IB order

thetrendfollowe · Sep 8, 2009

Hi,

Just a couple of questions regarding IB and its orders.

1/ Is there anyway I could set up a limit order and then set a type of exit order (trailing stop loss, market-on-close, etc) to become active once the limit order triggers ?

2/ Also, do I have to have sufficient funds to be able to fill every order that I put through, even if they don't execute?

Thanks.

Nizar.

Chriz · Sep 8, 2009

You can attach orders that become active once your limit order is filled.

http://www.interactivebrokers.com/en/software/tws/usersguidebook/ordertypes/bracket.htm

thetrendfollowe · Sep 8, 2009

Quote from Chriz:

You can attach orders that become active once your limit order is filled.

http://www.interactivebrokers.com/en/software/tws/usersguidebook/ordertypes/bracket.htm

Thanks for that brother.

Any idea on my second question?

Hurricane · Sep 9, 2009

The answer to your second question should be no as IB uses real time monitoring of your equity. But best to check with them.

thetrendfollowe · Sep 9, 2009

Hurricane,

Yes I've heard feedback from another trader that also said No, and that margin required is only calculated on trades that are executed.

Does anybody here know if you can run bracket orders (and other fancy order types) on IB's paperTrader ?

total_keops · Sep 9, 2009

Quote from thetrendfollowe:

Hurricane,

Yes I've heard feedback from another trader that also said No, and that margin required is only calculated on trades that are executed.

Does anybody here know if you can run bracket orders (and other fancy order types) on IB's paperTrader ?

Yes, you can run brackets on paper.
There is a limit to the number of trades you can put based on your capital. About 50k per thousand in cash from my experience.

thetrendfollowe · Sep 9, 2009

Cheers brother, much appreciate your responses.

thetrendfollowe · Sep 9, 2009

So it seems the PaperTrader can do everything that the normal one can?

Bracket orders, limit-on-open orders, market-on-close, auto trailing stop, etc, etc.

Thats great.

thetrendfollowe · Sep 15, 2009

Is there anyway to "reset" the papertrader and start with US$1mil again?

Not to start again if you have losses LOL but more so If you want to simulate withdrawing money/profits out of the account periodically (at the end of the each month, for example).

Thanks.

JackR · Sep 15, 2009

Here are the Paper Trading Account reset instructions -

Account Configuration/Paper Trading Account Reset

All customers will start with USD 1,000,000 of paper trading Equity with Loan Value, and this equity will fluctuate in the same manner as production accounts.

You may reset this amount at any time by selecting an amount below and clicking Continue.

Select the reset amount for your paper account and click Continue:

Other Amount: USD . You select in a pull down window

Please note:

Only the cash amount will be reset. For a full reset, you should close all positions in the paper account before resetting the cash amount.

The reset will apply to both the master and associated client/sub paper trading accounts.

Paper account reset requests received by 1600 ET will be processed by the next day.

I've never tried setting it for less as I normally lose money trying a new system. If the system is a winner I just leave the money wherever it happens to be. However, the instructions seem to indicate you can reset down. If you really want to know PM me and I'll give it a try. I'll need to request the reset before 1600 ET to get the reset that night.

Jack