From SB to IB?

peedee

1
341 0
This sounds crazy, i know, but if you get into trading the SB( way ), which i did, then making a trade is easy, you buy or you sell depending on your feeling about a particular market, forget about the spread for now, but it was basically that simple and the platform was easy to use. I have recently changed( not quite yet ) to IB, but the platform seems a lot harder to use, this may be just me. Ive used the demo for the Interactive Brokers but without any real success, and the terminology is a bit, well? I was wondering if there could be a board/thread/PM service on T2W where as ...you know, people like myself could ask basic questions about IB without feeling like an idiot? Cheers, PeeDee!
 

darrren

Member
98 0
Trader333 uses IB daily and knows his stuff on it's use. He says once you get to know its complexities it is a good platform.

There is an IB forum where users can advise you.
 

FTSE Beater

Experienced member
1,518 5
Hi Peedee

I prefer to use TSim+ to place trades via IB. It's free and it makes things a lot simpler IMO.

I think this is one area that Trader333 and myself disagree. I think it's fair to say that I do things the simple way via TSim, where as Trader333 does it the proper and correct way :)
 

peedee

1
341 0
Cheers FTSEBeater, i've just had a quick look at the homepage and staight away it appears more user friendly i'll have a good look later. Thanks, PeeDee.
 

kevin546

Established member
699 0
Peedee

I can relate entirely to how you feel having gone through this process myself earlier in the year. As FTSE says the Tsim makes it much easier and this is what I use. I would only add that you also take time out to understand all that is available from TWS when you wish to make use of a more advanced set-up. This is where Trader333 (Paul) could offer advice when you are more comfortable with it. For now as FTSE advises I would use Tsim
 

peedee

1
341 0
Hi kevin546, all i want from a trading platform is simplicity( if that is possible ), just to be able to enter at virtually market price will be good enough for me without any longwinded "form filling", if you know what i mean. I would like to tailor the platform so all i need to do is hit the 'buy' or 'sell' at any given moment. I'm also buying a new computer in the next few weeks, any ideas about what would be the best operating system for TSim or does it not matter. Cheers, PeeDee.
 

kevin546

Established member
699 0
Peedee

I am not that technical just using windows XP on my computer have a look on eurostoxx50.co.uk the chap who designed Tsim posts there on a thread devoted to Tsim
 

sidinuk

Established member
624 5
Peedee,

A word of warning before you jump in and use a frontend like TSim. You really need to take the time and understand TWS first so that you know what is actually happening with your trades. TSIM just routes orders to TWS for you and sometimes it can get out of sinc with what is actually happening on TWS. For example you may think that you have closed a trade, TSIM tells you you have and you walk away. But the close order may not have worked properly in TWS and you might still have a live order.

Whenever you use a frontend make sure you double check that TWS is doing exactly what you expect it to.
 

sidinuk

Established member
624 5
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.
 

peedee

1
341 0
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.
 

sidinuk

Established member
624 5
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!
 

peedee

1
341 0
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?
 

Trader333

Moderator
8,606 932
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
 

sidinuk

Established member
624 5
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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