IB's new limit on open orders

Discussion in 'Retail Brokers' started by Bob111, May 15, 2006.

  1. Bob111


    Hi! i was trading envelopes and opening for years. this type of trading involves lots of open orders. Suddenly IB put limitations on it. no more than 300 from today. i don't know, if just me or all accounts are also affected, but my question today-is there any other brokers, who have DDE,API or whatever + did not reserve the money for every order you place, even before it was filled?

    Thank you!
  2. lescor


    Same thing happened to me today. I put out about 900 orders pre market and got a new pop up notification that I had too many open orders and had to wait for some to cancel before submitting more.

    This caused TWS to lock up, which affected other programs which meant I had to re-boot my machine as the market was opening. This is a major pain in the ass and I would think would be a big problem for many automated traders at IB. Hope they do something to make the situation better, and soon.
  3. vikana

    vikana Moderator

    Ditto here. I had to click that blasted dialog for at least 500+ times, while TWS was blocked. At least they could send the error message through the API -argh!

    Do we know that the number is 300? I didn't see that in the error messages.
  4. mavdeck


    I am also affected, and would like to know of any other brokers that might don't have this limit on open orders.
  5. mavdeck


    Yes, the new limit is 300 as per the IB rep at customer service.
  6. just21


    This must be profitable, that is why they are limiting it!
  7. No advanced notification what so ever! A nice way to implement a new rule like this, IB!
  8. fildi101


    Yup, I'm hit this limit too..

    Come on IB. What's this all about? I can load a full indexes worth of symbols into the basket trader, but I can't actually submit orders on all of them?

    Here's hoping IB remove the limit, or at least raise it to a sensible level without delay.
  9. fildi101


    Of course there's no limit to the number of accounts you can have..

    It's a pain though. I run a system on the S&P 500, and if would be daft to have create a second account just for symbols starting from M onwards.
  10. am dyin' to know da reason for this very smart move
    #10     May 15, 2006