IB Orders

Every time I try to place a limit order with IB, after I click on the T ( transmit ) button the order is immediately filled at current market price rather than the Limit price that I type in.

I have tried to seek help on this from IB but they just refer me to the pages on how to place various types of order. I seem to be placing orders exactly how they describe but it doesn't work for limit orders.

As a result of this I am afraid to enter anything other than market orders.

Any idea as to what may be happening ?
I'm no expert here, but have you looked in Configure/Order. It might be something to do with the default box. I have mine checked for MKT. Maybe try LMT.
Can you post a screenshot of your order line ? and maybe give some more detail of what the limit price you put in was and what price you got filled at ?

Have you also checked your settings for limit orders because there can be offsets that mean you get a fill at a limit price +/- a certain figure.

Personally I have never had a problem with limit orders on IB

My default order type was Limit.

I have now changed to Market - maybe it will be the answer. Who knows ? I am afraid to try it.

Paul - I tried to place a Limit order for a Buy somewhere above Market price. When I clicked on Transmit the order was immediately filled at market. Don't know how to post a screenshot.

You can only place Buy Limits below the market, and Sell Limits above the market.

If you want to Buy above the market then you need a Buy Stop, and to Sell below the market you need a Sell Stop.

Yes, I just noticed what you were saying. They would be filled better than your limit, ie market.
Hi Alan

I think I've got it.

Your using a buy limit order when I believe you want a buy stop limit.

Here's the difference.


The first line would get me in without paying more than 1500, and it's likely to get triggered at the market price

The second line would get me in once price has either hit or passed 1500.

Sorry if this is obvious :eek: