IB BookTrader Setup

whistler926

Newbie
1 0
I have been an active trader for over 20 years. I am very familiar with both the NinjaTrader and TradeStation charting and order entry platforms. Due to Interactive Broker's attractive trust account arrangements, I am considering opening an account to trade futures with part of my SEP-IRA funds. My trades consist of a very specific order management system trading the Dow Jones Mini contract only (YM). I've viewed the TWS BookTrader webinar video, but I am not yet sure that it is capable of fulfilling my needs. I was hoping that I could enlist some specific instructions from those more knowledgeable in how (and if) I could set up the following:

The method that I use initiates a buy or sell trade with 3 contracts (either a buy stop limit above market or sell stop limit below market). Once filled, the trade management system must automatically place a protective stop for all three contracts at 20 points away from entry, and profit target stops at 6, 12, and 24 points (ticks). Once the 12 point profit is reached (and the second contract liquidated), the stop on the 3rd contract must be brought to breakeven. If market conditions warrant, I require the manual manipulation of these stops on the fly.

Is this sort of automatic trade management possible with the IB TWS? If so, I would very much appreciate specific instructions.

Thank you in advance.
 
 
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