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Stop me from using Interactive Brokers....
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Stop me from using Interactive Brokers....

  #1 (permalink)
Membership Revoked
Szczecin
 
Futures Experience: Intermediate
Platform: Ninja, writing own now
 
Posts: 212 since Mar 2010
Thanks: 47 given, 102 received

Stop me from using Interactive Brokers....

...if you can.

Note: this i a little off topic, so to say. It is NOT about short term trading.

Ok, here we go. I am considering all kinds of investment opportunities at the moment for mid to long term engagements (timefram e 5 to 10 years). Basically I happen to have some funds flowing in that have no short tem use, so I just think of various ways to invest them.

On the table, among other things, are long term stock engagements. The idea is a strategy mix of buying value stocks, possbily together with the idea of writing covered calls against them to raise the yield a little, though those have to be quite ouf ot the money.

The account wont be anything of interest for a trading oriented broker - I think of doing monthly revaluations,. We possibly talk of 20-30 trades all in all per year, excelt when I put in more money over time, which obviously would yield additional orders.

What I want is:

* A decent web interface. I prefer a good web interface to a local client here mostly because I dont want to deal with updates for something that just is bacsically an operation per week
* Decent low comissions. Not hunting fort the lowest of the lowe here, obviously. But i dont want to stick to the last full comission broker on the planet.
* Internatioal operations. I dont want to be limited to one country items. This is where IE seems to shine.
* Decent access to funds. ETF's clarly, but i would not object some others.

Nice to have:

* Decent research. Not about picks, but when I go through like all dow socks it would be nice to have a central well organized place to get current opinions and mostly the last financial info without going to yahoo.
* Combination to be able to use futures and forex in the mix. Again, this is not for "active trading", but if you mix stocks in different countries.... sometimes it makes sense to hedge the currency risk. Or to hedge stocks with some futures

Any reason not to use IB? Any better offer out there.

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  #2 (permalink)
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  #3 (permalink)
Administrator: Retired Backtester
 Vendor: speedytradingservers.com 
Rennes France
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: IB/Kinetick
Favorite Futures: Futures
 
sam028's Avatar
 
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No reason to not use IB.
I'm curious to see if someone find another option.

Success requires no deodorant! (Sun Tzu)
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  #4 (permalink)
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Futures Experience: Beginner
 
Posts: 1,081 since May 2010
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Interactive Brokers is the best choice for the things you described.

Unfortunately, but it's like that. If you would only daytrade futures I would say no way, but for your style IB is one of the best.

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  #5 (permalink)
Elite Member
Wake Forest, NC
 
Futures Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker/Data: VanKar
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papa15's Avatar
 
Posts: 527 since Sep 2009
Thanks: 586 given, 1,244 received

ThinkorSwim or MBTrading actually are reasonable options to consider in this case (the international aspect may not be as strong as IB though)
Papa15

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  #6 (permalink)
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Szczecin
 
Futures Experience: Intermediate
Platform: Ninja, writing own now
 
Posts: 212 since Mar 2010
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MetalTrade View Post
Interactive Brokers is the best choice for the things you described.

Unfortunately, but it's like that. If you would only daytrade futures I would say no way, but for your style IB is one of the best.

I have an account with vision etc. - for trading. This seriously is NOT the daytrading part. Heck, I may even buy bonds there at times

So IB it is for now. The international aspect is very strong for me - I am not american, not living in a USD country. While I prefer the US stock market for some stuff. long term investment in some EU things is not a bad option either

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  #7 (permalink)
Elite Member
hk
 
Futures Experience: Intermediate
Platform: NinjaTrader
 
Posts: 48 since Apr 2010
Thanks: 16 given, 12 received

I am living in Asia region, trading both local and US future.
Agree with all, IB has strong support for international user.

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  #8 (permalink)
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sam1197 View Post
I trade futures and options on futures. I have seven figure acct with IB. This is to make a point that I trade volume and not the little guy. I get shit treatment from IB. Positions get liquidated for no reason. They have their own expiry dates different than the CME. Another time, margin requirements get violated and I receive a msg, within minutes, positions liquidated and lose of six figures in the account.

if you do happen to have 7 figures account, then why not go to newedge or GSET? you will be able to then use TT/CQG and REDIplus which might be better for you.. they only accept 7 figures accounts.. $1MM min I was quoted for GSET via one of their IB's...

as to the risk management from IB; yes, they are quick to cut the cord if their levels are violated.. that is how they keep their costs down.. they dont want to absorb or have their customers absorb anyone else's losses... I know that i would be upset if I had to pay for a risk management failure; and margin is only enforced if you are over leveraged anyhow... and you can always opt for portfolio margin to give you more wiggle room, just need to respect the rules which are documented with examples even.


sam1197 View Post

IB treat customers as if they are doing you a favor to do business with them. Of course, if you try to sue, it is not an easy task to go after a global company.

people always complain about their customer service, I never had any issues.. but then again I dont use their customer service all that often, I mainly deal with their funding department when I have to make some type of weird transfer between IRA accounts, and they are pretty patient and they have saved me $$$ from a few mistakes when I opened the wrong account and would have had a nice tax bill if I had done it how I thought it should have been done..


sam1197 View Post

Their software although looks good on paper it does not function. options trader is a piece of trash. again I do not trade stocks. I was a software engineer, and sent them notes on use of control tables among other things but in 2 years, no change. risk navigator another disaster can not see risk for futures or options on futures. have several tickets with no response. Expect to call support to ask for help on using software or how to place spread but no help given in the time you neede the most. I offered to pay an agent to place the order or they liquidate positions, No. they will not place the spread. I can go on and on....

If you trade stocks, option on stocks there are better options... I am looking for other alternatives...

The service or lack of service had a price tag of six figures recently.

their software is indeed crap... but you can code your own platform and trade via their API, and use third party platforms...

since as you stated options trader is just awful... I have been looking at the hoadley.net excel plug in for the analytics and exceltrader.net ATS spreadsheet for the order entry... I have not yet figured out how to glue them together, and I am still playing with it... my goal is to in the end have something simple that allows me to view the information I care about in a dashboard format and then enter and track the portfolio...

the other alternative that I have been investigating for option only is using tradeMONSTER... but the platform is not there 100%, yet it is an improvement from TWS IMO..

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  #9 (permalink)
Membership Permanently Revoked
 
Futures Experience: Intermediate
 
Posts: 1,176 since Nov 2009
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NetTecture View Post
What I want is:

* A decent web interface. I prefer a good web interface to a local client here mostly because I dont want to deal with updates for something that just is bacsically an operation per week
* Decent low comissions. Not hunting fort the lowest of the lowe here, obviously. But i dont want to stick to the last full comission broker on the planet.
* Internatioal operations. I dont want to be limited to one country items. This is where IE seems to shine.
* Decent access to funds. ETF's clarly, but i would not object some others.

Nice to have:

* Decent research. Not about picks, but when I go through like all dow socks it would be nice to have a central well organized place to get current opinions and mostly the last financial info without going to yahoo.
* Combination to be able to use futures and forex in the mix. Again, this is not for "active trading", but if you mix stocks in different countries.... sometimes it makes sense to hedge the currency risk. Or to hedge stocks with some futures

Any reason not to use IB? Any better offer out there.

IBKR is indeed the most accessible to retail investors.. even with all their flaws and sucky platform for day traders.. and keeping always in mind that there are plenty of alternative platforms that support IBKR as the broker... their margin rates alone will save you $$$ and increase your profits.. and the variety of markets and financial products is second to none within retail.

short of that, you would need significant funds to trade with non-retail (NewEdge, UBS, CSFB, GS, etc.)

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  #10 (permalink)
Trading Apprentice
Scottsdale
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: ES, YM
 
Posts: 21 since Nov 2010
Thanks: 2 given, 12 received



sam028 View Post
No reason to not use IB.
I'm curious to see if someone find another option.

I think TradeStation would be a viable alternative. I have friends in the Middle East trading with them, and they're serviced by one of TradeStation's offices in Europe - London if I'm not mistaken. And they're quite happy.

Personally I prefer IB, and my only gripe with them is automatic liquidation of positions if you're hit by a margin call. I don't know if they still do that now, but when I traded with IB, any positions not covered would be automatically liquidated when the clock struck 3.45. My current broker gives me six days to fund the account in case I'm overleveraged - plenty of time for a position to go back and work in your favour.

In a nutshell, with IB you've got to think a 100 times not to bite more than you can chew.

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