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Dhat

IB Trader Workstation Day Trading Setup

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Guys,

I have been practising in DAS Trader Pro (paper trading) for over 6 months. I am now confident enough to start using real money, but my margins are small, so $150 per month would put a bit of a dent into my earnings. I have setup IB Trader Workstation to be almost identical to my DAS Trader Pro setup. I just have a few questions:

  1. Has anyone/is anyone currently using the platform and have any tips on the pros/cons of it?
  2. Can you setup the charts to have the daily open and close prices (same as DAS Trader)?
  3. I've transferred money, more than enough to cover my level 2 subscription costs, but the subscription hasn't been activated yet...not sure why?

Any info is much appreciated.

Trading Setup.png

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Hi Dhat,

1. Yes, some people here are using it, including me.

Pros: platform independent - can run on a MAC OS, or Linux. Cheap. Quite configurable.
Cons: heavy on computer memory, little bit slower, takes time to configure

TIPS: there is problem with java 1.8.0_159 which comes budnled with the app so it is better to replace it with some other version as the app becomes very slow and unusable. Or use older version of the app which has bundled older version of Java. There used to be problem with the older versions which could not draw the VWAP correctly. The current one seems to be working well.

2. i do not know how DAS trader is showing the charts but IBW shows previous days close price on the charts if you set it up. The daily range i watch on a different window.

3. I had to purchase the subscription on a separate My account web page (not in the IBW app)

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Hi Dhat,

I have also used TWS and will trade from it.  I have a super beefy computer so I have not ever run into slow platform issues.  I have also never configured any hot key entries but I think you can do it. My primary dislike with TWS is that I just don't like the charting.  I don't like that you cannot see different shades between pre-market and regular trading.  I find the scaling clunky and just find making separate windows a pain.  I also don't like their drawing tools.  All of these things could be overcome I am sure.  As Peter mentioned above, they used to not have VWAP that was intraday which is what drove me from the platform but that does seem to be fixed now.

One pro is that the symbol linking with Trade-Ideas always worked well for me where ThinkOrSwim would always break.  If you are trading larger time frames, I think the order entry is just fine but a lot of people in the community seem to trade a little quicker than I currently do (or am able to) so they might need the faster execution of a platform like DAS or maybe multicharts. 

Lastly, I also had a little trouble getting data turned on and found that you could not do it through the app but have to go and log into the website.  So Peter's last point seems spot on to me.  I always feel Interactive Brokers takes pride in trying to confuse me 🙂

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Thanks Pete and Brian,

Peter, I am not sure how you got the previous day close and open to show on your charts, any pointers on that?

This will be my first week using the IB TWS system, will let you all know how I get on and how it compares to DAS.

My immediate thoughts are DAS was very intuitive/light weight.

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in chart parameters on the very first screen check "Prior Close" to have the previous day close. Previous day Open is not there. You can easily add it as a horizontal line into any chart. I can see the perivous day closes on your screenshot on 2 places so it should not be a problem for you.

Keyboard shortcuts work fine.

Edited by pbenci

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yesterday this trading platform let me down

i did a trade and it has not counted it, like it did not happen. I can see it on the graph and in the trading log but no P&L.

Has anybody got any experience with reporting this at IB? I sent them mail of course and waiting for an answer.

 

Screen Shot 2018-08-25 at 8.52.20 AM.png

Screen Shot 2018-08-25 at 8.51.56 AM.png

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I've just signed up with IB, and scared when I read your comments on how tedious it is to set up TWS. In DAS, Andrew gives us the default and hotkey files that he uses.

Can I please ask the experienced users of TWS to post here or email me their TWS default and hotkey files? It would undoubtedly save me from many mistakes and lots of time.

My email is vle.levan@yahoo.com. Thank you for your help.

Virginia

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i do not know abot any tedious setup, you just go to Global Configuration - Hotkeys and there you setup whatever you want. There are no hotkey files as you expect them, there is only whole configuration or chart configurations.

i use the function keys on my keyboard with a sticker above them.

Do not expect that somebody will do the config for you, you need to find what is suitable for you.

Screen Shot 2018-09-09 at 9.10.43 AM.png

2018-09-09 09.11.14.jpg

Screen Shot 2018-09-09 at 9.12.40 AM.png

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@pbenci how did you set up the "close portion of positions" hot key?  I have haven't been able to figure that one out.  I asked support and they said it couldn't be done, but obviously, you did it, so they probably didn't understand my question.

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that is right

it can not be done

this is closing 50% of all portfolio (green) so not usefull for daytrading.

but i did not know that when i was printing the sticker so i kept it there 🙂

  • Thanks 1

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The only way I know to close partial positions is by using this function called "Reverse Position". You have no way of setting it as a specific type of order (market, limit, etc), so I'm not really sure what it uses. But you are able to set a specific percentage of position that you want to close. For example;

50 - close all

25 - close 50%

12.5 - close 25%

Yes I have no idea why, but it works like that. Try and see if it differs from mine.

Perhaps there is a better way to do this?

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To sidetrack, does anyone know if it's possible to use a shortcut key to mark horizontal trend line in IB?

I find it really troublesome to have to click select the function every single time I have to draw a line.

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that is not possible. how would you do that if there were 2 lines near? sometimes if i can not select a horizontal line in one chart i do it in the other. If you use more than 1 chart for the same stock...

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Will S, thanks for the hotkey tip about using the "Reverse Position" button to scale out.  It works great.  I've wondered the same thing about adding horizontal trend lines on TWS charts.  I click the "Edit Chart" icon in the chart, and then select "Add Horizontal Trendline".  It take 2 clicks for me. Three clicks if you count placing the actual horizontal line.  I haven't found a Hotbutton or Keyboard short cut for it either.

Does anyone know why some buttons are greyed out when in a position?  For example, "Close Position" will be inactive for some of my open positions.  Other times it works just fine.

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I think it is because you have no ticker selected or have selected a ticker without having an open position on that ticker. Anyway a screenshot would help 🙂

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