I am looking for someone who has got their head around the IB's complicated trading software- I am vey computer literate but it would be a real time saver to sit with someone who has some experience and knowledge.
I really want to sit with someone using this system who has experience, so i get to understand the real pro's and con's when
its in use and also to find the best way to set it up
The process of which button to hit is not the real issue for me but I find it a big help to sit with an experienced user in these situations and it nearly always saves me from making some terrible mistake.
Yes I do use IB, and I trade US futures. So I have TWS (IB's Trader Work Station trading platform) set up with one ticker entry (ES), and I changed the default entry from limit to market, and the number of contracts I need.
It really is a doddle to set up, and if women can do it, so I'm sure you can too :cheesy:
Oh dear, looks like I've been outed! :cheesy: Yes, I'm female, I trade full-time, and ES treats me well.
Thanks be-positive (mwah!); in my posts I try and tell it 'as it is', even if that upsets a few namby-pambys who want to hear that trading is as easy as taking sweets from a child. But I have no axe to grind (yes, really), and nothing to gain, and if I can give back some of the things I have had to learn the hard way over the years, then that just puts an even bigger smile on my face!
rglenn - trading IS a piece of cake; you just press the buy button, and then press the sell button :cheesy:
Buddha - are you trading ES? If so, just get the ES symbol on a trading line (type ES under Underlying), then Future, June (USD), 2003 (USD), and then File, Save Settings. This will keep ES on a line in the trading platform.
Configure, Order, Order Defaults will get you to where you change the default entry (ie, whether you want limit, market, order size, etc).
Page, Layout will get you to where you change the columns listed in your market data row, change the colours of everything, etc. This is also where you can reduce the size of the trading platform by unchecking Show Window under Rapid Order Entry - that is personal preference though.
View, Executions, will show you all your trades (or click the Trades icon). View, Account shows you how much you have gained or lost, the margin requirement, etc.
It really is a piece of cake - just two clicks and you're in a trade, another two clicks and you're out of a trade. When you are filled (takes about one or two seconds on ES) you will hear a ping sound. Of course, if you are using the speakers for anything else you won't hear the ping!
Just try this all out on the Demo - you can play all day and do no damage. Just wait until your account is opened, then you can do as much damage as you want to! :cheesy:
Have been trading part time for the past year and
been through the 'shake out the 90%' tunnel but
have spent a ton of screen time and read more books
than a packing supervisor at amazon.
Am now real happy with my consistent risk orientated
system that is delivering the goodies ( about bloody
time ) and now I am only moments away from having
the cash to shop at George ( in ASDA that is).
Well is 2.30 the old shermans will be up and about
Very interested to hear from an experienced es AND IB user/trader. I have recently started on IB trading es as well as nq & ym. I amsure it is somewhere on the site but was wondering what charting pack you use. I use esignal which I think is vg indeed, recognising there are cheaper ways to do it as well.
Have you spoke elsewhere re your set up and time horizon settings for your es trading? That would be very useful to many I am sure. fwiw I use 1, 3 & 5 min charts with standard stochastics to show broad extremes but mainly using support/resistance lines looking for ones and twos here and there. Now & again, i am in the right place at right time, like yesterday's sharp am move, and bobs your uncle! Nice when it works well isn't it??
You're a busy boy, trading ES, NQ and YM! Only ES for me, but then I do know it exceedingly well indeed. The US indices tend to move together (if you get a non-confluence then you know you're in for some whiplash ... or even whipsaw, but you know what I mean).
I use Qcharts, mainly because they're such pretty charts. To me, that's important because I just use price bars and volume bars on 5 and 10 min charts - nothing else. So if I'm looking at bars all day, they might as well be pretty ones!
I also use Sierra for a back-up, although if the feed goes down I'm OK at tape reading, so I'm happy to use bid and ask prices on TWS until the data feed is restored. I play horizontal support and resistance areas and patterns.
Most of my trades are for one to three points, but a good set-up lets me sit back and relax while waiting for the trade to complete. As an example, I went long ES at 964.75 at 14:05 EST on Tuesday (against previous support and a double bottom, so if it went wrong my risk was tiny) and closed out at 971.75 at 16:03 EST as it was nearly the end of the day, for 7 points ($350 per contract). So a good setup and you sit back and wait for the end of a trend run (which can be tedious), otherwise grab 'em when you can!
The sharp Wednesday a.m. move you described was just the continuation from the double bottom on Tuesday, with a pullback at Wednesday open (wave 2), then up wave 3, the triangle/flag was a messy wave 4, so that meant wave 5 would take us up into the close. So today I would expect to see the ABC waves, so down into US lunchtime (wave a), then a flag or retracement over lunch (wave b), and then down into the close (wave c) - but I trade what I see and keep an open mind as the market leads and I just follow in her footsteps.