I am writing a forex scalping program with IB POSIX C++ API,
there is one question:
I need to submit one parent order and attach one trailing stop order and one profit taking order.
parent order is market order as I don't want to miss any opportunity, filling as fast as need. but trailing order can't be attached to market parent order.
if I attach a stop order first, I am not able to change it to TRAIL type later.
So what kind of solution you use?
1. submit parent order with limit order, you could put limit price higher than market price (for buy) to simulate a market order, but in this case I have to track the bid/ask as fast as I could, I don't even know IB is capable of it (no real tick price and latency between my computer and their servers).
2. submit parent order with MKT type, no child order, put a trailing order afterwards?
3. manually implement a TRAIL order by modifying stop price for STP order attached whenever necessary.
Thanks a lot for your help!