From SB to IB?

This is a discussion on From SB to IB? within the Brokerages forums, part of the Commercial category; Hi sidinuk, why would a position not be closed? Thanks, PeeDee....

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Old Dec 31, 2003, 3:36pm   #9
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peedee started this thread Hi sidinuk, why would a position not be closed? Thanks, PeeDee.
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Old Dec 31, 2003, 3:42pm   #10
 
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That was just an example of what could happen if the link between TWS and TSIM (or any other frontend) gets broken. It won't happen often but it just pays to double check that TWS agrees with what TSIM is saying.

I'm not saying don't use frontends (as I do) but just be aware that it isn't infallible.
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Old Dec 31, 2003, 3:53pm   #11
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peedee started this thread Hi sidinuk, lets say the position was not closed, who's liable. I've had a few 'small problems' with SB but they have always rectified the prob in my favour. Have you ever had to contact TSim, if so by what means and were they helpful? PeeDee.
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Old Dec 31, 2003, 3:55pm   #12
 
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It's 100% your responsibility to make sure your trades are correct. TSIM will certainly have a disclaimer to that effect. That's why I say be careful!
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Old Dec 31, 2003, 4:05pm   #13
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peedee started this thread I know what you are saying, but if the problems are at thier end then surely the customer should not pay. Lets say i've just closed a position, is it easy for me to immediatley check my open positions and what is the time delay between closing out and that info appearing on my account/portfolio?
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Old Dec 31, 2003, 4:24pm   #14
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peedee,

I have never encountered a problem opening or closing a position on IB and if you do then you need to call them immediately.

If you are using a third party interface to open and close trades such as TSim or any other software and it says that your position is closed but then you find that it isnt, IB will not take any responsibility for this regardless of your arguments. When you signed up to IB they basically cover themselves to not be responsible for anything.

When you use a third party software then you will see a window in TWS that says "pending" where you will have listed an orders waiting to be actioned just make sure you check it.

Also check your executions page as this will show any open positions you have just to be on the safe side.

I do know of people who have used third party software to make trades on IB and it has wrongly told them their position was closed when it wasnt. So be prudent at all times.



Paul
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Old Dec 31, 2003, 4:25pm   #15
 
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TSim is just a piece of software which connects via API to TWS. So you have to be running TWS for TSIM to work. Once you've done something in TSIM, it will update in TWS instantly so you can see whether it's worked or not.
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Old Dec 31, 2003, 4:32pm   #16
 
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Can't see the problem with TWS. Like all "new" things it takes a short while to get used to, but after that it's point/click/ trade.
You don't have to use all the extras.
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