Say , I want to buy the mini-dow if it moves above 9030. I put a limit order to buy at 9030. If it is currently trading at 9020, can and will my trade be executed at 9020? Is it different if I'm already short at 9035?
Doublea, *** Say , I want to buy the mini-dow if it moves above 9030. I put a limit order to buy at 9030. If it is currently trading at 9020, can and will my trade be executed at 9020? Is it different if I'm already short at 9035? *** Use stop orders. If you want to buy if and only if mini-dow moves above 9030, you will need to put a stop-market or stop-limit order at 9030. stop-market order will just buy it at the market price once it touches 9030. stop-limit lets you pick a max price you will pay once it touches 9030 (stop price, limit price). if you use a regular limit buy now, it'll just buy it for you since 9020 (current price according to your example) is below 9030. It makes no difference if you're short. If you are short 10 contracts and you have a stop-market order for 10 contracts, it'll just cover your short. if your not short, you'll be long 10 contracts once the stop order gets executed. Good luck! Note to Moderator: Maybe change title of thread to something like "Help with using Stop Orders". I don't think this thread should be titled 'Ib'
a stop would work. you could also set up a conditional order i.e. if Market X = Y then place an order to buy/cancel Z. The conditional orders are self-explanatory once you take a look at them on the TWS.
Thanks for the reply. I had IB on the subject because I wanted someone from IB to answer the question since I have an account with IB but I got the answer that I was looking for.
No offends here, but knowing what you're doing is very important in trading. If one has to ask questions about entering the markets like above, better use the IB DEMO system to understand. Only start using your real acct untill you know perfectly what you're doing.