Update on this method. Been trying this but doesn't seem to be working. When I submit a basket order with the OCA feature I get about 400 message pop ups that freezes my computer saying I have insufficient funds even though its an OCA order. Anyone have a work around to this?
The basic rule with IB is that Limit Orders do not reduce your buying power. I am trying a similar strategy, should have it online in a week, will post here if there are problems or misconceptions on my part.
The problem with alerts is that I am not able to sit in front of a computer all day ready to enter the order. As for IB limit orders not reducing buying power this is not true. Unless I'm doing something wrong. I even tried Stop Limits. But my limit orders are over 400 and as much as 800.
Both in IB's Alerts and in Ameritrade's Trade-Triggers, you don't have to sit in front of your computer. You can set them such a way the order(s) will be triggered automatically when your conditions are met. It is not just email-alert or bell-alert or pop-up alert.
Quote from CDNPatriot: As for IB limit orders not reducing buying power this is not true. It may depend on account type and nationality. It works in my US margin account for stocks and equities at least.
alanm or anyone else using multiple orders, how many orders do you enter that goes over your buying power? I tried IB alerts but there is no trigger to make a buy. Only for emails or sms messages.
Anyone here use Interactive Brokers know to program TWS not to dip in the margin? Example, I place 400 limit orders. Once my cash is used up I don't want it to go into margin. How would I do that? Other then using OCA Thanks
Change your account to a Cash account, rather then a margin account as you must have now. Once you are out of dough it will not fill any more orders. John