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> (2) Yes, I will get confirmation after each order. I will need to email
IB
> (or do you know any other place) if they will allow papertrading, and
still
> send confirmation, and true accounting of portfolio so that I know if I
can
> proceed with real money? I intend to papertrade until my account is in
the
> positive.
IB does NOT allow papertrading. IB does provide a demo account (username
edemo, password demouser), which keeps playing some prerecorded data -
absolutely useless in my opinion. It's provided primarily for API developers
to test their code. As long as your account is funded, you would get
realtime data for atleast 40 tickers at any given point of time. If you
don't do any trading, your only cost would be $10 per month in data fees. If
you do atleast $30 in commisions (as little as 7 r/t emini takes care of
that), even that $10 fee is waived.
You can use TS with hypertrader.it's tools to chart the data provided by IB,
or use something like sierrachart.com for charting with IB data.
Try bracket-trader.com. It is free for upto a lot size of 5. And, it has a
very realistic simulation mode. You would be receiving realtime data in
bracket-trader, and charting and be placing your orders, which would be
"simulation" filled. No need to use real money. Highly recommended. Actually
there are many bracket-trader like front ends for TWS, but BT is as good as
any. It's got all that you really need and nothing you don't.
> (3) I heard OCA, Bracket orders, don't know how they work, but is it
always
> better to hold Stop Loss and Profit Target in 2 separate orders so that I
> have BETTER control of which to cancel?
If you have a OCA order, you always want to cancel one when the other gets
hit, don't you? Not sure I understand your question. Let's take an example,
using BT.
Market's moving up, and you have a buy stop order at 1100 in ES, with 2 lot.
Your stop is 3 points, and have profit target at 5pt. for one and 10pt for
the last. As soon as you are filled at 1100, BT would place OCA orders for
1097 sell stop for 2, and limit sell at 1105 & 1110. If your stop gets hit,
the limit orders at 1105 & 1110 would be automatically cancelled. If price
reaches 1105 instead, one would be sold at 1105, the limit order at 1110
would remain alive and your stop order would remain at 1097, but only with
one contract. Greatly reduces "operator error". And you can do trailing
stops & many other stuff. All these can be saved as "strategies" (not to be
confused with TS like strategies).
Also, when you are trading with real money, all you need to do is switch to
"real" mode, and keep doing whatever you have been doing that got you
profitable to begin with. Also, (and this is important) since IB natively
support Bracket orders, it provides a lot of safety to you. Your orders
would be live even if you lose internet connectivity. Even if you have no
information about the market, and have a position on, you would either get
stopped out, or reach or profit target, or the market pretty much goes
nowhere.
If you read IB's documentation, you would notice that OCA orders are not
always guaranteed to work the way they are supposed to. In fast market, you
might be filled on all the legs.
> (4) You are VERY right. I have NO good reason to pick BUY 1090 Limit and
> even though the trade works out today, I think I should work on exits. I
> will go into this archive to hear some of the pro's opinion on CLOSING
> positions. Perhaps we will hear more back from this lists as to what and
> how they determine 'closing positions'?
Best is to play with real time scenarios, IMNSHO, with a simulation platform
like BT.
Abhijit
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