you need 100 previous trades to open one. Does that mean newbies cant open an account?

Yep, you need a Good After Time/Date (GAT) Order linked to your limit order. If the limit (basket? bracket?) is executed then the GAT is automatically cancelled. But if your Limit hasn't been hit your GAT will fire and cancel your limit.

Or you could use something like NinjaTarder to run a BOT to take care of closing positions before the market does.

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

 

[bullet21]

Not without lying. What are you looking to trade? And how often?

index futures and stocks.

 

[bullet21]

index futures and stocks.

So what other brokers are comparable? I was looking at Commsec but the international account has a ridiculous fee of 65 dollars US per trade, and that only allows stocks.

 

[Trembling Hand]

I'm was going to open an account with IB. It'll be my first trading account but I've noticed it says you need 100 previous trades to open one. Does that mean newbies cant open an account?

Just on this one. I wonder if you paid for a couple of months of eSignals data & linked it to free Ninja trader and then used the simulator to practise your Futures trading.

When they ask "Have you traded futures before" Would that not be sufficient?

Just a thought

 

[bullet21]

Just on this one. I wonder if you paid for a couple of months of eSignals data & linked it to free Ninja trader and then used the simulator to practise your Futures trading.

When they ask "Have you traded futures before" Would that not be sufficient?

Just a thought

I asked them this in an email, and apparently it's insufficient. They must be 100 live trades.

 

[Trembling Hand]

IBs annual report.

http://www.interactivebrokers.com/download/annual_report_2011.pdf

I wouldn't mind a biz that can earl 0.9 mil per employee and a pre-tax profit of 55%.

 

[skc]

IBs annual report.

http://www.interactivebrokers.com/download/annual_report_2011.pdf

I wouldn't mind a biz that can earl 0.9 mil per employee and a pre-tax profit of 55%.

Re-hypothecation to the MAX

Or just cheap Singapore based helpdesk?

 

[Trembling Hand]

Re-hypothecation to the MAX

yeah!

46% of revenue from Market Making, 32% from commissions (they didn't even send me a thank you!) & 22% from interest and others stuff. Clearly Timber hill is their main biz.

Or just cheap Singapore based helpdesk?

HK actually.

 

[skc]

yeah!

46% of revenue from Market Making, 32% from commissions (they didn't even send me a thank you!) & 22% from interest and others stuff. Clearly Timber hill is their main biz.

HK actually.

What % of that is from you?

 

[blue0810]

yeah!

46% of revenue from Market Making, 32% from commissions (they didn't even send me a thank you!) & 22% from interest and others stuff. Clearly Timber hill is their main biz.

HK actually.

24hrs actually

 

[Trembling Hand]

What % of that is from you?

LOL some days way too high for my liking!!

But really they are as cheap as chips. I get volume discounts which makes my brokerage cheaper than what prop traders are paying at a well know Oz prop shop. So hope they stay strong. Would hate to have to go back to $5-$10 per side

 

[skc]

LOL some days way too high for my liking!!

But really they are as cheap as chips. I get volume discounts which makes my brokerage cheaper than what prop traders are paying at a well know Oz prop shop. So hope they stay strong. Would hate to have to go back to $5-$10 per side

So do I. It's quite difficult to decipher the financial position of any financial institution these days. So much stuff off-balance sheet, hidden, undisclosed etc.

After MF Global I've limited myself to trading only with listed companies that I can see a share price chart as an early warning system.

 

[basilio]

Interactive Brokers look interesting.

But just a quick question. If I wanted to make only a few purchases of shares on the AIM secondary market in England would it make sense to open an account and pay ongoing fees ? Or would I be better off paying a relatively high price for a one off transaction through my Westpac account ?

Probably going to buy 10-15k of one stock.

Thanks

 

[Trembling Hand]

If I wanted to make only a few purchases of shares on the AIM secondary market in England would it make sense to open an account and pay ongoing fees ?

Don't know about Westpac costs per trade but its going to cost you $120 USD a year if you don't trade just to have the account open.

Not really a structure for non-frequent traders.

 

[banco]

I'm was going to open an account with IB. It'll be my first trading account but I've noticed it says you need 100 previous trades to open one. Does that mean newbies cant open an account?

I always assumed it was "wink, wink" with regards to trading activity and they don't actually verify it.

 

[SuperGlue]

I always assumed it was "wink, wink" with regards to trading activity and they don't actually verify it.

Don't know whether this still applies

https://www.aussiestockforums.com/forums/showthread.php?t=10838&p=508145&viewfull=1#post508145