To deter me from forgetting a decimal point when entering a price and placing trades unduly large, I have sought for a maximum allowable trade size in TWS, and think I have found it at Configuration, Options, Precautionary settings, Total Value Limit. This is Option as in the much beloved method of trading. Has anyone tried this and verified that it works?

Another thing I'm thinking of doing, as I am away over virtual manuscript paper for much of the time, is to preset closing orders for when my position reaches a target. Seems logical, though I would rather do it "by hand" somehow. The obverse closure, to reduce losses automatically, I would never do, as one suspects a price might temporarily, as if by magic, reduce to scoop up my offering before returning to its prior level. Such things should not happen but one imagines they do.





Speak your mind

1 Comment so far

  1. David Riffer on November 28, 2010 9:19 pm

    My experience has been that this setting gives you a pop-up warning that one must confirm before the orders large enough to trigger the warning are transmitted. If you have not already set the limit to $1 to test the behavior, I would strongly advise that, rather than taking my word for it. And I agree 100% about not wanting to leave long-standing orders.


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