Setting limits orders more than total balance

[bermondsey]

I was trying to place a lot of limit orders in my IB ISA account (Tax wrapper in UK). This is a cash account, and my potential buys summed to more than the available balance, after which IB blocked me from placing further orders. I'm not expecting all my orders to execute, and my thinking was that IB would have allowed an infinite amount of orders and simply won't execute any orders once the limit orders exhaust available cash in my account. I tried to a do a limit if touched order but it has the same problem. Am I missing something here? Is there a type of order that I can use to deal with this problem, or do I just have to place my additional limit orders in my margin account and later move them (selling and rebuying). Perhaps that's the only alternative to writing my own bot?

 

[Snuskpelle]

I guess the issue is that limit orders will stay around in the market books, and nothing prevents them from being filled in the same instant before IB had a chance to react. Consider e.g. a very sharp move in index.

I haven't used IB deep enough to know whether they have a solution to this. Obviously, the problem is conceptually easy to solve using a "bot" and market orders.

 

[rb7]

All your orders are sent to a stock exchange (assuming you meant stock!). Your broker doesn't have any control on which order could be filled once they reach the exchange order book.
It would say that all brokers do the same thing.

 

[bermondsey]

All your orders are sent to a stock exchange (assuming you meant stock!). Your broker doesn't have any control on which order could be filled once they reach the exchange order book.
It would say that all brokers do the same thing.

Yes stocks. Does this apply to the 'if touched' ones as well? I mean IB has some custom order types too, like 'mid price', etc, where I assume IB is actively doing something apart from the exchanges.

 

[rb7]

Yes stocks. Does this apply to the 'if touched' ones as well? I mean IB has some custom order types too, like 'mid price', etc, where I assume IB is actively doing something apart from the exchanges.

I couldn't say about 'if touched' orders. It depends a lot about which stock exchange the orders is routed to.
But I'd say that your situation would be the same for any type of orders.