Multi Targets/Stops with a US broker?

• 02/19/2024 at 4:20 AM #228374
  Pawko22

  Has anyone tried to use the Multi Targets/Stops option with a US based broker?
  I’ve just tried and with no success, because of so called FIFO rule.

  Here is an example.
  Let’s say I have only ONE position going in the same direction (e.g Long) , with the following inputs:
  Qty           Target                Stop
  70%           15 pips             10 pips
  20%           20 pips             10 pips
  10%           25 pips             10 pips

  The total Qty (quantity) is 100%, so it is just ONE position, but with different Targets and the same Stop.
  Only ONE order from the above example was filled (the very first one with 70%) and 2 other were rejected.

  I have tried with different Targets and different Stops numbers; still no success.  Each time only one order is accepted, the rest were rejected.

  Have anyone tried to use that option, here in the US or maybe you know a work around it?

  Thanks for your input.

  

  Pawko22

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  02/19/2024 at 8:51 AM #228376
  PeterSt

  That could be difficult to research – at least for us over here; we don’t comply to the US rules in Europe.

  I think you will recognize that these are settings in the TWS order ticket. I mean, it should be settable by order. But there could also be a default in TWS, or possibly your IBKR account (the browser based data). I can imagine if you set that right (like Do Not apply FiFo), it may inherit to the order PRT provides.
  In the end it is about your own protection, so to speak. You would not like to get charged tax twice and such.

  My suggestion is to call IBKR and ask them how to put those orders via TWS (assumed you would not manage via TWS as well). With their answer, or the knowledge you already have you could attempt to call PRT over here (it is my estimate you have a +3176 … number for that).

  Last thing : if all is right – and you can manage to put the order through in TWS, you will see the order plus its labels (Stops, Targets, all) in PRT just the same. From there you could learn how to put the orders in PRT ?

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  Pawko22

  

  PeterSt

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