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There several issues here, and they should not be confused.
One issue is the fact that IB is not executing simulated stop orders
correctly, as a trader would expect. This is totally unacceptable.
The second issue is that we can "work around" this problem with IB, by
processing Stop-Limit
orders instead of Stop-Market orders. There are problems with this approach
too.. But if we have to deal with the deficiencies of TWS we will have to
continue to do this.
Stop-limit orders are transferred to GLOBEX immediately. Stop-market orders
are not, they are simulated stops, so they are
supposed to be transferred when the market reaches your stop price. This is
the part that has failed for me and several others.
So the work-around is to place stop-limit orders instead of stop-market orders.
A third issue is that the phone support I have had on this issue is not
what I expect from a company that plans to stay in business. As for the
support promised by email, I have had no response at all. Not even an
acknowledgment that my email was received.
I may still be convinced otherwise, but I'm coming to believe that IB is
not a real option for traders who are serious about the markets.
IB may charge one dollar less than other brokers, but is the frustration
worth it? I am talking to brokers that are similar in cost, but with a good
reputation for support.
No broker is perfect, but the service I'm experiencing here is not
difficult to beat.
Maybe I'll be surprised tomorrow, may actually hear from the IB support
staff? Let's see....
-Neal.
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