Hi Does anyone know of an online broker that lets you enter a primary order and one or two follow on orders that are entered contingent to the primary. I am looking for a stockbroker. Thanks
I know that i.e Blackwoodtrading let's use some advanced order execution techniques - see http://www.blackwoodtrading.com/OrderExecution.html with Interactive, you can setup OCA orders - one cancels all : Advanced Order Types OCA One-Cancels-All (OCA) Orders An OCA order is actually a combination of separate orders that are worked in conjunction with one another in the marketplace. To place these specific orders one must first open the Fixed Order Box form, accessed through the [O]rder button. There, enter the separate orders, making sure that each order has the OCA button checked. All orders placed with a given Order Group name will form an OCA group. "OCA" is the default group name. You may enter your own order group name in the Order Group box (to the right of the OCA button). You can transmit each order separately from the Fixed Order Box or after creating the orders, transmit them one after another while they are displayed on your TWS screen. A. If, after transmission of the orders, any separate order within the OCA is canceled by the user, the remaining working order(s) will automatically be sent cancellation requests. B. If any order in the group is partially executed, the contract size of the remaining order(s) will be adjusted downward in proportion to the fraction that was executed. C. When any order in the OCA grouping is fully executed, the IB system will automatically issue a cancel request for the remaining order(s). PLEASE NOTE: Because the OCA procedure is an automated process, Interactive Brokers cannot guarantee that requested cancellations and modifications will reach a specific exchange before an order has been executed. more info : http://www.interactivebrokers.com/html/manuals/java_tws_manual.html#Order_Creation I leave it with your imagination, what you can do with OCA orders regards
Thanks To clearify. What I want to do is to be able to set my stoporder at the same time as the buy order. That means i don't have to be there and put in my stoporders when the market is open. I am trading end of day. It would simplify my life a lot.
I just checked my Datek account and you can enter stop-limit orders when you enter the buy or short orders. Commissions are $9.95. These are stop-limits. Not stop-market orders. There was a thread about stop orders a few weeks ago about the difference. Essentially, with a stop-limit it is possible that your stop may not get executed if the stock trades through the limit price.
Privateer, Braintrader wants to be able to place a buy order and a stop order at the same time. Can this be done with IB. It's my understanding that you have to first get a execution on a buy or sell before you use the OCA feature. Am I thinking right on this?
Hi, I know what Braintrader is looking for. I haven't used OCA orders up to now, but from my understanding and from what I'ver read on other boards, you don't need to have an execution first ( i.e. an open position )- but OCA will only execute one of the component orders you've entered. OCA = one cancels all ( others ). What BT is looking for would be something like : Buy 100 XYZT at 25 - when filled, place a stop-loss order for 100 XYZT at 24.50 and a sell order when XYZT reaches 26. That's , of course, not possible with OCA. I guess, you would need a live broker to place such kind of orders. However, suppose you have already a position of 100 XYZT , bought at 25, you could enter following OCA orders: Sell limit 100 XYZT at 26.50 Sell limit 100 XYZT at 24.50 ( as stop-loss ) Whichever order would be hit first, would be executed and cancels automatically the remaining open order. So practically speaking, you could use trading boundaries as orders for an existing position. To open a position at specific price-levels, you would also use OCA but I don't know, whether this works with short-sell orders ( uptick rule ? ). I could imagine, it should work with QQQ or other index-tracking stocks, since they are exempt from the uptick rule. I.e. , say you use certain trigger prices for your decision to go either long or short a market. You could enter the appropriate OCA orders for these price levels. Whichever direction the market takes, you would be in the market at your price ( provided, the market hit's one of your limit orders ) But again - once one of the components of your OCA orders has been filled, you would need to enter new orders to maintain i.e. any new stop-loss orders. Maybe there is somebody here on ET who made use of OCA's more frequently and can tell you more about how they work out in reality. regards &