Interactive Brokers TWS Hotkey and Chart trader Button Setup Questions

Midnitewolf

Newbie
1 0
Hi All,

I am very new to day trading but trying to make a go of it to replace my job that I lost to COVID and am need of some help and advice. I have just transitioned from TD Ameritrade to Interactive Broker to try to make a go of it on a superior platform for day trading. Right now I am trying to finalize my Hotkey/Chart Trader Button Layouts to do a few things that I think you should be able to do but can't figure out if you can with TWS or not so I have a few questions if anyone can help.

1) Is there a way to set up hot key that will let me scale out of a open position, i.e. sell 25% of 50% of a position (I think the answer is no for Interactive Brokers but want to confirm.)?

2) Is there a way to set up the default order entry to select the current bid/ask price when you select a limit order? What I am looking to do is reduce the steps buy/sell pre-market and have my limit orders automatically buy at Ask +offset and Sell at Bid + Offset to kind of mimic a market order. For example, set the limit order and the quantity and just click the buy or sell button and have it automatically buy or sell at Ask/Bid + an offset to allow for slippage. ( I have seen an example of this being a setting in DAS or some other trading platform but can't find this option in Interactive Broker so trying to confirm if doing something like this even exists in TWS).

3) Just a General question but is there a setting that will cancel all other open orders after I close a position? For example, Currently, I am buying with a limit order hotkey that automatically places a stop loss order however, when lets say, the stock has run up a bit and I have sold off my position, the stop loss order still remains active and I have to manually cancel it. I am trying to figure out if there is a way to get around the having to manually cancel the order. (I think the answer is no or at least not without using OCO type orders but trying to confirm this.)

4) Would I just be better off biting the bullet and spending the $150 a month for DAS Trader to get all the features I want? (Keep in mind I am learning to day trade and expect to take some losses so more expenses in addition to Trade Ideas, Data Subs and Commission mean less monetary reserves to learn to trade with, i.e. can I make do with TWS until I start making a profit or am I shooting myself in the foot by not getting the best tools for the job despite the cost?)

Thanks in advance all.
 

ironjaw

Member
57 9
I'm not with IB, but you should first try to contact customer support, second try to see if they have a dedicated support forum. Also regards No.1 I think I read somewhere that you can programme your Steelseries keyboard keys to close all orders with IB. But honestly, YouTube and IB forums are best for your questions. I know that you can code with IB, but other than that I've nothing but the best about DAS Trader
 

Dailkree

Junior member
22 1
Starting something new is always difficult and I want you not to worry and not to rush things, this business has its own laws and features, and you definitely need time to deal with it. But if you're really interested in making it a long-term prospect for you and you're ready to work for real, then you'll succeed and you'll achieve your goals. The most important thing in this situation is to take your time and find the strategies that will attract you or will seem to you the most understandable. And then you will be able to test them on a demo to understand when you can use them most effectively. And print out at least the original statistics. And after that, you will feel more free and will be able to make better decisions.
 
 
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