If I am long one contract, and want to close out that position and go short one contract, can I simply place an order to go short two contracts? Net result is I would be short one contract. Or do I have to sell the long position, and then sell short one contract, thus using two transactions?
You can short two and be net one. There is a preference in the web login area of your account where you have to set the order limits for futures. It can not be done from the order interface screen. John
I requested and have been approved for a total of two contracts. I assume that is what you are referring to? Thank you.
I requested and have been approved for a total of two contracts. I assume that is what you are referring to? Thank you. Yes but I do not think that you have to do it. The reason TO do it is sometimes when you cancel an order with IB it "hangs" up and does not clear. As long as it has not been cleared, it counts against yor limit. If you have an order limit of one, you can not enter another order in the same direction. John