Interactive brokers pre borrow glitch

[Diego443]

Dear Traders,

I have heard from a few traders that you can actually pre borrow shares with IB by simply putting in your desired order at a way higher price than it actually is and later on (when all shares are gone) you simply decrease your entry price to the current and boom you are in.

Has anyone experience with this?

Greetings from Germany,

Diego

 

[Overnight]

Dear Traders,

I have heard from a few traders that you can actually pre borrow shares with IB by simply putting in your desired order at a way higher price than it actually is and later on (when all shares are gone) you simply decrease your entry price to the current and boom you are in.

Has anyone experience with this?

Greetings from Germany,

Diego

That sounds like putting in an order to buy at, say, $100 when the price is at $80. When the price reaches $85, you cancel the $100 buy and buy in at $85...?

 

[cutetrader]

Unfortunately it does not work this way!. The order color changes to pending (Dark Green) When all the borrows are exhausted. I faced this many times, where I could not average up my price later because of no borrows.