IB's new limit on open orders

It depends.. I might have an OCA pair set to sell or buy at a trendline, depending on whether we bounce high or low first.

And I'll often have limit orders quite a way from the bid/ask since enter all my orders before the market opens and I want to be able to take advantage of intraday visits to the trendline. This means keeping a lot of orders active in the market.

I do drive my account hard, but I know that only a few of my orders will fill each day, so I can afford to leave a greater value of orders active.

It's like if you fixed up VW beetles and knew that $500 was a bargain price for car.. you might call 200 dealers and tell them to save you any beetle under $500 dollars, even though you know only one or two ever come up a month.. You don't ever expect to find $100,000 worth of bargain cars in one month, even though that's what you've ordered.

 

Great I can now manually enter my 50 thousand orders for tomorrow

 

excellent job, wtg.

 

Base maximum orders, not as a fixed number--but a fixed dollar amount as a multiple of equity.

It still needs to be quite open to allow efficient order placement.
There's only so much hand holding needed.
IB "The Professional's Gateway to the Wold Markets" ---let's emphasize the "Professional" gearing.

TWS is already largely set up so that it's auto-liquidation & no margin call policy negates much of open order risk, it even cancels orders when you approach those margin max outs. It is also up to us to place appropriate orders.

The maximum open orders is a largely redundant risk feature.

 

I suspect this was not implemented as a risk feature but rather as a resource conserving feature.

 

It seems IB is having bandwidth / growth problems.

 

I disagree, this is a REAL GOOD IDEA.

One day, and that is coming sooner than you think, you will have the lot filled and you will not have enough money to cover. And who is left holding the bag?

Maria

 

Maybe it was implemented today because IB thought the market was going to tank on the open!

 

it's a possibility, but it would have to happen mighty quick.. once there are no available funds, outstanding orders are cancelled, and stocks liquidated if neccessary. If would take some freaky market action to fill and stop out my long AND short trades in one day..

I suspect this issue is reating to exchange fees or something...I'm not sure IB doesn't get charged by certain exchanges for orders left on the amrket over a certain time. maybe it's not working out in their favour.. dunno

 

just to show you, there are always clueless turkeys amidst brilliant minds.