I’ve read in some of the forums that C2 AutoTrade users do not want system vendors to use GTC orders for Globex futures, because Globex rejects these orders.
Of course I could put a filter on the C2 order-entry screen to insist that all GLOBEX orders be DAY orders.
But, before I do, I want to understand the issue. When I use Interactive Brokers TWS, I personally have never noticed a problem with entering GTC orders for Globex instruments. The orders seem to be accepted.
Could someone please explain whether there is indeed a prohibition against GTC orders on Globex? Is this for all instruments? For some? For orders entered at a certain time of day? Does Interactive Brokers allow it (perhaps simulating GTC through their order-management system) while other brokers do not allow it?
Feedback and help will be appreciated.
http://www.interactivebrokers.com/en/trading/exchanges.php?exch=globex&ib_entity=llc
http://www.interactivebrokers.com/en/trading/orders/gtc.php
All the links you posted show that GTC orders are fine.
Then why did Walt Rines write on the IMO Forum:
"you are sending stop orders with GTC as time frame, which are REJECTED by globex. Please dont do that."
Anyone know? Walt?
MK
I don’t know why this is an issue. Could that be the IB API problem? If that’s the case then you will have to contact their tech. support.
Matthew,
I don’t KNOW why - I just know that I use Global Futures as my broker, which has a PatSystems back end, and when I have TB hooked up and autotrade running, CME E-mini orders are sent to Globex, and if they are GTC they get a “rejected as invalid” error, which is returned by the Patsystems backend but attributed to Globex - I dont know why or anything beyond this, but it IS frustrating and I do wish you would filter it…
W
Let me talk to Francis about this. It sounds like something which should be dealt with at the TradeBullet level, since it seems to be a broker-specific issue. (I.E. The exchange allows GTC – it’s the broker that doesn’t.)
Will report back here after talking to Francis at TradeBullet. I’m sure there’s a way we can solve this for you and other Global Futures users.
I’ll ask the folks at GF whether GTC limit orders are valid or not.
Francis