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[Interactive Brokers]

What's the expected date of arrival for the standalone version of the new TWS?

We expect to release the standalone version of our 865 TWS within the next three weeks.

 

[Interactive Brokers]

Do I need to specify somewhere whether I need a margin account? I thought any account supposed to be margin.

When clients open an account with IB they are asked what type of account they require eg cash or margin.

 

[*JDR*]

I have two questions.....

1. I wish to eventually test an automated trading system. I would ideally like it to trade straight from my charting software. I have done some searching and seen the odd consultant and website for this but nothing that looks that great. I believe I may be going with Metastock EOD, does anyone know of sofwtare that will take signals from metastock?
Alternatively, I have not bought metastock as yet, is there another good charting package that may integrate better? I know there is tradestation, but not sure I want to use them as my broker and software providor.

2. Can I use an IB data feed in a charting program, for example metastock?
Not to sure whether this matters as IB data feeds look relatively expensive...


Thanks for your help.

 

[*JDR*]

I should add, that I know there is an API but do not trust my own programming.

 

[Interactive Brokers]

I have two questions.....

1. I wish to eventually test an automated trading system. I would ideally like it to trade straight from my charting software. I have done some searching and seen the odd consultant and website for this but nothing that looks that great. I believe I may be going with Metastock EOD, does anyone know of sofwtare that will take signals from metastock?
Alternatively, I have not bought metastock as yet, is there another good charting package that may integrate better? I know there is tradestation, but not sure I want to use them as my broker and software providor.

2. Can I use an IB data feed in a charting program, for example metastock?
Not to sure whether this matters as IB data feeds look relatively expensive...


Thanks for your help.

Answers to your questions

1. http://www.interactivebrokers.com/en/general/poll/ibconsultants.php?progid=11&ib_entity=llc
2. Yes

 

[cabum]

You'd need a margin account. Much more flexible.

Could you please explain what does "more flexible" means? What limitations does a usual account have if to compare with margin account? Or please just let me know where I could find it by myself.
Thanks

 

[Charlton]

Margin vs Cash

Could you please explain what does "more flexible" means? What limitations does a usual account have if to compare with margin account? Or please just let me know where I could find it by myself.
Thanks

Cabum

I think you found the information already in a previous post when you mentioned trading permissions.

Further information is available at

http://www.interactivebrokers.com/en/accounts/tradingPermissions.php

I will summarise:

A margin account is "more flexible" because:
(a) in a cash account you must have enough cash to cover the cost of the instrument plus commissions
(b) in a cash accoount there are more restrictions on shorting
(c) Forex is not available in a cash account
(d) margin accounts can trade in all available countries, but for cash accounts the products must be denominated in the base currency of the account

When you go through the account set-up screens IB will ask you which of the two types you intend to set up

Charlton

 

[cabum]

Dear Prospective Client

We do accept clients from Grenada or the Seychelles.

Thanks for you fast reply. Glad to hear that. (I've sent the same question to IB by e-mail, still no answer, so your support hear is great).
Does your London and US office make any difference in conducting business? I mean do you have the same rules etc. (does your answer stay in power only for London office)?
More generally what office am I supposed to deal with or it really doesn't matter (I plan to play US stocks and stock options)?
Thanks

 

[Charlton]

We expect to release the standalone version of our 865 TWS within the next three weeks.

My stand-alone version updated to version 865.2 today
:cheesy:
Charlton

 

[notouch]

Just tried the new "FXTrader" - it's actually quite good...

CTRL + left click on the bid or offer to enter the market
CTRL + "R" for fast reverse
etc.

The bizarre thing is that it's useless for FX! Position, AVG & real-time P&L don't work for FX and the portfolio screen shows nothing when you have new non home currency positions.

I think they misnamed it - it should be called "FuturesTrader" - if you enter YM, QM, 6B, etc. into the grid and trade futures then it all works fine (unless I'm missing something).

At least it's a step in the right direction...

c6

You're right, it looks very pretty but doesn't resolve any of the issues that make TWS totally untradeable for FX.

 

[cabum]

Cabum

I think you found the information already in a previous post when you mentioned trading permissions.

Further information is available at

http://www.interactivebrokers.com/en/accounts/tradingPermissions.php

I will summarise:

A margin account is "more flexible" because:
(a) in a cash account you must have enough cash to cover the cost of the instrument plus commissions
(b) in a cash accoount there are more restrictions on shorting
(c) Forex is not available in a cash account
(d) margin accounts can trade in all available countries, but for cash accounts the products must be denominated in the base currency of the account

When you go through the account set-up screens IB will ask you which of the two types you intend to set up

Charlton

Thanks Charlton!

Are there any hidden rocks in these account types? I mean let's say I have $25000 and plan to trade US stocks and options. What account type is more reasonable for me to open? (Though I think margin is ok for me).
Thanks for your help.

 

[Charlton]

Thanks Charlton!

Are there any hidden rocks in these account types? I mean let's say I have $25000 and plan to trade US stocks and options. What account type is more reasonable for me to open? (Though I think margin is ok for me).
Thanks for your help.

Cabum

As you can see from the link I sent you, both account types would enable you to trade US stocks and options. The $25 k is not a funding requirement as such, but you will require it if your pattern of trading falls within the regulatory definition of day-trading.

A day trade is the purchase and sale (or short sale and purchase) of the same security on the same day in a single account and a pattern day trader is If you day trade 4 or more times in 5 business days within a single account. Now IB define a day trader as "IB will classify an account that effects three (3) day trades within a five (5) day period" in order to prevent you from being classified as such if you don't have the required equity margin.

With regard to which account type is more reasonable for you, I would concur with IB that margin is more flexble, but it is up to you to read the permissions page and to talk it over with IB to determine if it is most suitable.

You will need to discuss with them, in any case, your proposal to trade on behalf of others in the light of their note, also on the permissions page:

"Potential Registration Requirements. Persons providing investment advice for others or managing securities accounts for others may need to register as either an "Investment Advisor" under the Investment Advisors Act of 1940 or as a "Broker" or "Dealer" under the Securities Exchange Act of 1934. Such activities may also trigger state registration requirements"

You may need to set up an advisors account rather than an individual account.

Charlton.

 

[Interactive Brokers]

There are two account types you can have with IB eg Cash or Margin.
Please let me know what is not clear about Charltons explanation so we can clarify?


PS Compliments to Charltons posting, explaining the difference.

 

[notouch]

I just noticed that you CAN make FX Trader work for FX trading - just tick "include fx positions in portfolio" in your account and you get your position and your profit and loss. Very nice indeed - well done to the TWS programmers. I think they should make that the default option in FX Trader.

 

[c6ackp]

I just noticed that you CAN make FX Trader work for FX trading - just tick "include fx positions in portfolio" in your account and you get your position and your profit and loss. Very nice indeed - well done to the TWS programmers. I think they should make that the default option in FX Trader.

Yes, it all works fine today, for forex too. A real step in the right direction

c6

 

[cabum]

There are two account types you can have with IB eg Cash or Margin.
Please let me know what is not clear about Charltons explanation so we can clarify?


PS Compliments to Charltons posting, explaining the difference.

Yes, it's clear to me as to differences. The one question for me is why someone will choose cash account if margin account is more flexible (just interesting though)?
Thanks

PS Could you please answer my question as to London and US offices, which am I supposed to deal with if I'm not US nor EU citizen?

 

[cabum]

Thanks Charlton, your posts really informative.

 

[Interactive Brokers]

You can contact our London office at tel 44 207 776 7801 and someone will help you.

 

[cabum]

TO Interactive Brokers

Could you please comment the next:

Cabum

You will need to discuss with them, in any case, your proposal to trade on behalf of others in the light of their note, also on the permissions page:

"Potential Registration Requirements. Persons providing investment advice for others or managing securities accounts for others may need to register as either an "Investment Advisor" under the Investment Advisors Act of 1940 or as a "Broker" or "Dealer" under the Securities Exchange Act of 1934. Such activities may also trigger state registration requirements"

You may need to set up an advisors account rather than an individual account.

Charlton.

My question is if I open a firm (outside of the US), in which several people invest their money for trading. Then I open an Institution single account with your firm on behalf of my firm. Any investor's money questions are settleted inside of the firm. Do I need to have any licenses/certificates to trade from this firm's account?
Thanks

 

[Erik75]

To Interactive Brokers

I trade STIR Calendar Spreads on LIFFE through X-Trade software. Recently I have checked IB commission fees and I am trying figure out how the fees are constructed for calendar spread and outright. Does calendar spread is treated as two outrights or just one from commission point of view?

Regards