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LSJ
Posts: 515
Joined: 8/17/2006
Location: Citrus Springs, FL
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Stop orders are being executed as market using brokerage connection to IB.
This order was placed as a stop order but was filled as a market as seen in the light grey. The loss and profit were added later manually in IB. This is the second occurrence of a stop being executed as a market - can we find out why?
 Attached file : STX.png (8KB - 475 downloads)
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jpb
Posts: 168
Joined: 5/11/2005
Location: Brown Deer, WI
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I had something similar running Pre-2M and the RTM7 strategy when manually entering positions using that TradePlan when the signal was generated. However, I have not observed the same Stop becoming a market when the trades are issued by AutoTrade and AT instructs the strategy to apply the SL per the trade plan.
So, for me, I've observed the same SL becoming a Mkt order against IB (GXT) when manually trading signals, but not when AT is in control.
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tradermike
Posts: 116
Joined: 12/21/2004
Location: Folsom
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FYI...not sure how you executed and managed the trade in general, but, if you were using a Trade Plan(?), then bear in mind there are nuances here - such as "Virtual" stops and "Broker" stops.
Virtual stops are not transmitted to the broker. But rather, they are processed by OT/VT as new data comes in. If/when your stop level is triggered inside a Trade Plan, OT will THEN transmit a market order to the broker. That is because your virtual condition is now true, and you want to take action now. (In this regard, there is no order sitting at the broker.)
On the other hand, IF you want to park an actual STOP order at the broker, then you must use that order type.
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LSJ
Posts: 515
Joined: 8/17/2006
Location: Citrus Springs, FL
User Profile |
I used the trade manager to place a trade with a stop buy, a stop market loss stop and a limit profit stop using the appropriate condition for each. The trade places as it should in the OT paper acct. The very same trade, with the stop loss as a broker stop transmits to IB and shows the stop buy order and the accompanying broker stop loss order. Within a few seconds IB cancels the order and OT gives the error message that I can't short in an IRA. Somehow in the translation IB is not seeing this as a stop to a long trade and sees it as a short and rightfully cancels since this is an IRA.
I've tried with using no conditions and just fixed price levels and with the appropiate fixed loss and fixed profit conditions and the problem is the same.
Whether I use a trade plan or the trade manager something is haywire and I can't figure what it is.
In the previous example I placed a single trade with the trade manager with no stops or limits and it executed except for executing at market and not at the stop.
It seems to me there is something wrong with the way the brokerage connection is working (or not).
What steps can be taken to isolate or troubleshoot this situation?
(TraderMike - thanks for the suggestions but yes, I am aware of that.)
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