This may be different (unless I misunderstood your example), as I used bracket orders in the past which are defined (at least by IB) as a single limit order that after getting filled has 2 orders attached: one to exit at profit and another one to exit at stop loss. https://www.interactivebrokers.com/en/index.php?f=583 So a bracket order is a single limit order and after it gets filled, then I create one exit order at profit/target, and another one as stop-loss order. I just don't use IB's bracket order feature anymore and send each order to IB separately when the price nears my targets.
how do you get one or the other to cancel 100% reliably? I imagine there's some latency where you could potentially hit both of your orders if you are doing it manually.
I use OCA for some related entry orders, but for exits where I emulate bracket-type orders, my price limits (profit target vs stop loss) are quite far from each other where I have time to either create new order or cancel the other one based on current stock price. Though possibly you could also try OCA type 1 with overfill protection where IB would do the same and assure that only one is filled at a time.
Seems like this is what you need to do. https://www.interactivebrokers.com/en/software/ptgstl/topics/ptgsubaccounts.htm I am working with a client who has this setup. They have multiple AlgoTerminal desktops pointing to different TWS instances which are pointing to their different sub accounts.
I haven't done this before, but I am told by NinjaTrader that you can open multiple sim accounts. I started using NinjaTrader because I can trade my IB account through the API. Now I have the multi broker license for 3 different accounts, all through NT. I test one strategy on the IB paper account, and another simultaneously through the NT sim account.
Doesn’t this mean that you can sell and buy from yourself and in the process pay brokerage? How will that help?
Thanks. I didn't know that. But the reason I have 3 different accounts through NT is not in order to trade different sims. For security reasons I feel it is better to have more that one account. As long as I have multiple accounts, it makes sense to separate different objectives by brokerage. With TD Amritrade I can only trade stocks through NT. Then I have IB and NT Brokerage. With the lifetime multibroker license my commissions on NT Brokerage are lower than IB, so I intended to use NT for shorter term day trades and IB for swings.