Ib Bracket Orders

HI GUYS. I HAVE A QUESTION...... ever since i began using bracket orders with ib about 4 months,my paranoia about ib bad phome support has slowly disappeared since i am now NEVER NEVER NEVER in the market long or short without having a target limit and stoploss also in place.BASICALLY i have become a dumb happy ib customer... however is there something that can still go wrong that i have not considered??? thanks in advance....

 

I had a problem when placing a bracket order with a stop limit entry awhile back. Since you couldn't attach a bracket to a stop limit I'd create a new limit order, hit bracket, and then change the order to stop limit.

Come to find out the bracket orders were only good for the day, although they were marked GTC and were there in the system. Some bug IB fessed up to after a few e-mails. I had a couple of positions run stops (ironically, I watched them closely when I caught it and worked them back to get out).

I still go in at the end of the day and create new OCA orders for fills during that day just to be safe. I think IB fixed the problem, but I haven't had the time to test it out.

It was funny, though, the brackets worked perfectly if the target or stop were hit that FIRST day. It took me a couple of days to see the problem arise.

I love the bracket and OCA order features in IB. Just good to keep an eye on things early on.

 

The only thing you have to worry about is if Globex itself goes down for several hours. But since the chances of that are practically zip.....

 

Regarding stops, don't forget to use a stop limit order when trading the es or nq, but a stop order if you also trade dax or eurostoxx.

 

Watch out when you trade the ES or NQ

The stop orders are not native, you need stop-limit orders for this....

I PM'd DEF about this and he fully agreed with me it would be better if IB changed this. (Both for the customers, security and for IB , server issues)

DEF promissed me he would forward this to their programmers but I didn't get a confirmation on this.

DEF, If you read this......

Hope this helps

 

I don't think IB can do anything. It's Globex which requires stop limit orders.

 

H20 wants the default to be stop limit instead of stop. I did forward to programming as I stated. All requests get put into a queue and priority is determined by committee.

 

Def,

You can also ask them to add an option to select the order type you like, for me it doesn't have to be the default setting. (I don't think this will make any difference but ......)