IB Book Trader

toudeppots · Jan 20, 2006

I placed an order on the ES with IB's book trader today, and I wanted to put in a stop two points lower. I couldn't figure out how to do it. I ended up making three trades today I didn't want to make because of unfamiliarity with the software.

I read every help section and tutorial, but I'm missing something.

How do y'all do it?

Thanks.

OldTrader · Jan 20, 2006

Quote from toudeppots:

I placed an order on the ES with IB's book trader today, and I wanted to put in a stop two points lower. I couldn't figure out how to do it. I ended up making three trades today I didn't want to make because of unfamiliarity with the software.

I read every help section and tutorial, but I'm missing something.

How do y'all do it?

Thanks.

There's a full description of how to use booktrader in the User's Manual at

http://www.interactivebrokers.com/php/webhelp/webhelp.htm

Look under "Order Management" then select BookTrader.

To enter a sell stop you right click the "ask size" at the price you want. Right click the bid size at the price for a buy stop.

Note: if you do this backwards your order will be triggered. A sell stop entered on the "bid size" will become a market order. Perhaps this is what you did wrong.

OldTrader

toudeppots · Jan 20, 2006

Quote from OldTrader:

There's a full description of how to use booktrader in the User's Manual at

http://www.interactivebrokers.com/php/webhelp/webhelp.htm

Look under "Order Management" then select BookTrader.

To enter a sell stop you right click the "ask size" at the price you want. Right click the bid size at the price for a buy stop.

Note: if you do this backwards your order will be triggered. A sell stop entered on the "bid size" will become a market order. Perhaps this is what you did wrong.

OldTrader

Thanks that's probably my mistake. Although I thought that you had to left click to place an order. I didn't think right clicking also placed an order, but I guess I was wrong.

One more question:

Let's say I buy at 1290. I put in a sell stop at 1288. Can I simultaneously put in an order to sell at 1292 to capture a two point profit? To do that would I just left click on 1292?

Thanks.

Thanks

BKuerbs · Jan 20, 2006

Quote from toudeppots:

.....

One more question:

Let's say I buy at 1290. I put in a sell stop at 1288. Can I simultaneously put in an order to sell at 1292 to capture a two point profit? To do that would I just left click on 1292?

Thanks.

Thanks

You should configure Book Trader properly: then one (left) click will submit a Bracket Order.

In Book Trader select "Configure" -> "Hot Keys" and change the "Configured Shortcuts" accordingly.

Regards

Bernd Kuerbs

version77 · Jan 20, 2006

IB should make it to where you can sim-trade with Book Trader so
you can figure the darn thing out. Everyone else has a sim function
on their order entry platforms.

Instead, you have to open a whole new demo account. Strange.

Bitstream · Jan 20, 2006

Book trader by default allow u to enter one single order clicking on a line bid (buy) or (ask) sell; if u want to close your position u click on the desired price in the booktrader.
If u want to place a bracketed order u need to configure booktarder with the desired offset amount.

domen74 · Jan 21, 2006

Set up a paper trading account at IB. I've been using it lately to get the hang of the platform...and yes, I've bought more instead of closing a position a couple of times already. Left click for buy/sell, right click for setting stops.

The thing that I find strange is that in TWS you click on the bid price to sell and in Book Trader you click on the ask.

So papertrade a couple of times to figure out how it works...it's mandatory.

BKuerbs · Jan 21, 2006

Quote from domen74:

...

The thing that I find strange is that in TWS you click on the bid price to sell and in Book Trader you click on the ask.

..

Have a look at the "Configure" -> "Hotkey" menu in the book Trader. You may change this behavior.

regards

Bernd Kuerbs

Bitstream · Jan 21, 2006

Quote from domen74:

Set up a paper trading account at IB. I've been using it lately to get the hang of the platform...and yes, I've bought more instead of closing a position a couple of times already. Left click for buy/sell, right click for setting stops.

[...]

That's very odd, booktrader default configuration doesn't allow for multiple untrasmitted orders.

Are u sure you didn't change the settings?

easyrider · Jan 21, 2006

For about a dollar a day you can use Buttontrader and put these problems behind you. It works with IB flawlessly with any strategy you want and making adjustments after entry is a cinch. It is so easy to make mistakes with Booktrader that I gave up on it.