Interactive brokers

[stevem12]

After reading all I can on this site over the weekend I have decided it is high time I moved to Mini Dow futures.

A lot of people seem to use these brokers and I was hoping you could help with a few points.

A/ What are these tests you have to take to open an account? I was never very good at exams at school!

B/ How often do you get charged for currency exchange? Is it every time you trade an instrument with a different currency or just when you want to take money out?

C/ How reliable is their system? My broadband connection is very stable, so my PC very rarely hangs. But I`ve read posts on here of a 10 minute wait on the phone to close a position. (I may leave some money with D4F to hedge for this one)

Thanks in advance

Steve

 

[oatman]

steve,

I've been trading DOW with IB for just over a week. I don't think you pay currency switches, they convert your margin to the underlying currency while you're open.
The tests give you a second shot at the answer. I don't know if there's more chances, I didn't need them :cheesy:
I had a crash the other day, but had a stop in place just in case.

 

[Trader333]

Oatman,

Was this a crash caused by IB or some other issue and what time was the crash and which market ?

Thanks


Paul

 

[GreyingSurfer]

A) The 'exams' are a joke. Simply a back covering exercise for IB. There are 3 or 4 multiple choice qs. Fairly easy to answer. However, if you get an answer wrong you get to try again, with only 3 possible answers per question it doesn't take long!

B) You only get charged when you explicitly move cash, so if you want to take cash out, or move cash in to pay off losses in another currency. And the spreads are good.

C) I find them reliable. Trading by phone could be a nightmare I suspect, but I've never had to, and online trades are very fast.

As a data source they are much more reliable than MyTrack

 

[oatman]

Paul,

Don't panic it was my crash. I'd been looking for some "dodgy" software(don't tell Uncle Bi££) so I probably upset everything. Had to run a few scans to make sure everything was clean and did a couple of "System Restores".

Cheers

 

[stevem12]

Thanks for the replies guys, I`m going to go for it!

Steve

 

[fillyerboots]

Stevem,


Speak to their London office if you have any issues with the account opening process, they can help set-up the account for you.

Try 0207 397 6422

 

[boy]

Hi,

I have opened my account with IB, can somebody advise with two software issues;

Should I choose-

1, Standalone or Browser based.

2, Server location- New York or Europe.

Thanks in advance.

 

[Skimbleshanks]

1. Standalone
2. New York (if you're predominantly trading US; if you're trading UK or Eurex, then choose Europe)

 

[boy]

Thank you for the quick response,

Will it be a problem to trade US stocks if I have chosen the European server?

 

[options]

No, none.

 

[Skimbleshanks]

I have the European server on one PC, New York on another, and Hong Kong on my laptop - I've never noticed any measurable difference in delay when trading US.

 

[boy]

thanks, yes same here now- new york and europe. maybe one day i will be able to afford 3 computers!

 

[ianh]

stevem,
I have succesfully opened my account with IB today after passing the two tests.
The first test was 10 questions which were either a choice of three answers or a True/False statement.
The second test was just two questions, & the information is all contained in the customer agreement.
All I need now is to work out how to use it!!!!!
ianh.

 

[Trader333]

IB and Server Choice

Skim,

Do you know if it is possible to configure an existing server connection to another one and if so how ?

Thanks


Paul

 

[Skimbleshanks]

I understand that you can't change servers once you have chosen Geneva, New York or Hong Kong. However, IB can do it, so you just have to contact them through the online helpdesk and ask them to change it.

 

[boy]

re - servers.

would it be possible to uninstal then choose another server when re installing, or is this a long way for a shortcut?

 

[Trader333]

VWAP Orders

I have just been looking at the IB site and reading about VWAP orders but I must admit I dont fully understand them. So does anyone know about these and if so why what would be the advantage of using them ?

Thanks


Paul

 

[fillyerboots]

VWAP

333,

VWAP gives you the volume weighted average price over the day in a US stock. The price is referenced against the Bloomberg average price.

Fund managers would be typical users allowing zero impact for larger trades and certainty of execution price.

Don't really see it as a tool for an active trader, more suited to someone trading over the medium to long term.

 

[boy]

paul,

As I understad it VWAP was supposed to be the next big thing around about the time of the dot com boom but I dont think it caught on as well as was expected.
As for using it to trade I suppose it serves as a way to access and moniter an open trade while you are on the move, just like the trendy advertisments on T.V.with the cool go getter dude wheeling and dealing jumping in and out of fast cars etc.