problem with market order execution and error

[manitshah915]

i am getting below error when executing market error:

" accountxxxx, MARKET order must have DAY time-in-force, affected order: Buy 1 Market".

this is wierd and I need to fix that. because, what I want is, if Market order is kept as Day order to take position, it's fine for me, BUT associated ATM STRATEGY orders (for SL and TP) must need to be GTC orders


so, how to tackle this?

[NinjaTrader_Manfred]

Hello manitshah915,

Thank you very much for your post.

Is it possible you are connected to a TD Ameritrade account?

When enabling a strategy on a TD Ameritrade account, TimeInForce must be set to DAY if market orders are used. Otherwise, you may see the above order rejection.

Please don't hesitate to let me know, should you have any further questions!

[manitshah915]

yes i was connected via TD Ameritrade.. So when U say TIF must be DAY order. does that mean, i need to make change in my ATM strategy template by converting GTC to DAY?


My main issue is here: I can start position size by entering DAY order, but I want to ensure that my attached ATM orders for Take profit/stop loss/trailing profit, they must stay as GTC orders because of my swing position plan


How to do that?


----
And is this Day order issue related to only TDameritrade? what if I use Interactive broker? do they have similar condition like TDameri?

[NinjaTrader_Emily]

yes i was connected via TD Ameritrade.. So when U say TIF must be DAY order. does that mean, i need to make change in my ATM strategy template by converting GTC to DAY?


My main issue is here: I can start position size by entering DAY order, but I want to ensure that my attached ATM orders for Take profit/stop loss/trailing profit, they must stay as GTC orders because of my swing position plan


How to do that?


----
And is this Day order issue related to only TDameritrade? what if I use Interactive broker? do they have similar condition like TDameri?

Hello manitshah915,

Thank you for your reply.

CRITICAL — If your inquiry involves live orders, please always reach out to your broker's Orders Desk immediately to confirm and manage your live orders and positions.

I would like to review your diagnostic files for more details regarding your ATM strategy and the time in force used for your entry order vs. your stop loss and profit target orders. You can send these files to us via email by going to the Control Center-> Help-> Email Support. Ensuring 'Log and Trace Files' is checked will include these files. This is checked by default. Please include "ATTN Emily C" in the subject line along with a link to this forum thread in the body, and answer all of the following questions in the email:

• What Order ID was assigned to this order that resulted in the error? You can check in the Executions or Orders tab of the Control Center, or you can look in the Control Center > New > Trade Performance report for more order details.
• Do you receive any other errors on the screen? Are there errors on the Log tab of the Control Center? If so, what do these errors report?

This error message only affects TD Ameritrade users from what we've seen; market orders must have a time in force of day when sent through to their servers or else it can result in an error. Other order types, such as limit or stop limit, should not result in an error if they have a time in force of GTC. Interactive Brokers, for example, does not have this same restriction on market orders. Sending a market order with a time in force of GTC would not result in an error message with Interactive Brokers and accounts from other brokers.

Another important item to note, especially since you are working with ATM strategies, is the following disclaimer that is also listed on the TD Ameritrade conneciton guide:

When submitting orders within an OCO group, the orders must be submitted as a pair and after submission, those orders will no longer be modifiable. To make a change to an OCO grouped order it must be cancelled and resubmitted. ATM functionality which would modify submitted stops and targets on TD Ameritrade accounts are therefore not supported.

https://support.ninjatrader.com/s/article/Connecting-To-Your-TD-Ameritrade-Account?language=en_US

This means you are not able to use functions such as auto trail and auto breakeven with a TD Ameritrade account.

Thanks in advance; I look forward to reviewing your email and resolving this item.

[manitshah915]

Sure Emily.

you mentioned below highlight
This means you are not able to use functions such as auto trail and auto breakeven with a TD Ameritrade account.

Question- in your experience or knowledge, is it same case with IBKR too? or with IBKR, can we apply ATM strat template of Auto trail and auto breakeven?

[NinjaTrader_Emily]

Hello manitshah915,

Thank you for your reply.

The disclaimer only applies to TD Ameritrade. Interactive Brokers does not have the same restrictions on modifying OCO orders and therefore does allow you to use auto trail and auto breakeven.

I appreciate your patience and look forward to reviewing your email.