Start a new topic

Open offers should reduce available cash

One thing that really doesn't make sense about this site is that I can submit more open offers than I can actually cover. So for example, if I have $1 of available cash, I can submit a $0.75 open buy offer on one market and a $0.60 open buy offer on another market and my "available cash" is not affected... unless one of these offers is matched. Any time an order is submitted, the same amount of available cash should be reserved for that offer, otherwise this can result in negative-balance situations (e.g. if the previously mentioned set of orders were both able to clear somehow, my cash balance would be -$0.35).


5 people like this idea

Disagree. You don't know that an open offer will ever be met. In your example, the sight lets you make 2 offers and the one that hits, hits. This is much better. Otherwise, you'd have to chose only one, the one that might never be hit.


3 people like this

I also think it would be nice if PredictIt was able to somehow remember previous offers. Example: I put an offer in for 100 shares on Contract A. Then I buy something else, and so it cancels that offer. Then I sell something, freeing up some funds, but my offer on Contract A has to be made again. It seems like this could be fixed by just keeping my previous 100 shares as like a ghost offer, that only I can see, that reappears when I have the funds to cover it.


2 people like this
I totally agree.  The worst part about this is if I put in an open offer in one category, and then I go over to another category and put in an offer that requires more money than I have available, it very silently accepts the second order and cancels the open order I put in earlier somewhere else.

It makes it very hard to keep track of what open orders you really have, if ones are going to evaporate elsewhere on the site because you've overcommitted. 

 


2 people like this
I was about to start a thread on this and the smart search found this old post.  I echo pdxs's sentiments.  It's really bizarre that open orders don't tie up my available cash.  A disturbing corollary result of this is that I can have open orders, but if I then go to some other contract and match someone else's open offer, my open orders on that other contract (elsewhere on the site) quietly disappear (without even notifying me!).  It makes it hard to keep track of what you are committing to buy.  Very unnerving! 

 


1 person likes this
This is annoying to me too. If a linked contract is plummeting in price and I want to get out but have no cash balance available, I can't sell it without liquidating some of my other contracts or adding more money (which is going to cost 5% when I withdraw it).

Please change it so my available balance includes open offers, or add a different metric to show what my worst-case scenario is with regards to my balance. I do not like being stuck in losing positions!

mary has it right. the order should still exist, but not be public or executable 

Login to post a comment