IB needs a daytime ONLY order for equities

How many times have you had a GTC order in place, and something totally wacked out and unpredictable happened in the after hours and you got picked off? This has happened to me where I got nailed at like 7:31am right after the ECNs opened, and I basically had ZERO chance to cancel my GTC order.

My request is that TWS add a "daytime only" functionality to its GTC and DAY limit order options for ALL order venues for US equities. I had a Datek account years ago, and there was a checkbox on the orders page that did exactly that.

This would really make my life easier and less stressful.

Thanks in advance!
-b

 

I thought any and every broker would have a day only function. That is bizarre.

 

Amen.
I only leave my limits in over night. I always cancel the stops for this exact reason. A bit of a hazzle, but not too bad.

 

I was under the impression that it's limit orders that are still hot until 8:00 EST.

 

I wonder what IB's algorithm for cancelling day orders is.

I once placed a day order a bit after 4PM, and it didn't get cancelled - it got executed at 9:31AM the next day.

 

I also would like a "daytime only" functionality very much .
hans

 

I thought stops were only executed during the day? Thats been my experience anyway.

 

I'll make the request but if you have a limit GTC order, why wouldn't you mind getting filled after hours? If you don't want to trade after hours, don't mark them GTC. Alternatively, you could work the order as a GTC stop and flag it not to trigger after hours.

 

Def,

thanks, good point. But the text in the configuration for Stop orders indicate that the "allow trigger outside regular trading hours" only apply to simulated stop-limits, not plain stops. Is that not the case?

 

I think the reason why an afterhours stop order is scary is because bid/asks usually move way away from the price and if someone just decides to dump 100 shares at a low or high price it then becomes the market price and you get hit at some rediculous price not at all relavant to recent normal market prices.