Error code IB

[Bull3t007 120]

@Kim I had a bunch of OCA orders which went through more than the amount was needed but I want to sell them now and I get this message (See screen) I have no buy or sell orders already open. 

[YAAY 23]

You have a buy order for this option.  IB does not allow you to have sell and buy orders of the same option active at any time

 

[Bull3t007 120]

Just now, YAAY said:

You have a buy order for this option.  IB does not allow you to have sell and buy orders of the same option active at any time

 

Like I mentioned I do not have a buy order open, I get these a lot with open buy orders but thats the reason I opened this topic. 

[Kim 7,513]

This is strange. Maybe try to restart TWS.

[Bull3t007 120]

Just now, Kim said:

This is strange. Maybe try to restart TWS.

Tried that, also mobile. Already 30 minutes on the phone with them. He says there is an order on the exchange but not on my screens. He can't remove it from the exchange.... OCA orders are such a mess on IB.

[greenspan76 302]

30 minutes ago, Bull3t007 said:

@Kim I had a bunch of OCA orders which went through more than the amount was needed but I want to sell them now and I get this message (See screen) I have no buy or sell orders already open. 

I've had this happen a few times. Basically, you have an open order outstanding, even though it is not showing up in TWS and there is not possible way for you to see it or cancel it. Each time it has happened to me, I've had to contact IB and waste 30-45 minutes getting them to fix it by cancelling the order with the exchange. IB customer service can see the order and don't seem to understand why you don't cancel it yourself. One time, the person who helped me figured it out quickly; the other times, it took forever even though I was telling them exactly what was happening. I have even tried waiting a few days hoping it would fix itself, but it never did. This only happened to me when I had GTC orders that were partially filled and left open overnight, but I can't necessarily say that's the issue - there have been plenty of times this didn't happen when I left a partially filled GTC overnight. Anyway, hope this helps.

[Bull3t007 120]

Just now, greenspan76 said:

I've had this happen a few times. Basically, you have an open order outstanding, even though it is not showing up in TWS and there is not possible way for you to see it or cancel it. Each time it has happened to me, I've had to contact IB and waste 30-45 minutes getting them to fix it by cancelling the order with the exchange. IB customer service can see the order and don't seem to understand why you don't cancel it yourself. One time, the person who helped me figured it out quickly; the other times, it took forever even though I was telling them exactly what was happening. I have even tried waiting a few days hoping it would fix itself, but it never did. This only happened to me when I had GTC orders that were partially filled and left open overnight, but I can't necessarily say that's the issue - there have been plenty of times this didn't happen when I left a partially filled GTC overnight. Anyway, hope this helps.

God this is exact the same thing that is happening to me. I already knew the problem calling but he insists that the order is on my screen. On hold now for another 10 minutes......

[Kim 7,513]

That sucks.. and this is definitely one of the biggest issues with IB. When things go smoothly they are great. Great fills, good commissions. But when you need them, their customer service is terrible. They always assume that they are perfect, and if something doesn't work, it's the customer's fault.

[cuegis 683]

1 hour ago, Bull3t007 said:

@Kim I had a bunch of OCA orders which went through more than the amount was needed but I want to sell them now and I get this message (See screen) I have no buy or sell orders already open. 

Just "pause" one of the orders, which will allow the other one to become active. Then, once filled, reactivate the initial order.

 

[Bull3t007 120]

Well he believed me after I sent him a screenshot. He transferred me to some guy in Chicago trade desk who also has no idea what is going on. He sent a ticket to another departement and he will get back to me. This is quite frustrating.....

[Bull3t007 120]

1 minute ago, cuegis said:

Just "pause" one of the orders, which will allow the other one to become active. Then, once filled, reactivate the initial order.

 

There are no orders, that's the problem.

[cuegis 683]

34 minutes ago, Kim said:

That sucks.. and this is definitely one of the biggest issues with IB. When things go smoothly they are great. Great fills, good commissions. But when you need them, their customer service is terrible. They always assume that they are perfect, and if something doesn't work, it's the customer's fault.

They have always been very helpful to me, when I was expecting to not be.

There is a sort of underlying arrogance among the cult like enviornment there.

Remember, they began,  back in the early 90's, as a place for "professional" floor traders/market makers, who do not need any customer service, to clear through.

Since you were always ( relative to the times back then), not really paying any commissions, this was acceptable, and a good thing, and understood, by the initial customers.

This was all happening at a time, right during, and after , the closing of all of the exchange floors, and the start of "electronic trading".

So, all of the people , who had been trading on the floor, for many years, had to learn to adapt, to a new, retail form of trading.

Then, around 2012, many years later, other low commission brokerages started to come along, and offer trading platforms, and all of the things that are now common.

But, this is very, very far from where the world was when IB first came into existence.

 

They still are light years ahead of anyone else in the things that you do not see..They are doing things like clearing $50 Billion hedge funds, and are involved with much "larger" things, than the small, retail trader.

Their footprint is everywhere in the world, in a very big way.

Edited June 25, 2018 by cuegis

[cuegis 683]

14 minutes ago, Bull3t007 said:

There are no orders, that's the problem.

What do you mean..."there are no orders"?

You had to have , at least , one order active, to cause the 2nd, opposing order to be rejected.

You create one order, and then submit it.

Then, create the 2nd order, and just before submitting it, "pause" the first order.

This will allow the 2nd order to become active, until you fill it, then you can reactivate the first order.

It's just a "workaround" because they do not allow 2 orders, on opposing ( buy and sell) sides, to be active at the same time.

[YAAY 23]

Just now, cuegis said:

What do you mean..."there are no orders"?

You had to have , at least , one order active, to cause the 2nd, opposing order to be rejected.

You create one order, and then submit it.

Then, create the 2nd order, and just before submitting it, "pause" the first order.

This will allow the 2nd order to become active, until you fill it, then you can reactivate the first order.

It's just a "workaround" because they do not allow 2 orders, on opposing ( buy and sell) sides, to be active at the same time.

@cuegis

The order does not show on his screen.  He can do nothing about it.  IB have to correct the issue.  Seems to be a bug in the software

[Bull3t007 120]

Just now, cuegis said:

What do you mean..."there are no orders"?

You had to have , at least , one order active, to cause the 2nd, opposing order to be rejected.

You create one order, and then submit it.

Then, create the 2nd order, and just before submitting it, "pause" the first order.

This will allow the 2nd order to become active, until you fill it, then you can reactivate the first order.

It's just a "workaround" because they do not allow 2 orders, on opposing ( buy and sell) sides, to be active at the same time.

Well I do not have any active orders, of any symbol, I cancelled everything to be sure. I only have one account with no active orders and it is telling me that I have an active order on the other side. There is no workaround from my side, even the guy at the trading desk says that it is a bug in their software. Please read greanspans post since he has had the same issues.

[cuegis 683]

18 minutes ago, Bull3t007 said:

Well I do not have any active orders, of any symbol, I cancelled everything to be sure. I only have one account with no active orders and it is telling me that I have an active order on the other side. There is no workaround from my side, even the guy at the trading desk says that it is a bug in their software. Please read greanspans post since he has had the same issues.

Oh, sorry, I misunderstood. Since I know that IB won't allow , buy and sell, orders to be active at the same time ( on the same item), I just assumed that was what was happening to you.

Yes, this is another issue that only IB can fix.

[Bull3t007 120]

@Kim Problem still isnt solved. Does IB work with any type of compensation? Because the stock is moving away sonsiderably from my strike and this could cost me easily 1000 dollars. Maybe commissions?

[Kim 7,513]

I doubt it. I know some cases where IB mistakes cost clients tens of thousands of dollars and they refused to give any compensation. 

[SBatch 2,582]

33 minutes ago, Kim said:

I doubt it. I know some cases where IB mistakes cost clients tens of thousands of dollars and they refused to give any compensation. 

This is a very important (and dangerous) aspect of holding an account with IB.  Here is just one example (there are tons if one is interested in looking at their arbitration history) where a client got totally screwed, IB claimed no responsibility and was brought to arbitration (which costs the customer a ton of money).  IB of course lost, but that has not stopped them from continuing the exact same practices today (and continuing to deny responsibility).  Practices that they have been recently fined for by FINRA, the regulators in the UK, Hong Kong, and Australia.

https://www.reuters.com/article/us-arbitration-interactive-auto-liquidat/interactive-brokers-must-pay-667000-for-portfolio-selloff-mishap-panel-idUSKBN0LM23620150218

 

[Bull3t007 120]

Quick update: Managed to sell just now. Was promised to get an update from IB but haven't heard from them. 

Edited June 26, 2018 by Bull3t007

[YAAY 23]

Just now, Bull3t007 said:

Quick update: Managed to sell just now. Was promised to get an update from IB but haven't heard from them. 

Great it was finally fixed!!