C'mon IB, how about some response? I'm talking to traders throughout the day and you are losing customers BY THE HOUR as this new limitation makes it impossible for some people to trade with you. You've effectively shut them down. Get rid of this ridiculous limit and just beef up the resources to handle the orders you're getting.
another thing about this restriction is once you rich the limit(which is should be 300, but-i have about 320 open orders now) you can't close existing position. you have to cancel some of them(not just one,but not get below 300 either! i have to cancel 3 out of 320) to be able close let say-losing position,when you have to get out really fast(specially in this market). perfect timing for this new feature. i believe they limit this to save their resources, resources they waste on all those bells and whistles and we,active traders have to pay the price
that's worrying... so now I;m wondering what's going to happen to my bracket order pairs once the parent order executes. is there a chance one or both of the bracket orders will be rejected? .. and another thing! I don't know about other traders who submit this number of orders, but I know for a fact I'm worth going on a grand a week, or nearly $50,000 dollars a year to IB in commissions alone! Why would IB want to punish me?!
My main strategies, which involve lots of orders the first 45 minutes, are seriously toast. Not to mention that I cannot close out open positions without canceling one of my pending orders. Just nuts.
I've started shopping. My favorite part of this was my closing orders being rejected. Does wonders for an automated system. IB, you have total domination of the industry within your grasp and then you always seem to find a way to shoot yourself in the foot. Unbelievable.
I really hope its not a flat 300 for all accounts, most days I can have double that. This is a REALLY bad idea IB. Base maximum orders on account size at least!
not udnerstanding since i don't do automated trading. i thought you had to have the cash in your account for all open orders? so if one throws in 300 orders at 14k an order that's $4.2 million of buying power used so one would have to have $1 mil in account? obviously ib's not enforcing that as few people have that