9. Cancel-Replace

You can cancel-replace your open orders when the destination route supports this function. Using cancel-replace can save you time from the trouble of canceling an order and then re-submitting a new one. it also preserves your order priority in the queue with the designate exchanges or ECN.

Figure 9.1

In the Order Window Order tab, you can see all your open orders. To cancel-replace a particular one of them, simply highlight that order and right click, choose “Replace” from the drop down menu (Figure 9.1). A Replace Confirmation box will pop up to ask you whether you want to replace the selected order. Choose “OK” to confirm the action and “Cancel” to dismiss the action (Figure 9.2). Then you will see the Replace Order box (Figure 9.3). You can choose to change the Quantity, Price, Order Type and Time-in-force on the replaced order, and then hit [Enter] to submit the replacing order.

Figure 9.2

Figure 9.3