I am learning the options and futures part of TWS. Not bad, but takes some getting used to it. I've noticed no STOP orders for futures! I guess not everyone offers it... The bracket order is easy and straight forward. I like to do that because we have PGE outages and ATT internet issues too. But the MES margin! That is high, I am afraid to check the ES now.
They have stop for futures just like everyone. Ib doesn't really differentiate the margin, it's the same for day/overnight
High margin is generally a good feature in a broker as it protects yourself from having too larger positions, and also protects your money held with the broker because nutcase clients can't take the brokerage down. Yes, I know there's insurance on client money held at brokers (up to a certain level) but that's not going to payout the next day. Maybe several months later if not longer (lawyers have to eat remember).
I have been playing with the order entry (brackets) and I cannot seem to delete an order - I know it is not transmitted but still...ES is out of my league with 30K IRA! Well that sucks, 3 MES commission is the same as everybody else ES but my tick size is smaller!... I still like their options platform. Beats Schwab's, yet when Schwab gets ToS I am reconsidering this whole affair.
They used to differentiate ( about a year ago I think), but they stopped and just do the initial and maintain now. It used to be the case the initiate on the overnight was higher, and thereby discouraged the holding of your max daytime position, because you would be over margin initiating the overnight. Makes sense on some level since overnight liquidity is much lower.
I get playing ES with a taxable account but why trade in a IRA? Dest turned $60k over $600k trading options and stocks. Are Futures superior or more liquid, never traded them.
I don't have that much money in my discretionary account (over 13k), and I have a daughter in college. I could trade ES for that but I rather have a broker who can also trade options. Schwab's options platform is not exactly "pro" trader quality, YET...
I am in AlBrooks trading room for ES (price action trading). Also, I like shorting, since an IRA I cannot short anything but playing with put options. I have a put spread now on SPY but that is a long term position. I can short with futures easier. I'd guess if I just swing trade MES it is OK, for now. (Remind Self: Just forget about tick size and commission...) If I make 10-20 points on a 3-lot it is ok.
They do still have the old OptionsXpress platform and soon if not already TD's Thinkorswim. Not sure if you had to have a legacy account to use those of if they're open to all Schwab customers, I just have an old IRA account there.