What was the quote at the 10.01 entry time? Would it have been filled like IB says? If the original limit order was valid and the problem was *just* a delayed fill report, you may be F**ked. I'm sure it sez somewhere in the agreement "....there are inherent risks in electronic trading...IB will not be held responsible for..." Sux. But I wouldn't go so far as to call it unethical.
It is his fault, He was trading irresponsibly. Your account may be large enough that your trading, which is also irresponsible by not following up, can handle this as a cost of doing business.
If he were using the system properly he "would have remembered"? What does memory have to do with using the system properly? Do you remember what you did on the system last month? If you don't, then by your own criteria, you too, do not use the system properly.
He said he didn't remember. A good trader follows up and makes certain that the system is being used properly. That would be something he would be able to remember--and we were talking about something that just happened today not last month.
Do you even use TWS? Orders are only supposed to disappear if they are either filled or cancelled. Orders that disappear and then later become filled are called ERRORS.
We're talking about a half hour or more later remembering whether there was a red, to be specific. I still don't think he should consider himself screwed simply because he can't remember if it was red. That's rediculous.
No, but I have watched numerous other people doing so. It is the same as any other system/market--fills and cancellations will sometimes be late due to market conditions or clerical/computer/connection issues. This is the real world and this is how it works. I have made my point here. Time to move on.
I can't believe a non-user would continue to post inaccurate facts. If cancellations are delayed due to market conditions, then the orders will turn "pink" and stay in TWS.