I have downloaded the TWS, and I am trying to program hot keys. I notice that the dropdown menu for the order options has changed. before, they would allow you to designate (BUY MARKET) where as now I only see (BUY), How do you program a key for a market order. It also says that you can have your market data line (default as BUY MARKET). However my asking price type says (LIMIT). How do you set your market data line default to (MARKET)? I have asked IB, however they send me a link that explains nothing. I know there has to be instructions somewhere that I don't see. Which order is safer (faster)? should I leave default to (limit) and just adjust price up and down? or use market orders? anybody here experienced enough to comment?
Click on "configure", then "hotkeys", then select the action that you want, then click on "create shortcut". Then click on the "customize" tab. You will see a number of options. Under "order type" you will see "default". If you click on "default" it will pull a menu down where you can select "market" if that's your choice. Then return to the "shortcut" tab, click on "record". A box will come up for you to select which key you want to be designated as your "hotkey". If you want to change the system default, you can select "configure", then "order", then "order default", which will open a menu where you can change to limit or market depending on your preference. I use limit orders personally. The risk you take of course is that in setting a limit the market moves and you miss it. You can program your hotkeys in a number of ways for limit orders as the poster above suggests. OldTrader
go to configure, hot key, select buy, hit create shortcut, go to customize and you will see options for limit, stop, mkt etc. I don't know about stocks, for globex I don't use mkt orders. I use buy limit ask plus 4 for a defacto buy mkt order. I think tws was having trouble converting mkt orders to limits for some reason. Not sure. But that is what tws has to do any way. If the mkt ever moved 4 handles on you with out getting filled, tws will resubmit an unfilled mkt order. If you do it yourself you would have to resubmit yourself. But that's a lot of thinking about something that I wouldn't worry about until after it actually happened to me.