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I just wanted to comment on my
experience with IB. We trade several S&P systems and our
experience has been similar to Earl Adamy's. We are generally
entering on stops with 1 to 2 ticks limits.
Although the interface is
my personal favorite of the several order entry systems we have used (PMB,
Webvestor, Lind), because of speed of entry and the speed in reporting a
fill (plus the lower costs of commissions are a factor), many of our orders
were coming back "unable" on the stop and we would have to chase it much
higher (or lower) to get filled. This was not the case with stop orders we
placed over the phone with our regular broker that were queued directly into the
Globex system. Those stop orders were being executed at the stop limit
almost every time.
We are in the process of switching
back to trading the old way (placing directly with our broker and directly
with Globex and paying higher commissions) because of this slippage with
IB.
It appears (as Earl confirmed about
IB) that IB and PMB both wait until your stop price is traded and then enter
your order - which puts you a bit behind and as Earl said - last in the
queue. Thanks Earl for your comments.
Jim Hamer
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