IB: new popup when trying to close positions?

Discussion in 'Retail Brokers' started by chud, Nov 29, 2007.

  1. chud


    I usually close positions with the "Close Position" hotkey. Recently, when I have open orders for the symbol I want to close, I am getting this "Cancel open orders" box that tells me to either cancel open orders and closeout or keep open orders and not closeout the position.

    What is this about? Just because I want to close my current position doesn't mean I want to cancel my other orders. Is there anyway to turn this off?

    Thanks for any help.
  2. chud


    I see I missed this now closed thread about this issue.

    Pete - IB said they're going to change the popup so that it remembers your decision. But this does not fix the problem. The 2 choices are "Cancel open orders and close position" or "Don't close position and leave orders alone". But what if we want to close the position but still leave our open orders for the contract? Why should I have to cancel my working orders just because I want out of my current position?

    This is frustrating IB.
  3. chud


    The "remember my decision" checkbox that shows now is a step in the right direction, and I appreciate IB listening to the other thread.

    But I still don't understand why we must cancel all open orders if we want to close our current position. I want my closeout hotkey to work as it did previously: close the current position and leave all open orders alone.

    Could someone from IB please comment on this?

  4. Just a guess, I don't know too much about retail, but it might be that they have the same concern that I have with some of my traders. You close your positions, you leave a sell order in, you have now violated short sale rules, and/or exceeded your capital (in retail anyway). If you're trading contracts, they don't want you leaving open orders and not being around to manage them.