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.

• Some traders have requested a feature to automatically cancel unfilled limit orders after a set time. This is on the roadmap but is not a high-priority update at this time.

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. While an automatic cancellation feature is on the roadmap, it is not yet available.