Developed a trading strategy where I buy using 100% of my portfolio one stock for a one to two day hold. My system triggers about 20 limit orders a day. Is there any broker that would allow me to place 20 limit orders all at once and as soon as one is triggered it voids the others?
IB has a basket feature that might work. Also, IB will cancel new orders automatically if you run out of buying power. I don't think it automatically cancels open orders tho. Could be wrong. Take some time to dig thru the IB TWS manual. TWS does a lot of stuff. You can also easily cancel orders through the API if you can program in VB, C++, etc.
You can set them up using the order type OCA (one cancels all) and that would do the trick. http://www.interactivebrokers.com/php/tradingInfo/orders/ocaOrders.php
IB will cancel any orders for which you do not have buying power. If you have 100K BP, and place 20 orders for 100K each, as soon as you get any fill (reducing your BP below 100K), all the other orders will get cancelled.
I dont think so! If you place 20 limit orders its likely more than one of them will fill at the same time!
Why do you say that? It depends on how far away from the market your orders are. With anything but the most aggressive of envelopes (something like +/- $0.05 ), it's unlikely that you'll get filled in more than one stock at the same instant.
My strategy is to have the limit orders far away and maybe one will hit a day. I'm looking into IB. If anyone has any other broker suggestions let me know. Thanks for all the help guys
pcx trade and insta quote have systems like the one your looking for - ib also has something like it too