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Interactive Brokers - experiences and opinions

  • #81
  • Nov 6, 2006 2:09am Nov 6, 2006 2:09am
Thanks MT. Forgot about the wider spreads on minis!

I will be trading using daily charts, so after the exchange closes for the day I will look at what happened the next day (in the morning) and will place limit orders and stops. Thats what I meant really.

I know that gaps are more likely with futures products so I dont want limit orders to be filled if the market gaps past them and I get a crap fill. However for stop losses it would be OK.

Quoting Money Talks
I trade all of them bar the Treasury bond which I only trade sparsely. Had no problems with any. I'm normally on the full size lots but I've traded the the mini's listed as well and they are 1 or 2 pip's more of a spread normally.

Eg. full sized WTI oil is 58.97/99 at the moment (very low volatility, usually only 1 pip spread). The mini is quoted at 58.95/99. Not sure what you mean by end of day trading, I've held positions over days and there can be significant diferences between end of day floor based trading and start of next day floor trading on the NYME. Is this what you mean?

About the question about news trading I've done a few on IB and must say IB filled the orders fast. Use limit orders though as going at market price during big volatility is only asking for trouble
  • #82
  • Nov 6, 2006 3:17am Nov 6, 2006 3:17am
Hi to everyone on this thread, posters and lurkers. I am based in the U.K. Would anyone using I.B. from a U.K. account mind sharing their experiences, please.

How easy was it to open the acct?

How much was the opening deposit?

What is their communication like?

Volitility, spreads, fills, etc

Is it the USA based co. that you join or a seperate co. altogether, based in Switzerland?

Thank you for your time.

Jami
  • #83
  • Nov 6, 2006 4:47am Nov 6, 2006 4:47am
Hey Jami,

I'm from Republic of Ireland So I suppose its kinda close to same problems for us.

To answer your q's

1. Easy. Got it done in a day or two. have to sign loads of documents (on internet) and fax IDentity documents and bank account statements to them for mouney laundering legislation requirments. They got these promptly and processed them. Make sure you send a clear good copy of these documents or it'll take a few days to open the account. They are strict on this requirment.


2. Eh, I think they're min is something like 5,000 Euro. But just to be aware that with 5000 Euro you can't trade all products. I think!

3. Never had to communicate with them. If there is a prob they email you, and it was nothing urgent on my behalf so can't comment.

4. Hmm, its the same co. I think but different branches. Not too sure on this, but I do know My money is sitting in switzerland (a/c no. 679362-01. hehehehehe. )
  • #84
  • Nov 6, 2006 2:57pm Nov 6, 2006 2:57pm
Quoting Isotonic
ok, here is my initial list - does anybody have experience of trading the following:

Light Crude Oil EmiNY (QM, NYMEX)
Gold NY Mini (YG, CBOT)
Mini Sized Dow Jones (YM, CBOT)
30 Year US Treasury Bond E-Mini (YH, CBOT)
Corn Mini (YC, CBOT)
Soybeans Mini (YK, CBOT)
Wheat Mini (YW, CBOT)

i haven't dug deep into all the costs yet. i'll play around on the demo to get a feel for them first.

btw, anybody trade them end-of-day rather than intraday? i'm worried if price gaps through my orders then they'll be filled. i'm looking to trade through prices, rather than gaps.
Hey Iso, just for your info, the mini agriculture contracts are not tradeable as they don't trade electronically..


Thanks,

Nader
  • #85
  • Nov 7, 2006 2:17am Nov 7, 2006 2:17am
thanks for the tip. i can't also access free charts for agricultural products without subscribing to more data so i'll leave them for now.

for gold, oil & dow i'm using alpari on mt4 since the charts suck on IB. i notice they use the same java engine as pro-real time on cmc.
  • #86
  • Nov 7, 2006 5:44am Nov 7, 2006 5:44am
A word of warning - IB's own TWS is completely unsuitable for forex trading e.g. you can't see profit and loss or open positions and the close position button does nothing (you just have to make an opposite order). You really need a decent front end. It's good for futures trading though.
  • #87
  • Nov 7, 2006 10:54am Nov 7, 2006 10:54am
Isotonic you can get agricultural data with the free US data package.
  • #88
  • Nov 14, 2006 9:01pm Nov 14, 2006 9:01pm
Quoting notouch
A word of warning - IB's own TWS is completely unsuitable for forex trading e.g. you can't see profit and loss or open positions and the close position button does nothing (you just have to make an opposite order).
You really need a decent front end.
Do you know for any decent front end? Is it free? If not how much cost? Anyone ever managed to connect MetaTrader4 and IB? Is there any way I can use MetaTrader with IB?

For trading stocks with IB, try free Medved Quote Tracker - http://www.quotetracker.com/

It is all in one program, portfolio manager, charting program and even trading platform. If you want to use QT with IB there are few settings you need to set on both sides, use this step by step tutor: https://www.quotetracker.com/help/ib.shtml

You can also get Forex charts into QT (use ticker: IDEALPRO:#USD.JPG) and it works great. but....

But I wish to test few Expert Advisors and for this you need MetaTrader.

So, anyone know, how to get to work hand in hand MetaTrader and IB please?

Mario
  • #89
  • Nov 14, 2006 9:07pm Nov 14, 2006 9:07pm
I don't think anyone has developed an API for MT4 and IB. There were some posts about it over at the IB forums about a year ago though.
Smile... Darwin loves you.
  • #90
  • Nov 14, 2006 9:34pm Nov 14, 2006 9:34pm
Hi Iso,

For a primer you might wanna read John Carter's, Mastering the Trade. He primarily day trades the dow, s&p, gold, TBonds and Currency Futures off the 5mins.

I was abt to recc Amibroker but i guess i was beaten to it. The thing with IB is you don't get full historical Data if i'm not wrong its only 6mths worth of data. You might want to consider signin up for a more comprehensive data package, TS or e-sig.

Jest
  • #91
  • Nov 14, 2006 10:47pm Nov 14, 2006 10:47pm
Most people use ButtonTrader as an fx front end. It costs $27 a month which is really nothing if you think about it. There are free alternatives like TSim+.
  • #92
  • Nov 14, 2006 11:30pm Nov 14, 2006 11:30pm
bracket trader
autotrader
zeroline trader
ninja trader
etc...

there are numerous front ends... bracket trader is my favorite for manual day trading

I use Zeroline to autotrade to another charting package
Smile... Darwin loves you.
  • #93
  • Nov 14, 2006 11:33pm Nov 14, 2006 11:33pm
Ninja Trader doesn't work with IdealPro, only futures.
  • #94
  • Nov 14, 2006 11:52pm Nov 14, 2006 11:52pm
Quoting gpw797

bracket trader
.
.
etc...

there are numerous front ends... bracket trader is my favorite for manual day trading
I use Zeroline to autotrade to another charting package
To all, thank you for your answers
  • #95
  • Nov 15, 2006 3:41am Nov 15, 2006 3:41am
I just tested out AutoTrader - very nice indeed and free. Works well with IdealPro.
  • #96
  • Dec 27, 2006 1:18pm Dec 27, 2006 1:18pm
I am giving IB another look, I definatly like there spreads, and I like the ability to trade any market I choos whether it be FX or Equities or Options.
Its just that their trading platform is not to user friendly to learn.
So I guess I would like to know how many here trade with IB and what have your experiances been with them?

I know wwwin & Bounty _ Two have experiance with them, and perhapss you two would chip in with some of your insights and info.
thanks for you help.
Same Whore .... Different Dress
  • #97
  • Dec 27, 2006 1:28pm Dec 27, 2006 1:28pm
Quoting johnedoe
I am giving IB another look, I definatly like there spreads, and I like the ability to trade any market I choos whether it be FX or Equities or Options.
Its just that their trading platform is not to user friendly to learn.
So I guess I would like to know how many here trade with IB and what have your experiances been with them?

I know wwwin & Bounty _ Two have experiance with them, and perhapss you two would chip in with some of your insights and info.
thanks for you help.
the only problem is there forex platofrm if you can get pass that then sign up with them they or a good broker.
If I Go Broke Trying Then I Will die happy.
  • #98
  • Dec 27, 2006 1:32pm Dec 27, 2006 1:32pm
I was looking at that, I finally figured out how to get into the forex trading area but danged if I could get the charts up,,,,they say you can one click trade them but dammmmm tring to learn how to set things up
Same Whore .... Different Dress
  • #99
  • Dec 27, 2006 1:38pm Dec 27, 2006 1:38pm
Quoting johnedoe
I was looking at that, I finally figured out how to get into the forex trading area but danged if I could get the charts up,,,,they say you can one click trade them but dammmmm tring to learn how to set things up
they make things so hard, and don't care if you like it or not. wish you luck bro.
If I Go Broke Trying Then I Will die happy.
  • #100
  • Dec 27, 2006 3:14pm Dec 27, 2006 3:14pm
I think some of the difficulty is in that it is such a huge trading plateform ie trade any market you want, and I'm sure the big dogs understand it very well, but for us little private traders its kinda daunting.

I suppose once you get in and familliar they would be hard to beat.
and the spreads for fx look good too, it was 1 pip when I was there just a bit ago. I guess there is a small commision too, not clear on that for fx yet, commisions for equities are small though.
Same Whore .... Different Dress
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