Interactive Brokers

[manojborle]

Interactive Brokers account opened, operational and funded.

Their Trader Workstation can be configured in many ways.....some configurations are too sophisticated and may look little difficult but I have configured it in a very simple ( though looks unattractive) way ...

Their charts are good.They can be saved in a template, multiple charts in one window. They have simple studies like MA,EMA, RSI,MACD,Bollinger bands etc....but if one is trading with some special AFL or custom indicator, then one has to go for their advanced solutions but as I dont need any special indicator ( apart from some simple MAs ) looks fine for me.

They have a feature called Chart Trader in which one can send the order, cancel / modify order from the chart screen....this is a big help for people who trade short timeframes, One can trade without loosing concentration from the chart and toggling between charts, quotes and order windows. Order placement, modification, cancellation all very easy and user friendly.Bracketed order facility is there.

On negative side they are too strict on compliance no deviation from their set standard norms ( in a way it is good for the clients also )......and the money transfer in by NEFT so we dont get instant credit like net transfer.

Overall good initial experience/impressions ......more will come to know when will get into actual heat of the trading.....hoping for no unpleasant surprises..

Smart_trade

Sir can you tell how much amount was needed to open an account ?

 

[Smart_trade]

Sir can you tell how much amount was needed to open an account ?

Rupee equivalent of US $ 2000 is required to be maintained in the account all the time. If the balance falls below this , positions are liquidated and account closed. This amount comes to Rs 1,15,000 approx. and allowing for some M 2 M one needs Rs 1,30,000 or 1,50000 to open an account. We have to be very careful as they dont give margin calls....if the margin is falling short, the position will be liquidated. This is a bit harsh but it provides safty for all traders that because of somebody overtrading, the operations dont come to stand still.

For opening an account the trader has to show a minimum liquid assets of Rs 6 Lakhs for cash markets and Rs 15 Lakhs for derivatives.This includes shares, FDs, bank balance etc. in the name of the trader. This is just to show the liquid networth, this amount is not required to be deposited with them. This is a bit of an entry barrier for new traders. But proper capitalisation is good for trader and broker both.

Smart_trade

 

[manojborle]

Rupee equivalent of US $ 2000 is required to be maintained in the account all the time. If the balance falls below this , positions are liquidated and account closed. This amount comes to Rs 1,15,000 approx. and allowing for some M 2 M one needs Rs 1,30,000 or 1,50000 to open an account. We have to be very careful as they dont give margin calls....if the margin is falling short, the position will be liquidated. This is a bit harsh but it provides safty for all traders that because of somebody overtrading, the operations dont come to stand still.

For opening an account the trader has to show a minimum liquid assets of Rs 6 Lakhs for cash markets and Rs 15 Lakhs for derivatives.This includes shares, FDs, bank balance etc. in the name of the trader. This is just to show the liquid networth, this amount is not required to be deposited with them. This is a bit of an entry barrier for new traders. But proper capitalisation is good for trader and broker both.

Smart_trade

So it not for a newcomer, I will have to keep trading with some other discount brokers till I can satisfy their requirements

Thanks sir for the info

 

[My investmentz]

Rupee equivalent of US $ 2000 is required to be maintained in the account all the time. If the balance falls below this , positions are liquidated and account closed. This amount comes to Rs 1,15,000 approx. and allowing for some M 2 M one needs Rs 1,30,000 or 1,50000 to open an account. We have to be very careful as they dont give margin calls....if the margin is falling short, the position will be liquidated. This is a bit harsh but it provides safty for all traders that because of somebody overtrading, the operations dont come to stand still.

For opening an account the trader has to show a minimum liquid assets of Rs 6 Lakhs for cash markets and Rs 15 Lakhs for derivatives.This includes shares, FDs, bank balance etc. in the name of the trader. This is just to show the liquid networth, this amount is not required to be deposited with them. This is a bit of an entry barrier for new traders. But proper capitalisation is good for trader and broker both.

Smart_trade

If you can please share what is the lowest brokerage they can offer there platform is no doubt world class

 

[Creep]

If you can please share what is the lowest brokerage they can offer there platform is no doubt world class

Wasn't your id my investment?? how did that Z come in?? I am asking because just saw your post asking for margin against stocks in another thread and surprised how this was not your first question for interactive brokers.. ..

Firangi company to assume ki sab alright?? .. Kidding!!

I was trading sometime back with them, a lot of features but most of them not really required.. It is like this fancy mixer which you can't figure how to use.. All that a mixer has to do is, when the jar is fixed and you turn the button on, it has to mix.. .. I remember paying quite a bit of money on a particular day when I wanted to liquidate my positions.. I remember them asking me to email me what I wanted to square off.. If I had access to internet wouldn't I do it myself??? .. Then they charged me a few thousand Rs as call n trade charges..

 

[soft_trader]

IMO, it's not worth opening an account with IB with the features they are providing. So tough requirement. Minimum $2K to be present in account and blah..blah..blah.... In India most of the retail traders I believe don't even have 2000$ capital.

Just my own opinion......

 

[tinkug112]

IMO, it's not worth opening an account with IB with the features they are providing. So tough requirement. Minimum $2K to be present in account and blah..blah..blah.... In India most of the retail traders I believe don't even have 2000$ capital.

Just my own opinion......

It depends, if you are a trader by profession you will like IB. IB rules on margin/deposits can be taught of as part of risk management.

 

[tinkug112]

Interactive Brokers account opened, operational and funded.

Their Trader Workstation can be configured in many ways.....some configurations are too sophisticated and may look little difficult but I have configured it in a very simple ( though looks unattractive) way ...

Their charts are good.They can be saved in a template, multiple charts in one window. They have simple studies like MA,EMA, RSI,MACD,Bollinger bands etc....but if one is trading with some special AFL or custom indicator, then one has to go for their advanced solutions but as I dont need any special indicator ( apart from some simple MAs ) looks fine for me.

They have a feature called Chart Trader in which one can send the order, cancel / modify order from the chart screen....this is a big help for people who trade short timeframes, One can trade without loosing concentration from the chart and toggling between charts, quotes and order windows. Order placement, modification, cancellation all very easy and user friendly.Bracketed order facility is there.

On negative side they are too strict on compliance no deviation from their set standard norms ( in a way it is good for the clients also )......and the money transfer in by NEFT so we dont get instant credit like net transfer.

Overall good initial experience/impressions ......more will come to know when will get into actual heat of the trading.....hoping for no unpleasant surprises..

Smart_trade

All the best with new platform ST. Will be joining you soon. FYI you can linkTWS to Amibroker/Ninjatrader. Not sure if this helps you, but worth giving it a try.

 

[age_of_turbulence]

Interactive Brokers account opened, operational and funded.

Their Trader Workstation can be configured in many ways.....some configurations are too sophisticated and may look little difficult but I have configured it in a very simple ( though looks unattractive) way ...

Their charts are good.They can be saved in a template, multiple charts in one window. They have simple studies like MA,EMA, RSI,MACD,Bollinger bands etc....but if one is trading with some special AFL or custom indicator, then one has to go for their advanced solutions but as I dont need any special indicator ( apart from some simple MAs ) looks fine for me.

They have a feature called Chart Trader in which one can send the order, cancel / modify order from the chart screen....this is a big help for people who trade short timeframes, One can trade without loosing concentration from the chart and toggling between charts, quotes and order windows. Order placement, modification, cancellation all very easy and user friendly.Bracketed order facility is there.

On negative side they are too strict on compliance no deviation from their set standard norms ( in a way it is good for the clients also )......and the money transfer in by NEFT so we dont get instant credit like net transfer.

Overall good initial experience/impressions ......more will come to know when will get into actual heat of the trading.....hoping for no unpleasant surprises..

Smart_trade

Hi ST,
Any thoughts on the reliability of TWS and execution?
Is the software considerably less "chunky" than most Indian brokerages? (i.e. quick load time, doesn't hang, quotes update consistently?) And have you integrated w/ Amibroker or Esignal?
I'm certainly tempted. Thanks for pointing out NEFT as opposed to instant credit - given the automatic liquidation if there's a margin shortfall, that's certainly worth keeping in mind. Cash management could get a bit tricky on volatile days if there's no instant transfer mechanism.

 

[Smart_trade]

Hi ST,
Any thoughts on the reliability of TWS and execution?
Is the software considerably less "chunky" than most Indian brokerages? (i.e. quick load time, doesn't hang, quotes update consistently?) And have you integrated w/ Amibroker or Esignal?
I'm certainly tempted. Thanks for pointing out NEFT as opposed to instant credit - given the automatic liquidation if there's a margin shortfall, that's certainly worth keeping in mind. Cash management could get a bit tricky on volatile days if there's no instant transfer mechanism.

TWS seems pretty reliable.I had read somewhere that this will take lots of bytes and will be difficult to go through orders, order cancellations, edit,charting,trades, position...but today I ran it on my old laptop and it was very effortless. charts updating as per the terminal rates. On the same laptop there is one more terminal of different broker was running.....but TWS never gave any issues. Orders, cancellation, confirmation of completed orders was very fast.It never hanged, quotes updation was very good so was charts updation.

They maintain that their TWS is up for all the time....in last full year, their TWS went out of service only once and it was rectified within 5 min .I had asked them this at the time of opening the account ....they say that they have alternate systems in place. But I am running 2 more accounts with full margin simultanously. Because if something happens with our terminal they dont encourage telephone orders. In case of emergency if you place telephone order, they charge Rs 1500 per order ( actually it is a penalty ...it is supposed to be a fully computerised operation ).

So I am keeping 2 of existing brokers' terminals also on running on a second machine . So if something goes wrong with my machine on which TWS is loaded....I can still square up the position on other terminals....and later or next day put opposite trade to clear the positions. This gives me peace of mind while trading.

The log in takes few more seconds than NOW to load but once logged in then it works like a magic. I have not integrated on Amibroker/ esignal because I dont need any AFL.....happy with basic studies like MA,MACD,RSI,Bollinger Bands etc....but they have facility by which one can connect Ami to send orders....yet not thought of going for automated trading.

I plan to use their Chart Trader to daytrade on smaller timeframes. So that issues of margin shortfalls etc are will not be there.

Still in the process of trying out various things and finding out plus and minus points .

Hope the above observations help.

Smart_trade