Can any broker cash account place multiple buy orders that exceed available cash, then fill them first-come-first-served?
Can any cash account place multiple buy orders that exceed available cash, then fill them first-come-first-served?
Suppose I have $1,000 in settled cash:
• Buy 2 META at $499
• Buy 5 TSLA at $199
• Buy 3 GOOGL at $333
• Buy 2 BRK.B at $499
The combined notional value is greater than my available cash, but I do not expect or want all of them to fill.
What I want is to stage several fully sized limit orders at once. Whichever order fills first should use the available cash; once the cash is exhausted, the broker should reject or cancel the remaining orders.
In other words: can a regulated broker do this in a cash account, without margin and without relying on a third-party tool?
I understand brokers normally reserve buying power for open orders. I’m asking whether anyone knows of any broker that supports a first-come-first-served model instead, where the orders compete for the same available cash.
Thanks.