Is there anyone here worked in prop firm before, and using IB now!? I would like to know how IB compare to prop firms' platform. Can you trade by using Level 2, like putting bid and offer through ECN, changing size and price quickly with hot key. I got confuse trying to test it with IB's demo, all I can see is a spreadsheet. Please help me on this.
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IB order entry
- Thread starter vvtrader
- Start date
Quote from lolo24ca:
I don't know about other IB users..but i use A front end software for my trding (ZEROLINE TRADER)...check it out there's also Ninja trader...this is until IB comes out with their owne DOM
I'm seeing the acronym "DOM" a lot these days. Pardon my ignorance, but what does it stand for?
Many thanks in advance for your help here.
skepticaltrader
Guest
Quote from cwb1014:
I'm seeing the acronym "DOM" a lot these days. Pardon my ignorance, but what does it stand for?
Many thanks in advance for your help here.
A "DOM" is a highly intuitive and extremely efficient interface used to place orders, manage positions, and position strategies.
I think the DOM means "Direct Order Management", but I could be wrong.
how about "prop"? what's a "prop" firm? (sorry for the newbie question)
Proprietary trading comes in many forms: There is another alternative to retail trading and that's known as "proprietary trading." This phrase was originally created when larger Wall Street (full service) brokerage firms and other financial institutions employed traders to trade the firm's capital.
But don't confuse this type of (true) employee prop trading with the general proprietary trading industry which evolved from the day trading firms of the 1990s. Most prop traders you know that are members of or work at a "proprietary trading firm" are asked to risk their own capital in front of the firm's capital. They are not employees with a job on Wall Street!
These types of proprietary traders are very much like retail traders because they are (in reality) risking their own money. The big difference is that these prop traders have access to much greater leverage than retail traders; who have 4 to 1 leverage or margin under the pattern day trader rules, and 2 to 1 otherwise. Proprietary traders often get 10 or 20 to 1 leverage because a proprietary trading firm may allocate money to traders within a firm however it likes. The firm itself is limited to 6 to 1 leverage overall.
But don't confuse this type of (true) employee prop trading with the general proprietary trading industry which evolved from the day trading firms of the 1990s. Most prop traders you know that are members of or work at a "proprietary trading firm" are asked to risk their own capital in front of the firm's capital. They are not employees with a job on Wall Street!
These types of proprietary traders are very much like retail traders because they are (in reality) risking their own money. The big difference is that these prop traders have access to much greater leverage than retail traders; who have 4 to 1 leverage or margin under the pattern day trader rules, and 2 to 1 otherwise. Proprietary traders often get 10 or 20 to 1 leverage because a proprietary trading firm may allocate money to traders within a firm however it likes. The firm itself is limited to 6 to 1 leverage overall.