New to IB and eSignal - need help

wdbaker · Nov 25, 2002

All,
I have opened an account with IB and Esignal, I have looked them over and feel overwhelmed. Do I need something like the autotrader or bracket trader applications or maybe one of those Aphexcoil things to keep me from screwing up to bad until I understand everything, what is the best and simplest way to start from scratch. Yes I know how to trade, just not familiar with using these particular vendors. In the past I did not daytrade and used brokers and datek.

If you were sitting next to me and going to get me setup for my first trade, what would you have me do.

Yes I know that I need to practice with the software but it won't help me if I am practicing the wrong things or taking the long way around, would like to get this somewhat right the first time.

Thanks for you help and patience my ET family
wdbaker

Corallus · Nov 25, 2002

Quote from wdbaker:

All,
I have opened an account with IB and Esignal, I have looked them over and feel overwhelmed. Do I need something like the autotrader or bracket trader applications...

I trade with IB and I have used both the Autotrader and Bracket Trader applications. Both are very good. What these programs do is to send out both stoploss and target orders as soon as you enter into a position. I prefer the Bracket Trader app b/c it has more features. However, it is a work in progress so you have to check for updates if you want the latest features. It is very convenient when you are first getting used to IB because it allows you to enter orders with a click of the mouse and it automates the process of entering stops and target orders. If you are a day trader, you'll find either one of these programs very useful. Just be aware that they were designed for intraday trading, not swing trading or any kind of trading that involves holding overnight.

Corallus · Nov 25, 2002

I should also add that they are not designed for managing multiple positions, at least not yet.

qdz · Nov 25, 2002

I shall also add that the programs must take no consideration on PDT rules. I wish there will be a feature in future to schedule day trades. Thanks.

wdbaker · Nov 25, 2002

Quote from Corallus:

I trade with IB and I have used both the Autotrader and Bracket Trader applications. Both are very good. What these programs do is to send out both stoploss and target orders as soon as you enter into a position. I prefer the Bracket Trader app b/c it has more features. However, it is a work in progress so you have to check for updates if you want the latest features. It is very convenient when you are first getting used to IB because it allows you to enter orders with a click of the mouse and it automates the process of entering stops and target orders. If you are a day trader, you'll find either one of these programs very useful. Just be aware that they were designed for intraday trading, not swing trading or any kind of trading that involves holding overnight.

Thanks Corallus,
This is exactly the type of insightful information that I was looking for.

Any other Ideas would be gratefully appreciated

wdbaker

Doogie Hoser · Nov 25, 2002

Quote from wdbaker:

Thanks Corallus,
This is exactly the type of insightful information that I was looking for. Any other Ideas would be gratefully appreciated

wdbaker

with all due respect, none of this makes any diff if you dont know how to trade. welcome to the jungle baby... and YOU are the lunch

wdbaker · Nov 25, 2002

Quote from Doogie Hoser:

with all due respect, none of this makes any diff if you dont know how to trade. welcome to the jungle baby... and YOU are the lunch

Great, did I say anywhere that I don't know how to trade Doogie??
Put down the crack pipe and get off your mothers computer.

Thanks for your input

wdbaker

TKOtrader · Nov 25, 2002

Quote from wdbaker:

Great, did I say anywhere that I don't know how to trade Doogie??
Put down the crack pipe and get off your mothers computer.

Thanks for your input
wdbaker

LOL LOL LOL LOL

BCE · Nov 25, 2002

Also wd, you can learn a lot more about the great new advanced charts in eSignal, which they just did a massive upgrade of at http://esignal.com/esignal/features/default.asp
They're full of new indicators and are very useful in your trading but it will take you some time to make full use of them as it will the rest of the program. To me, eSignal is one of the biggest bargains out there for traders. Good luck.

PS You can also talk to other eSignal users here http://www.esignalcentral.com/ Seems like they copied their forums from the ET forums.

wally_ · Nov 25, 2002

Quote from Corallus:

I trade with IB and I have used both the Autotrader and Bracket Trader applications. Both are very good. What these programs do is to send out both stoploss and target orders as soon as you enter into a position. I prefer the Bracket Trader app b/c it has more features.

Be careful with both. I have used them too and must say that I have lost about $500 because of that. Be careful, they do not always work as they should. Autotrader is faster, but its interface is not that user friendly. For instance, you need to switch from 'buy' to 'sell' by clicking a radio button instead of simply clicking separate 'sell' or 'buy' buttons as is the case in Bracket Trader. If you forget to do that, you are a toast. Get familar with IB TWS so that you can correct your input errors fast when these apps fail to work correctly. Always watch IB TWS upon entering your orders, never trust them.