Help managing orders using IB

Discussion in 'Trading Software' started by 4XIS4U, Jul 23, 2008.

  1. 4XIS4U


    Hi, I day trade stocks and trying to figure out what's the best way to manage orders (two targets) using IB.

    I have a max of 3 positions open at one time but using TWS to manage the orders for each position seems very complicated.

    Here's what I'd like to have for each position:

    1 Buy Stop ... once is filled, I'd like

    1-Sell stop at x
    2-Sell limit at x + 1R
    3-Sell limit at x + 2R

    Nothing fancy I believe. If the sell stop (1) is activated I'd like to for 2 and 3 to be cancelled. If #2 is filled #1 and #3 are still open...

    What's the best way to manage this? I thought about the following:

    - using the IB Excel xls
    - using a 3rd party software

    Would appreciate your advice / insights on this.

  2. Bracket Trader supports 1-, 2- and 3-step scaling out strategies, just as you described.
  3. 4XIS4U


    Steve, last time I used BT you needed one window per symbol... is it still true?
  4. Probably. The application consists of one window and you select which symbol to manage with a drop-down box. I'm not sure how long it's been since you've looked at it.

    I use it for trading YM so it's not an issue for me.
  5. 4XIS4U


    I've used BT to trade eminis before and it works great. Just looked at the web site and you need to register if you want to add new symbols... not sure it would be a good fit for trading stocks, probably better suited for people who trade the same symbols all the time. Thanks for the recommendation.

    Anyone out there using the IB Excel DDE?
  6. Have you had a look at the sample Excel spreadsheet file that comes with the API?

    I've modified it in the past for some science experiments and it seemed pretty easy to use. Perfect for non-programmers.
  7. 4XIS4U


    Will give it a try steve - thanks!
  8. 4XIS4U


    Has anyone modified the TWSDDE.xls to allow for multiple targets? Can you please share?