Interactive Brokers

This is a discussion on Interactive Brokers within the Brokerages forums, part of the Commercial category; Originally Posted by firewalker99 Try using OCA orders: one cancels all. That way, if the target (limit order) is executed,the ...

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Old Apr 14, 2008, 4:47pm   #939
 
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Originally Posted by firewalker99 View Post
Try using OCA orders: one cancels all. That way, if the target (limit order) is executed,the stop as well and vice versa.
Sorry, but how do I do this? So it was my fault that the stop for the previous trade was not cancelled? Even thou I used the close button for the order? I am getting so sick of losing money cos of silly things like this.....

Sorry for moaning... Thanks FW.
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Old Apr 14, 2008, 5:05pm   #940
 
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Originally Posted by gilligullu View Post
Sorry, but how do I do this? So it was my fault that the stop for the previous trade was not cancelled? Even thou I used the close button for the order? I am getting so sick of losing money cos of silly things like this.....

Sorry for moaning... Thanks FW.
You can experiment in the papertrading platform, that way you can get a good handle of the functions without making costly mistakes.

Best to check out the TWS User's Guide page 229.
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Old Apr 14, 2008, 5:55pm   #941
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Exclamation Interactive Brokers

Hi, I'm just getting into day trading and would like some advice on setting up interactive brokers.

As far as I can tell it is one of only 2 interactive brokers in the UK as well as iDealing. However, with IB you get access to US markets, can Short and it can provide data for other charting software.

However, i notice it says you must spend ~$2000 dollars a month in commissions or it will be deducted from the initial £5000 deposit. This isn't particularl appropriate if you want to just get used to the software or are away for a month. Does this mean you will pay £1000 for being away for a month?

I currently use BARX (pretty bad) and iDealing, but don't have a charting software yet, or the ability to short or access to US equities.

Any suggestions?
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Old Apr 14, 2008, 6:10pm   #942
 
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Quote:
Originally Posted by firewalker99 View Post
You can experiment in the papertrading platform, that way you can get a good handle of the functions without making costly mistakes.

Best to check out the TWS User's Guide page 229.
Thanks! Shall have a good read at this!
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Old Apr 14, 2008, 6:48pm   #943
 
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Originally Posted by m_grindy View Post
Hi, I'm just getting into day trading and would like some advice on setting up interactive brokers.

As far as I can tell it is one of only 2 interactive brokers in the UK as well as iDealing. However, with IB you get access to US markets, can Short and it can provide data for other charting software.

However, i notice it says you must spend ~$2000 dollars a month in commissions or it will be deducted from the initial £5000 deposit. This isn't particularl appropriate if you want to just get used to the software or are away for a month. Does this mean you will pay £1000 for being away for a month?

I currently use BARX (pretty bad) and iDealing, but don't have a charting software yet, or the ability to short or access to US equities.

Any suggestions?
Quote from IB website..."
IB caters to professional traders and investors and requires its customers to spend a monthly activity fee minimum which may include commissions, market data fees, special connection minimums and other fees. Those customers spending less than the activity fee minimums ($10) in any given month will be charged the difference between the minimum and the amount spent in a month.

In addition to monthly fee minimums we pass through market data fees from the exchanges for any real-time market data service in which a customer subscribes. Customers choosing to subscribe to US non-professional real-time market data will have the USD 10 (or USD equivalent) monthly fee waived if they spend USD 30 (or USD equivalent) or more in activity fees for the month. "

So 10 or 20 per month is all you pay for inactivity unless you subscribe to additional market data.
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Thanks! The following members like this post: firewalker99
Old Apr 14, 2008, 10:27pm   #944
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Thanks. I saw that on the website as well. However, I then saw this paragraph just after which confused me. Would anyone be able to clarify what it means?

Introducing Brokers Commissions Minimums:

A commission minimum of USD 2,000 (or equivalent) per month will be applied. In addition, a USD 10,000 (or equivalent) upfront deposit will be required that will be applied against commissions during the first five months of business. The USD 2,000 (or equivalent) monthly minimum will be waived during this period.

Does this mean you have to pay at least $2000 a month in commissions and fees? Surely not?

Thanks
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Old Apr 15, 2008, 12:37am   #945
 
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Thanks. I saw that on the website as well. However, I then saw this paragraph just after which confused me. Would anyone be able to clarify what it means?

Introducing Brokers Commissions Minimums:

A commission minimum of USD 2,000 (or equivalent) per month will be applied. In addition, a USD 10,000 (or equivalent) upfront deposit will be required that will be applied against commissions during the first five months of business. The USD 2,000 (or equivalent) monthly minimum will be waived during this period.

Does this mean you have to pay at least $2000 a month in commissions and fees? Surely not?

Thanks
This is a fee to an Introducing Broker. I assumed that you are a private individual, not a broker? An Introducing Broker (unfortunately also abbreviated to IB) is one who has his own clients, and earns a fee each time one of his clients places a trade through Interactive Brokers (possibly through a 'White Label' set-up where it appears to the client that the broker has his own branded platform).
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