Is IB safe if I lose my connection whilst in a trade?

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Old Jul 30, 2008, 6:47pm   #1
 
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Is IB safe if I lose my connection whilst in a trade?

Hi,

I have a question about Interactive Brokers. I have been using them as my data feed for a little while after coming back to trading following a little break. I used to use a US broker but fancy trying IB as it can be funded in sterling, and exchanges can easily be made.

My worry though is that if I lose my internet connection they won't answer the phone if I am in the middle of a trade. Is this the case? I will be using Ninjatrader or Bracket trader as the front end software. What will happen to my stop orders?

Thanks.
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Old Jul 30, 2008, 8:54pm   #2
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Hi Chuckie,
I'm not entirely clear about your question, but my answer will tell you if I've understood you correctly - or not! If your connection to the net goes down and you have a trade running, it will continue to run and your stop orders will remain in play unless activated. If you want to close the trade, you can do so by phone, but there is an admin charge of U.S.$30.00 and it takes a bit of time. (Security checks etc.) If you're in the U.K., you phone a number in Switzerland up 'til 7.00pm and a number in the U.S. thereafter. Only had to do it once when I had a power cut which took out both PC's and the UPS! Very scary at the time, but it worked out o.k. in the end.
HTH,
Tim.
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Old Jul 30, 2008, 9:19pm   #3
 
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Chuckie started this thread Thanks for the reply. Yes, basically what I want to know is whether my stops will still be active if my net connection goes. Some stops are held on your own computer and some are held on the broker's servers. Do you know what the setup is with IB?

Thanks again
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Old Jul 30, 2008, 11:12pm   #4
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Originally Posted by Chuckie View Post
Thanks for the reply. Yes, basically what I want to know is whether my stops will still be active if my net connection goes. Some stops are held on your own computer and some are held on the broker's servers. Do you know what the setup is with IB?

Thanks again
The stops are placed at the exchange, itself, so if either you or IB (very unlikely, but possible) go down, the stops are already in place.

The only exception, as far as I know, are the trailing stops. These are not accepted by the exchanges and IB does, as a client service. They do advise against them because if their site goes down they will not hold themselves responsible for closing a trailing stop.
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Old Jul 30, 2008, 11:16pm   #5
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Quote:
My worry though is that if I lose my internet connection they won't answer the phone if I am in the middle of a trade. Is this the case?
You should be able to close a trade in under 30 seconds by telephone but I suggest that you use the US telephone numbers to do so.


Paul
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Old Jul 31, 2008, 3:08am   #6
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Like most things, Paul, it's practice and the unexpected. I've never had to to do that and I doubt that I could get it done in quick time. This, to me, would be one of those Black Swan things.

Split
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Old Jul 31, 2008, 9:32am   #7
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Yeah, I'm with Split on this one. Forget 30 seconds, it took me nearer 30 minutes to close my trade, lol! I'm sure you'd do it much faster than me Paul but, by the time you've pressed 1 for this, 2 for that, keyed in your A/C No., tried desperately to remember the blood group of great aunt Ethel and other such security questions, waited for I.B. to check their system for the trade(s) you want closing, repeat back to you your instructions to them for confirmation . . . etc., etc., you're looking at upwards of several minutes at the very least, IMO.
Tim.
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