SPI 200 and Futures Options

[gav]

Hi,

Very heated Thread.
I would like to add my bit if I may.

I have used IB and the problem is that if your internet connection drops out
there is no one to contact quickly.You get some guy who doesn't speak good english and doesn't understand the urgency of the situation.
I landed up losing a few bucks because of this.I can see Pit Traders point, that trading large volume with IB in Australia my be a problem if your in need of a quick response.I was only trading 2 contracts but if I had 20 or so
on then I would have lost a great deal more.I now use a locally based broker who I can call and get urgent action if I need it.

Other than that I can't see a problem with using IB.

How is it IB's fault that your Internet connection dropped out? If you are so reliant on your Internet connection, why did you not have a back up? A poor tradesman blames his tools.

 

[Art_Cashin]

How is it IB's fault that your Internet connection dropped out? If you are so reliant on your Internet connection, why did you not have a back up? A poor tradesman blames his tools.

I wasn't blaming anyone.

The point is if your power or internet drops out and you are trading large volume you need a human to speak to fast. The problem is IB dont have people who know the Spi and can react to save you losing your cash.
Where as a local broker can be contacted quickly and will get you out if needed,or can a least work a stop.

 

[Art_Cashin]

How is it IB's fault that your Internet connection dropped out? If you are so reliant on your Internet connection, why did you not have a back up? A poor tradesman blames his tools.

As far as I know there is no other way to trade with IB other than the internet.
So you are " reliant on your internet connection".

 

[nunthewiser]

As far as I know there is no other way to trade with IB other than the internet.
So you are " reliant on your internet connection".

Gday .

I do not use IB (my own slackness in bothering about the paperwork) BUT i do use various others .

Internet does drop out from time to time ESPECIALLY if using telstra

I know this so i have a backup wireless PREPAID usb modem thingo for those times when my ADSL karks it.

Maybe worth thinking about if you are a trader.

 

[wayneL]

As far as I know there is no other way to trade with IB other than the internet.
So you are " reliant on your internet connection".

You can phone them to close out positions.

 

[Trembling Hand]

This thread is starting to stink like someone pimping a local broker over others.WTF??

It started as the local being cheaper but its not. Certainly not for a retail trader doing half decent volume. certainly we all know MF global cost soon add up when you have to factor in the cost of Xtrader @$1200 per month or other half decent frontends. Now all it seems to be is about being able to talk to a local dealer

Who gives a hoot, if thats the most important thing knock yourself out. If you like the range of markets, interface choice, cheap brokerage you will go for IB. Its not a big deal either way. (by the way personally have never had the problem of reaching someone in Honkers when needed)

But Ib is still cheaper.

And at least there orders seem to end up in he market. Un like Pit traders trade which don't seem to match exchange data Very interesting.

 

[Art_Cashin]

You can phone them to close out positions.

Yes Wayne you are correct you can phone them.I was actually put on hold for 5 mins but it cost me money trying to get through and the language barrier was a problem.They didn't seem to know much about the SNFE.

I think IB are great but you need to be aware if you trade large volumes that it can be a problem to get out quickly.Luckily I only had 2 lots on.

 

[Art_Cashin]

This thread is starting to stink like someone pimping a local broker over others.WTF??

It started as the local being cheaper but its not. Certainly not for a retail trader doing half decent volume. certainly we all know MF global cost soon add up when you have to factor in the cost of Xtrader @$1200 per month or other half decent frontends. Now all it seems to be is about being able to talk to a local dealer

Who gives a hoot, if thats the most important thing knock yourself out. If you like the range of markets, interface choice, cheap brokerage you will go for IB. Its not a big deal either way. (by the way personally have never had the problem of reaching someone in Honkers when needed)

But Ib is still cheaper.

And at least there orders seem to end up in he market. Un like Pit traders trade which don't seem to match exchange data Very interesting.

Trembling Hand,

I agree IB are good for what they are but if you have ever had the experience of having to get out fast it can cause a problem,especially if some news hits the wires and you are the wrong way.

 

[nunthewiser]

Gday .

I do not use IB (my own slackness in bothering about the paperwork) BUT i do use various others .

Internet does drop out from time to time ESPECIALLY if using telstra

I know this so i have a backup wireless PREPAID usb modem thingo for those times when my ADSL karks it.

Maybe worth thinking about if you are a trader.

REPEATS POST AS CLEARLY HAS BEEN MISSED BY THOSE THAT PREFER TO RING INSTEAD

but if the phone thing was merely a way of slagging off the broker i wish you was more obvious and i could have saved my precious middle finger from typing this stuff

 

[Art_Cashin]

REPEATS POST AS CLEARLY HAS BEEN MISSED BY THOSE THAT PREFER TO RING INSTEAD

Good back up plan--- but I needed a power generator not another ISP.

 

[wayneL]

Yes Wayne you are correct you can phone them.I was actually put on hold for 5 mins but it cost me money trying to get through and the language barrier was a problem.They didn't seem to know much about the SNFE.

I think IB are great but you need to be aware if you trade large volumes that it can be a problem to get out quickly.Luckily I only had 2 lots on.

Never heard of a stop order?

 

[cutz]

Good back up plan--- but I needed a power generator not another ISP.

Which one is it ? First you said you lost your ISP, now you're saying the power went out.

 

[mazzatelli]

As many here know - I'm not the most coherent thinker and my input to the forum amounts to little

But....I must say imo only - Art Cashin sounds alot like Pit Trader

I forecast an outside handle will arrive in the forum sometime soon

 

[nunthewiser]

But....I must say imo only - Art Cashin sounds alot like Pit Trader

Thought crossed my mind also , i was just too polite to say so

Maybe we just the paranoid type?

 

[Art_Cashin]

Never heard of a stop order?

Your Broker works a your stop into the market if you cannot do it yourself.
Sometimes if you leave it on an electronic platform the market can run thru your stop.

 

[Art_Cashin]

Which one is it ? First you said you lost your ISP, now you're saying the power went out.

I'm sure you see the point.

 

[Art_Cashin]

As many here know - I'm not the most coherent thinker and my input to the forum amounts to little

But....I must say imo only - Art Cashin sounds alot like Pit Trader

Pit you out there...over.

 

[Art_Cashin]

Does anyone know the link Pit Trader refers to in this thread ??
Could you send me a P.M. if you know ???

 

[professor_frink]

Does anyone know the link Pit Trader refers to in this thread ??
Could you send me a P.M. if you know ???

LOL

 

[nunthewiser]

Agrees with the professor

This thread rather an intresting insight into peoples behaviour.

Please continue.