IB does not accept limit on open orders

Discussion in 'Trading' started by jj_jere@hotmail, Dec 7, 2001.

  1. I talked to IB chat today and learned that they do not accept limit on open orders on the NYSE. I was told "because supersoes, soes and selectnet do not accept non-marketable limit orders".
    Is there any brokerage firms that do accept this type of order?
  2. gh1


    there is an effort that needs to be made by everyone to keep posts in the proper forum. this belongs in the brokerage forum, not the trading forum. Your new around here, and i think most new members make this mistake, i know i did.

    i am not sure what you are talking about, you can put limit orders to the NYSE with IB. You can't soes or selectnet the NYSE though, and i don't care what broker you use -- those routes are unique to the nasdq (unless the SEC has been f--'n things up again)

  3. Yes, your right about using the broker posts, sorry.
    I was told that I can not place limit orders prior to the opening.
    Thank you
  4. gh1


    I don't usually trade the NYSE, only when i see something WAY too good to pass up, but wait for Don Bright, or Robert Tharp, to answer this. -- Don's traders trade the open all the time.

    They may not read this so try PM'ing them with the question, My order routing table (taken from the HRE) shows that orders are accepted from 9AM but are not submitted t the exchange until 9:30 -- using the ISI superDOT route. I think they may have access to other routing -- again, i don't know enough about this exchange to be of assistance.

    But i do know that the IB chat line is not the wellfont of wisdom!

  5. Most retail brokers won't allow opening only orders (buy and sell limit orders) on the same stock in the first place. I think WarEagle may have said he was able to...you may want to message him directly. Good Luck!
  6. cashonly

    cashonly Bright Trading, LLC

    I think what he's talking about is an "on opening only" order which means that the order will be executed if the limit price is met on the opening tick ONLY. If it is not, then the order is immediately cancelled. This can only be done on NYSE/AMEX stocks due to the nature of the specialist market and that it provides a single source that determines the opening price.

    The advantage to this is that if the market turns quickly after the opening, you don't get into a position you may not have wanted with an order that has been left open.
  7. Yes, Cash, that's exactly what I'm talking about. Who allows these conditional orders? Thanks. JJ
  8. cashonly

    cashonly Bright Trading, LLC

    I'm with Bright abd they do, but that's a professional firm. I don't know who does in the retail arena.