Orders are rejected for “US 500 Kassa (50$” in IG Demo account

• 10/05/2021 at 10:30 PM #179105
  Sascha

  Hi,

  While executing my trading system in my IG Demo account, my orders were rejected. One reason that was mentioned was that the instrument “US 500 Kassa (50$)” requires a minimum of 1 contract. My system wanted to place an order with 0.62 contracts.

  However, on the IG Markets website I found under product details for this instrument that the minimum contract size is only 0.2 contracts. Therefore my order should have been filled.

  The question is now, if the 0.2 contract size is only valid for manual trading and not for automated trading?

  Does anyone know this?

   

  Another order rejection was because the minimum distance from the close is supposedly 1 point.

  My system wanted to place a limit order at the close level on the 3 minute chart.

  Does this mean you can never place a limit order at the close?

  On the 3 minutes chart the “US 500 Kassa (50$)” usually doesn’t move lower by 1 full point (for a long trade) after the candle closes which means I would hardly ever get filled with a 1 point limit below the close.

  Would a market order be the only solution?

   

  Regarding the US 500 I can choose on the IG website between:  Standard ($250 per point), Mini ($50 per point) and Micro (1Euro per point) when I open a chart.

  In ProRealTime the instruments I can see are “US 500 Kassa (250$)” and “US 500 Kassa (50$)”. However the instrument “US 500 Kassa” also shows $250 per point in the details window. Is there any Micro contract in ProRealtime and if yes what is the symbol?

  Thank you.

   

  PS: I really hope someone can help me. I’ve contacted ProRealtime support already twice and haven’t received any reply during the last few weeks. I really wonder if anyone is working there.

  

  Sascha

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  10/06/2021 at 4:33 AM #179107
  PeterSt

  Sascha, in this case I would call IG support. Only the question about the Mini contract possibly can be answered by PRT support but the others are broker rules and that will be IG in your case (per my correct determination).

  Sascha wrote:

  On the 3 minutes chart the “US 500 Kassa (50$)” usually doesn’t move lower by 1 full point (for a long trade) after the candle closes which means I would hardly ever get filled with a 1 point limit below the close.

  With the notice I am not experienced (at all) with Limit orders within auto trading, I can’t imagine really how this is related to the suggested “within one bar” situation. Can’t you place a Limit order in one bar(-call) and let it work out (be filled) in a next (xxx) bar ?
  Otherwise, for you way of thinking, I would attempt a 6 minute chart, apply the Limit code in there, but do your real thing in a 3 minute time frame (see the TIMEFRAME command).

  

  PeterSt

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  10/06/2021 at 1:24 PM #179134
  Sascha

  PeterSt wrote:

  With the notice I am not experienced (at all) with Limit orders within auto trading, I can’t imagine really how this is related to the suggested “within one bar” situation. Can’t you place a Limit order in one bar(-call) and let it work out (be filled) in a next (xxx) bar ?

  Otherwise, for you way of thinking, I would attempt a 6 minute chart, apply the Limit code in there, but do your real thing in a 3 minute time frame (see the TIMEFRAME command).

  Thanks PeterSt. As I wrote, it seems I can’t place a limit order at the close as it is required to have a distance of 1 point below the current close. The reason for using a limit order (instead of a market order) in the first place was to avoid the bid/ask spread as the US500 usually moves down 0.25-0.5 before moving higher in my direction allowing me to get filled on that mini retracement. But 1 full point retracement is not guaranteed and therefore I likely won’t get filled. So placing a limit order and hoping it to get filled doesn’t really work out as I mostly will miss then trade then.

  

  Sascha

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