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Author: carlo1 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 36686  
Subject: IB and NYSE listed Stocks Date: 7/31/2001 1:41 PM
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Am I right in assuming that one cannot buy less than 100 of any NYSE listed stock using Interactive Broker.

Nev

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Author: SandyMack Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10315 of 36686
Subject: Re: IB and NYSE listed Stocks Date: 7/31/2001 1:45 PM
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From what I've read, smaller trades are allowed...just a $1 minimum commission.

Sandy

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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10316 of 36686
Subject: Re: IB and NYSE listed Stocks Date: 7/31/2001 1:45 PM
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Am I right in assuming that one cannot buy less than 100 of any NYSE listed stock using Interactive Broker.

Yep!


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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10317 of 36686
Subject: Re: IB and NYSE listed Stocks Date: 7/31/2001 1:51 PM
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From what I've read, smaller trades are allowed...just a $1 minimum commission.

Sandy


Sandy..NYSE stocks limited to 100 shares. the other exchanges are $1.00 min with fewer shares. I did a on-line chat help directly with IB to get this answer. I copied it but can't find it now...<g>

Jean

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Author: SandyMack Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10318 of 36686
Subject: Re: IB and NYSE listed Stocks Date: 7/31/2001 2:00 PM
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Sorry...my mistake. I've never used IB...just read the comments here on the board. Seems, though, to be a pretty bare bones platform. Can't help but wonder if folks aren't being penny wise and pound foolish in selecting it...just an opinion.

Sandy

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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10319 of 36686
Subject: Re: IB and NYSE listed Stocks Date: 7/31/2001 2:19 PM
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Sandy,

You could be right...but what alternative would you suggest? It is certainly better than Ameritrade or rjt, IMHO. I'm not a full time trader yet...so a Direct Access broker is really too expensive. Does that make sense?

BTW Here's the info about odd lot orders...direct from the source

http://www.interactivebrokers.com/html/tws/odd_lots.html

ODD LOT ORDERS
In response to NYSE rulings regarding odd lot orders (less than 100 shares), Interactive Brokers will no longer allow customers to submit odd lot orders in NYSE listed stocks except to close out an existing odd lot position.


There are no restrictions regarding odd lot trading for Nasdaq stocks, and Interactive Brokers will allow both opening and closing odd lot orders in all Nasdaq stocks.


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Author: SkruySkweril Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10320 of 36686
Subject: Re: IB and NYSE listed Stocks Date: 7/31/2001 2:30 PM
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Does that mean that I'll have to round my BRK.A order down to just one lot? I'm shy a couple of mil' for two lots. ;)

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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10321 of 36686
Subject: Re: IB and NYSE listed Stocks Date: 7/31/2001 2:43 PM
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I guess so......sorry. :(

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Author: carlo1 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10322 of 36686
Subject: Re: IB and NYSE listed Stocks Date: 7/31/2001 2:47 PM
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Hi Sandy,
yes Ive made a few trades with lots of over 100 but when I tried to make a trade with less than 100 on an NYSE stock I was not allowed.

Nev

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Author: SandyMack Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10328 of 36686
Subject: Re: IB and NYSE listed Stocks Date: 7/31/2001 3:08 PM
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Jean...It's not my intention to second-guess anyone's broker decision since we all have different situations to consider. The reason for expressing my opinion on the subject was merely to inspire more thought on the subject. Sure, some bells and whistles incur additional cost, but if they make better trades possible, thay can more than pay for themselves in a very few trades. For example, a couple of years ago I subscribed to DJN (@ $95/mo.) in order to focus on news trading, and one of my earliest news trades netted me ~ $500...a single trade (which I would not have made at all w/out DJN) that paid for 5 months of the service! If additional tools can improve trade entries and exits by .25 each, it all adds up to better nets and a healthier income despite (or, because of) the higher overhead...the ol' "gotta spend money to make money". Just something to mull over.

Sandy

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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10331 of 36686
Subject: Re: IB and NYSE listed Stocks Date: 7/31/2001 3:18 PM
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Sandy...I'm inspired cause you certainly are right about the cost justification...L2 taught me that!

Jean

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Author: SandyMack Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10334 of 36686
Subject: Re: IB and NYSE listed Stocks Date: 7/31/2001 3:25 PM
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I'm inspired...

Jean...I hope you've had a chance to review the FAQ in The Den...lots of broker options covered there.

Sandy

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Author: EddieGorniak Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 10349 of 36686
Subject: Re: IB and NYSE listed Stocks Date: 7/31/2001 5:15 PM
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IB has the fastest executions I've seen. And their order entry is also many times faster then TFC. I've never tried direct access brokers, so I can't compare it to that. But from everything I've read IB is faster at executions then copanies like Datek that offer a 60 second guarantee. The above comments are for stock order entry & stock executions. IB's option execution has taken me about 5 to 10 minutes on average for executing a limit order at the current best bid or ask. I have had option orders execute faster on TFC then at IB.
Eddie G

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