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Thanks Jerry. That's a real eye opener. I've been considering an IB
account but I've been concerned about the fact that stops are held on
their computer and will only get elected if their system is working
properly. On that bulletin board I found an even more fundamental
problem with their stops. I mostly use them for overnight protection on
globex as I'm there during the day and can exit manually. So, get this,
IB's stops work banker's hours. They really are worthless for my
purposes. I'll stick with a broker who stashes my stop orders on an old
archaic TOPS routing computer where they sit 24 hours a day waiting to
be elected and fed to Globex as a limit order. Terrorists can bomb the
broker and my order will still get done once it's in the TOPS system.
This newfangled stuff ain't all it's cracked up to be. :-)
http://www.interactivebrokers.com/html/companyInfo/stop_ord.html
<<<<<<<<
For US markets, stop orders will only be elected by prices posted during
normal NYSE trading hours. (9:30 a.m. to 4 p.m. EST Monday to Friday).
This includes futures stops on Globex. For the European exchanges,
European hours will be used.
>>>>>>>>
--
Dennis
Jerry Gress wrote:
>
> Hi All,
>
> You might want to check out http://www.elitetrader.com/ with a long thread
> on IB. One of the respondents is "def" which works for IB, I believe in the
> US, and gives honest answers.
>
> Regards,
>
> Jerry Gress
> Stockton, Ca.
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