Traders and investors can choose from several trading platforms (introduced in the "Services Offered" section of this tutorial).
Trader Workstation - TWS
IB's Trader Workstation is its most powerful, full -featured platform that supports more than 50 order types and algorithms that traders and investors can use to limit risk, speed execution, gain price improvement, maintain privacy, time the market and simplify the trading process through advanced trading functions. When using TWS, traders can:
- Log in via browser-based version or standalone version
- Add market data to view real-time data (TWS supports direct-access trading for options, futures, forex, stocks, bonds and funds)
- Submit orders, including advanced order types
- Monitor account activity (including real-time balances, margin requirements, buying power and P&L)
- View trades (including daily execution reports)
- Configure features (such as display settings and style, charts and analytics)
- Choose from more than 20 technical indicators including Stochastic and Williams Oscillators and Simple, Exponential and Weighted Moving Averages, and MACD Indicators.
Figure 5: IB\'s Trader Workstation
Source: Interactive Brokers
Advanced tools of the Trader Workstation include:
- Accumulate/Distribute algo - randomized order quantity and submission time intervals to help traders get the best price on large volume orders without being noticed in the market
- BasketTrader - create and trade a basket of individual underlying components as a package
- BookTrader - create, modify and transmit orders for a single contract from within the book price ladder
- ChartTrader - real-time line, bar or candlestick charts, with complete order management capabilities from any intraday chart
- ComboTrader - use named strategy templates or create custom combination orders
- DepthTrader - gauge market liquidity with trading volume away from the inside quote, including TotalQuotes and NYSE Deep Book, which are available by subscription
- FXTrader - real-time streaming quotes, up/down indicators, trading volumes, pending trades, executions, positions, and average price plus P&L for Forex markets
- Option Portfolio - adjust the risk profile by any of the Greek risk dimensions
- OptionTrader - analyze and manage options orders
- ScaleTrader algo - scale large orders into smaller, incrementally priced components based on specified price and size instructions
- SpreadTrader - create and manage complex futures, options and EFP spreads
Personal FinanceDay trading has many advantages and, while we often hear about these perks, it's important to realize that day trading is hard work.
TradingAlgorithmic trading strategies, such as auto hedging, statistical analysis, algorithmic execution, direct market access and high frequency trading, can expose price inconsistencies, which pose ...
TradingAlgorithmic trading makes use of computers to trade on a set of predetermined instructions to generate profits more efficiently than human traders.
InvestingA market order is the most common order used to purchase a financial security.