TradersPost Limit Orders: Does a New Alert Cancel a Previous One?

‍Does a New Buy Alert Automatically Cancel an Existing Limit Order?

Currently, if a strategy places a limit order that does not get filled, the next alert does not automatically cancel the previous order. TradersPost does not cancel unfilled limit orders unless a specific cancel command is sent.

This means that if a trader sends a new buy order while an old limit order is still open, the previous order remains active unless manually canceled. If the strategy does not allow adding to a position, the new order may be rejected, but the original limit order will still remain open.

Managing Unfilled Limit Orders in TradersPost

• TradersPost handles orders based on the ticker, not individual order IDs.

• If a cancel command is sent, all open limit orders for that ticker will be canceled.

• TradersPost provides a configurable cancel open order wait time for automatically canceling unfilled limit orders¹.

For traders who place manual limit orders outside of TradersPost (such as on a mobile app), sending a cancel command from TradersPost will also cancel those orders.

Best Practices for Handling Limit Orders

To avoid confusion and potential unwanted orders, traders should:

• Use a dedicated account for automated trading strategies.

• Manually cancel unfilled limit orders if a new alert is meant to replace them.

• Adjust strategy settings to allow or restrict adding to an existing position based on trading objectives.

Conclusion

A new buy alert does not cancel a previous unfilled limit order in TradersPost. Traders must manually cancel the order or set up strategies to manage unfilled orders effectively. TradersPost provides configurable cancellation controls for managing open orders².

References

¹ Cancel open order wait time | TradersPost Reference Manual
² Stock Trading | Documentation - Getting Started - TradersPost