Traders trading with a pure Internet based platform with no dealing desk phone contact must have a second broker with which to hedge open positions when these situations occur.
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.
Traders trading with a pure Internet based platform with no dealing desk phone contact must have a second broker with which to hedge open positions when these situations occur.
Hopefully someone you can ring if your power gets knocked out.
I'm sure you see the point.
At the risk of repeating myself Pit, have you never heard of a stop order?
What if your phone goes down.
Failing all that I'd take a trip to Mum's place (two minutes away), or the Internet cafe in the village (5 minutes){IB has a browser based TWS}
No I don't see your point,
I'm a small time trader yet I have 2 routers plugged into my desktop with different ISPs, a fully charged laptop stashed away with a third method of connection (USB stick) and if all else fails a dailup account.
I uses two brokers, a primary broker and a secondary.
What's the problem ??
BTW, I just have to laugh out loud at anyone knocking IB.
At the risk of repeating myself Pit, have you never heard of a stop order?
What if your phone goes down.
Failing all that I'd take a trip to Mum's place (two minutes away), or the Internet cafe in the village (5 minutes){IB has a browser based TWS}
In 5mins the Spi can drop 30 ticks.
20 lots X 25 X 30 =15K
Ouch!!!!
In 5mins the Spi can drop 30 ticks.
20 lots X 25 X 30 =15K
Ouch!!!!
No I don't see your point,
I'm a small time trader yet I have 2 routers plugged into my desktop with different ISPs, a fully charged laptop stashed away with a third method of connection (USB stick) and if all else fails a dailup account.
I uses two brokers, a primary broker and a secondary.
What's the problem ??
BTW, I just have to laugh out loud at anyone knocking IB.
Stop orders can get run through if the market picks up steam.
If I go out and have an position I ring my Broker and he makes sure I get out if my stop gets hit.
I repeat my question:
Have you never heard of a stop order?
Add 2 mobile phone with 2 different carriers and you're covered, well maybe add an air raid shelter and canned food
At the end of the trading day the trader must assume full responsibility no matter what.
PS: whatever happened to the options discussion
If I go out and have an position I ring my Broker and he makes sure I get out if my stop gets hit.
AHAHAHAHAHA!
Ether way there are two ways to initiate a stop order. A stop limit or a stop at market.
Whether you phone this through or enter it online, stop orders work the same, you either take out the available depth, whatever it is, or only at the level of the limit or better.
Your phone broker cannot magically create market depth that doesn't exist (no matter what BS they spin). The bid or ask is either there or it isn't.
IOW your broker can only fulfil your instructions the same way an online platform does.
Fail!!!
LOL
Art,
I'm now under the impression that Pit and yourself don't really trade.
Send me your email and I'll send some stuff out to you.
That is right...Just make sure you enter a stop the second you put on the trade...I however like to use mental stops watch the market action.
Each to their own.
In 5mins the Spi can drop 30 ticks.
20 lots X 25 X 30 =15K
Ouch!!!!
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