placing and removal of stops

[paulcamb]

Hi i have just signed up with Interactive Brokers after the positive feedback from other users here,and i would just like to know whether stops are automatically removed when you close a position or do they have to be removed separately as is necessary with some other brokers.
I must say i find the whole IB system a little overwhelming at the moment so any other tips would be welcomed many thanks
The new boy!

 

[Skimbleshanks]

I always play safe and remove my stops, just in case.

It's probably all in the TWS manual (not that I've ever read it, of course!).

 

[mmillar]

and IB stops are NOT triggered out of hours, so no point using them to protect your profits

 

[paulcamb]

Thanks for your help
When you say the stops are not triggered out of hours i'm alittle confused as to what is considered "out of hours" when trading dow mini futures because when spreadbetting "out of hours" is after 9pm and before 2pm uk time but now that i will be using IB i assume that this is now not the case and that it is now virtually 24hrs trading thanks.

 

[mmillar]

sorry. i mean out of normal market hours. so the ftse is 8am to 4.30pm. us markets are 2.30pm to 9.00pm (UK time). spreadbetters and IB will allow you to trade these markets 24 hours but IB stops don't work out of normal market hours.

 

[paulcamb]

thanks mmillar that is where i was unsure so that means that a 100% margin is required if i open a trade on the dow future before 2:30pm.you see i was thinking of opening a position when the conditions are right before 2:30pm instead of waiting until 2:30pm when the dow can gap significantly but i will obviously have to take the extra margin into account thanks .