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Sierra charts and IB - order not cancelled in Sierra
To help understand this issue I use Sierra Charts with IB. My first real order.
I have a trade fill yesterday that should not have occured. I entered an order to sell which I cancelled a minute later. The order was well away from price action with no indication of a problem in the cancellation. The Sierra trade logs say that after a time out that it was deemed cancelled. But 2 hours later I was filled on the order - and I did not know. This was the FOMC meeting I sold a stock near the low and made a loss - sure had a rally....
Anyway after contacting Sierra they said that know about this problem and blammed IB's API. After talking to IB they said it was Sierra's implementation of it and they would like to discuss with Sierra.
It seems that the order was cancelled in Sierra but not knowledged by IB in the way that Sierra wanted. Two things are very clear directly from Sierra support message to me: firstly, even though Sierra timed out the order they deemed it cancelled (mostly this is true otherwise they stay around in a pending state) they do not warn the user that the order is actually indeterminate. Maybe cancelled maybe not. My comment is that this is a poor way to handle orders - they could at least pop up a message, issue a warning etc.
I got through to the IB API service desk. They also knew of the problems related to Sierra and gave me a low down that some of the calls should be made to check on the order status.
My take is that regardless of whose at fault using Sierra I cannot really use a system like this. Which brings me to the real questton has anyone else had this issue where orders are held pending for say a minute and then deemed cancelled even though the situation is indeterminate? And secondly does this occur with the Ninja and IB combination?
Only a suggestion: I am not sure how the API you are using is working, but if you had the broker's platform open as well, you could see if the order is pending/working or not. For example, we use Rithmic for Sierra, but encourage users to also look at the R-Trader (Rithmic's own) to see if any order is working.
Your scenario could happen if you use external APIs. Check on the broker's platform as well.
Both should show pending and cancelled orders. Hope this helps.
Matt
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
OK after following up with Sierra it is clear that when an attempt to cancel an order is made it first goes into a pending state until an acknowledgement from the broker system is received. On occassions the acknowldegement is not received (say by a momentary internet issue) and the order is stuck in pending state. After a period of time in pending Sierra will deem the order was successfully cancelled. Here is the issue the order may be active in the broker system - as the state of the order is indeterminate without a proper confirmation.
Now Sierra will correct the problem by simply leaving the state as pending (no guessing the order state ) for further action by the user. And Matts advice is the one I shall follow - check all actions in my IB trading platform.
One last additional piece of advice: Check all your trades at the end of the day against your paper statement or online equity run. This should give you a summary of all your actions throughout the day.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
