I'v copied this here from a reply on the AIQ groups, from David Johnson.It may be of interest....especially if the same is offered by IB uk........
Another approach to consider. I use Interactive Brokers (Interactivebrokers.com), the best by far of the 9 brokers I have held accounts with. IB lets you use a "One Cancels All - OCA) order. You can put as many orders together as you want (say 5), and code them each with the same key word (I usually just use the ticker symbol). When any one of these 5 orders is executed, the other 4 are immediately cancelled. Several benefits from this arrangement. First, since only one order hits the market, you only have to have enough capital for any one of the 5 orders, not all 5. If you have a strategy that picks 5 stocks for the next day, but you can only afford one position, then you can OCA all 5 and whichever hits the buy stop first the next day will get filled. Another way is to set a Sell Limit profit target for a long, and also OCA it with a Sell Stop order for a stop loss. Since it uses a stop, the market makers can't see it (its held on the IB server until the price is hit). For sells, the trigger is when the ASK gets there, to prevent dropping the Bid setting off stops. All in all, this system has served me well.
And one more thing. Its direct access, with live Bid/Ask/Size quotes, and it only cost $0.01 per share. This means any 100 shares of anything is $1.00 in, and $1.00 out. What this does is completely (almost) take commissions out of the equation, since any $.02 move in the stock gets you back to breakeven. I encourage you to check out their website for more info. You can download their Traders Workstation Java software for free and run the simulator to see how you like it before opening an account. And no, I'm not getting a referral fee. Just trying to save a few people the two years of effort it took me to find an outstanding broker that charges fantastic prices.
Another approach to consider. I use Interactive Brokers (Interactivebrokers.com), the best by far of the 9 brokers I have held accounts with. IB lets you use a "One Cancels All - OCA) order. You can put as many orders together as you want (say 5), and code them each with the same key word (I usually just use the ticker symbol). When any one of these 5 orders is executed, the other 4 are immediately cancelled. Several benefits from this arrangement. First, since only one order hits the market, you only have to have enough capital for any one of the 5 orders, not all 5. If you have a strategy that picks 5 stocks for the next day, but you can only afford one position, then you can OCA all 5 and whichever hits the buy stop first the next day will get filled. Another way is to set a Sell Limit profit target for a long, and also OCA it with a Sell Stop order for a stop loss. Since it uses a stop, the market makers can't see it (its held on the IB server until the price is hit). For sells, the trigger is when the ASK gets there, to prevent dropping the Bid setting off stops. All in all, this system has served me well.
And one more thing. Its direct access, with live Bid/Ask/Size quotes, and it only cost $0.01 per share. This means any 100 shares of anything is $1.00 in, and $1.00 out. What this does is completely (almost) take commissions out of the equation, since any $.02 move in the stock gets you back to breakeven. I encourage you to check out their website for more info. You can download their Traders Workstation Java software for free and run the simulator to see how you like it before opening an account. And no, I'm not getting a referral fee. Just trying to save a few people the two years of effort it took me to find an outstanding broker that charges fantastic prices.
