Was wondering if anyone here knows of any maximum limit order size that can be posted at one go on the Arca book. Reason I ask, is I posted around 60k today and had my order rejected and I'm trying to narrow down the problem. Need to make sure that doesn't happen again. Thanks
Usually it's configured on the ECN/exchange side on FIX level per client. Check order limits with your broker.
When using book trader order entry i sometimes get an error when I click where the other side is. IBhas protection (BS IMHO) to keep you from crossing the market. In a fast market its really frustrating. This happens to me at least once a week.
Some brokers will place a limit on the maximum size of your limit order. Ask them if you have a restriction and if so, can they raise it. I like a limit of 99,999 shares because I don't trade 100K shares lots or more and if I intend to enter an order for 10,000 shares, I don't want to accidentally send an order for 100,000 shares.
Actually, the max number in ARCA's FIX spec for the share size field [tag 38] is 999,999 ... it's limited to 6 numerical characters. Then again, buying power might be a problem when trying to buy almost a million shares... and... most guys who have the buying power don't go around putting a million shares on a single order...