In WebTrader, orders are placed using the Order Management Panel. To open the Order Management Panel, click the blue arrow or the title [Order Management] in the Order Management Panel title bar located at the bottom of any WebTrader page, as shown in Figure 1.

Figure 1: Click the blue arrow to open the Order Management Panel.

The Order Management Panel will appear on the bottom half of the screen, as shown in Figure 2.

Figure 2: The Order Management Panel.

Once the Order Management Panel is open, click the New Order tab, as shown in Figure 3. This is where all of the information will be entered to create the new trade order.

Figure 3: Click the New Order tab to enter a new trade.

Placing an Order
In the New Order tab, make selections and enter information to place a trade order:

  • Select the Asset Type (see Figure 4) by clicking on the appropriate tab (Stock, Option, Futures, Forex, etc.). The fields that will appear will reflect the asset type chosen.
Figure 4: After selecting the New Order tab, select the Asset Type. The fields that appear will be relevant to the asset type selected.

  • Enter a symbol in the Symbol field, and then click the "Go" button, or press the Tab or Enter key on the computer keyboard.

  • Select the Action - Buy or Sell.

  • Enter the Quantity - the number of units, such as shares of stock, for the order.

  • Enter the Limit Price - for Limit orders and Stop Limit orders.

  • Enter the Stop Price - for Stop orders and Stop Limit orders, the Stop Price is the price that must be breached to initiate the order.

  • Select the Order Type from the drop-down menu (see Figure 5) - Limit, Market, Stop, Stop Limit, Limit-on-Close, Market-on-Close, Trailing Stop or Trailing Stop Limit.
SEE: Understanding Order Execution

Figure 5: Select the Order Type from the drop-down menu.

  • Enter the Time In Force (TIF) - Day, Good Till Canceled (GTC), IOC or OPG. A Day order stays in effect until it executes or the trading session ends; a GTC order stays active until it executes or is canceled; an Immediate Or Cancel (IOC) order cancels any part of an order that is not filled immediately; an OPG is used with a Limit order to indicate a Limit-On-Open order, or with a Market order to indicate a Market-on-Open order.

  • Select the Exchange - choose SMART for the best execution.
SEE: The Basics Of Trading A Stock

Additional order preferences can be entered by clicking on the green plus sign (see Figure 6) that appears to the left of the order fields.

Figure 6: Additional order preferences can be entered by clicking the green plus sign to the left of the order fields.

Select the appropriate check box in the pop-up window to choose:

  • Discretionary - Selecting this attribute adds the "Discr Amt" field to the order parameters; enter the discretionary amount in the field.

  • Attach Auto Trailing Stop - Selecting this attribute adds a trailing stop order to the displayed order, as shown in Figure 7. The Action, Limit Price, TIF or Exchange for the trailing stop order can be modified.
Figure 7: Traders can add a trailing stop to an order.

  • Attach Bracket Order - Selecting this attribute adds two orders to the original order parameters to form a bracket order. The Action, Limit Price, TIF and Exchange for the additional orders can be modified.

SEE: The Basics Of A Bid-Ask Spread

Once all of the selections have been made, click "Preview Order," as shown in Figure 8, to review the order.

Figure 8: Click "Preview Order" to confirm the trade parameters.

An Order Preview window will appear (see Figure 9) and will show the amount of the trade, commission and what the total initial and maintenance margin and total Equity with Loan Value will be if the trade is submitted and filled. Click "Submit Order" to place the trade, or "Modify Order" to make changes.

Figure 9: An example of the Preview Order window. From here, select "Submit Order" to place the order, or "Modify Order" to make changes.

Click the Orders tab in the Order Management Panel to view and manage the trade.

Next: How To Place Trades With Interactive Brokers' WebTrader: Market View And Modify An Order »

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