So I was testing out Interactive Brokers' TWS platform today and when I checked the margin for buying 2 ES contracts, it said the that the value of the trade was higher than the $100K limit. I was given the option to "override and transmit" anyway. Has anyone else seen this? If so, what would happen if I did override and transmitted the order anyway? Would it immediately get canceled? Thanks guys. Edit: Which futures should I start out with that have good volume? I read somewhere here that NQ was a bit more beginner friendly.
You can set the limit yourself, under options. In case the order size is more than your buying power then IB will reject your order and you can't obviously override anything.
I believe it's just a warning message raised by the "Total Value Limit" attribute under Configuration > Presets > Futures > Precautionary Settings. I don't think it prevents the order from going through. If you change the Total Value Limit under to zero then you won't get the warning message. I think.
that msg just means you have a default set lower than 100k. The value of 2 ES is over 100k. ES has good volume, better than almost anything. Fool around in the paper trading account. reset the value limit if you don't want to be warned everytime. It's just a safety msg, If you were a one lot trader and accidently tried to put on two, it just warns you. Set it to 300k.
Thanks for the info people. I have a margin account, I'm going to be paper trading for today to test out the platform. I'll change the limit so that it doesn't give me a warning.