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pb2013
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Everything posted by pb2013
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Assistance Please: RIAs Who Clear with Interactive Brokers
pb2013 replied to pb2013's topic in Brokers and Data Feeds
Re-posting , help needed asap... thx -
Can anyone refer me to an individual or a firm that clears trades with Interactive Brokers? I need to hire a registered financial advisor to help with pension account trading. Thanks for any help-- pb2013
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Don't know how to link here, so try this to see the other convo going on about them right now... good luck! http://www.traderslaboratory.com/forums/beginners-forum/8476-online-trading-academy-ota-review-strategy-4.html#post176838
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Hi, check out this conversation thread also going on right now about Online Trading Academy, fyi , you may find it helpful also. ~ pb
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Online Trading Academy - OTA - Review of the Strategy and Education
pb2013 replied to AKM's topic in Beginners Forum
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Niko- I don't know enough to 'dislike' IB, per se, just trying to understand how this reducing leverage/increasing margin stuff works. I do understand that using leveage can be *very* dangerous, even for folks who know what they're doing. And futures/options are not even on the table for us right now, too risky and we are being very careful. Thanks for your comment.
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-- Siuya-thank you so much for this! What you're saying jibes with what we're learning, and your basic exampl helps too. I really appreciate your taking the time to respond so thoroughly. Not to be greedy, but one more question for you please? Q: Do you know how or where I can find out how often IB has done this,or at least some bit of history? We're very concerned since it seems like they can 'pull the rug out' from under you, basically changing the rules in the middle of the game--all the cards are in their hands. I mean, if you borrowed money from a bank or similar,. at a particular interest rate, that rate would apply for transactions going forward, but they couldn't come back and change the rate retroactively to money borrowed in the past. From what we're learning here, it sounds like the brokers can do just that. So... wouldn't that sometimes result in wiping people out completely? How often does that happen and how does a brokerage firm survive wiping out its customer base? Sorry, my real question is in 'Q'. above, the rest is my anxiety talking. Thanks again for your help.
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Thank you. I'll guess 'black swan' is something horrible that sends the market hurtling down, and that whales are the biggest players? @ss I don't have to guess at. Trying to be very cautious here, will share if I find out anything more. thanks.
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Bumping this up again in the hope that someone can direct me to an answer... Looks like 53 people have viewed this so far, so maybe I'm not the only one who has a question about this? thanks for any help - pb
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Hello all- Questions from a 'newbie', hoping someone here can help answer the following: Interactive Brokers uses the following language in their documents describing their margin process & policies: "In the interest of ensuring continued safety of it's clients, IB may modify certain margin policies to adjust for unprecedented volatility in financial markets. The changes will promote reduction of leverage in client portfolios and help ensure that client's accounts are appropriately captialized". Can anyone explain precisely what this means? I have 3 questions: I1) did follow up with them in a chat session, and, not surprisingly, was not able to learn how or what their definition of 'unprecedented volatility' means... am wondering if there is *any*measurability to this term, ie a rule of thumb percentage, at least? 2) For example: if I am leveraged at say, 4 to 1, and they decide to reduce leverage to 2 to 1, it appears they can make this decision, and sell your holdings without any notification to you, not even a margin call is required, as soon as they change their policy. GAHH! 3) What happens to your capital/the cash in your account, if, for example, the sale of your shorts was not enough to cover the margin amount originally borrowed? I'm guessing they can your cash too, but can't find that answer anywhere so far. BTW, I am only talking about shorting equities here, not futures. Thanks for any help or providing some suggestions as to where I can find this info. Hope you all are having a profitable season.
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I will ask here,when/if I can't find an answer via my own research or beginning reading/education-- tho trying not to be a 'brain-sucker' - you know, how you answer a question for someone and then they have another 25 or so 'follow ups' ? However, my spouse also wants a professional 'go-to-guy' for timely answers, similar to going to lawyer for legal, accountant for financial advice. Thanks again.
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Thanks so much for the info, the warnings and the advice! I've not been to Marrakesh, but do remember that South Park episode clearly! Yup, keeping a close eye on the wallet, don't 'believe' any of the gurus/bloggers/motley and other 'services' who swear they can time the market (and show me, today only, only for me, now now now, show me how! ) Nonetheless... In addition to educating myself, I would be interested in a knowledgeable, ethical 'tutor' I could go to with confidence for questions I cannot reasonably find answers to. I hear you re the 'just have to stand still' idea, but really, aren't there some ethical experts out there who will share their expertise for a reasonable fee? I don't want to give them my money to run, I just want to be able to pick their brains on 'core facts' now and then. I do understand that I'd need to vet their claims of expertise - was hoping someone on these boards could make a recommendation. I'm well aware of the irony though- everyone I know who has ever used a 'financial advisor' has been unhappy with them-- hence my decision to begin to understand and manage my money for myself. Thanks again for your time and the great links, going to read the 'Trading Journal' right now.
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Another thanks for this advice. Yes, there's a wealth of info here, at every 'research' site, at all the brokers' sites and all over the net... figuring out which to focus on is like deciding on what college to go to, you know? I'm generally in favor of the 'teach a man to fish' approach, not just get handed every answer, and am willing to invest time and $ to learn, however some info is hard to find when one doesn't know how to frame the question properly. I do understand that nothing in the business is cheap, and tho wary of conmen, I do think paying a 'tutor' for some info I need to find quickly can be more productive than spending days/hours looking for answers that are well known to experienced people. Thanks again for your help, much appreciated.
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Thanks v much for your reply. Yes, I'm well aware that insistence doesn't equal veracity -- :-) but need to find some credible 'expert' answer to this, have been researching but haven't been able to get a clear understanding thus far. Not to try to latch onto you like a leech, but a follow up question here: It appears that this particular 'basket of stocks' is only sold on a single market? Are there indexes other than futures indexes which trade 24 hours a day?
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I'm bumping this question back up the queue-- it lookslike about 37 people have viewed it so far, but no replies. I'm not sure of what the proper etiquette is at this site, so pardon me if my repeat of my question is rude, but I really need to find an answer-- my spouse *insists* that an ETF of the depth and power of DIA or SPY should be able to be traded 24 hours a day, "follow the sun", as one market closes and another opens up. Can anyone answer this or point me to somewhere I can find out? I've tried investopedia, looked at online brokers and all definitions of 'after hours trading' I can find, but still no definitive answer to my question. Thanks for any help.
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Hello- I am a beginning trader, learning the ropes slowly and am glad to find a resource like this place. I won't have much to contribute except for questions for awhile, but hopefully will be able to at least share some experiences as I go. Thanks and good business to all :-) pb2013
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Hello all- I'm a beginning trader, and am trying to find a final answer to this question, but haven't been able to do so yet: I want to be able to buy & sell an ETF, like SPY for example, at any hour, 24 hours a day/5 days week. Is this possible? SPY is listed on the NYSE, and can be traded in 'extended hours', which appears to mean up to 8PM EST, or beginning at 4am EST in premarket. How do I find out if this product can be traded on other exchanges that are open when the NYSE is closed? For example, what if I want to trade it at midnight? I would love to hear any recommendations for basic trading classes/education or even a referral to an ethical knowledgeable advisor. I'm not looking for someone to broker my trades,but would like to be able to ask an expert questions like this as they come up, and obviously I'd be willing to pay a reasonable fee for that. Thanks for any advice you may have. --pb2013