IB Book Trader Question

Discussion in 'Trading Software' started by toudeppots, Jan 27, 2006.

  1. I opened a simulated account at IB after I kept making numerous entry and exit errors trading for real money.

    I'm sill making errors paper trading.

    Two questions:

    1. When you enter a bracket trade using book trader, and then you get hit, you now have two sell orders in place--one to take profits and one for a stop loss.

    Is there any way you can change the parameters of these two outstanding orders? I've tried everything, and I've read everything. I know you can change the default before you iniatiate the trade, but I want to be able to raise my stop or lower my profit goal, etc., after the trade is working.

    For example:

    I enter a long bracket trade on the ES at 1280 with a six tick bracket. My long entry gets hit and now I have my stops in place--6 ticks above and 6 ticks below. But let's say I want to raise my profit stop to 10 ticks and leave the 6 tick stop loss in place. I can't figure out how to do that without either closing out the trade, making another trade, or causing all sorts of weird things to happen.

    2. When I make a bracket trade these seemingly random numbers pop up next to the trade. It's always an even number like 32, 68, 16 etc. I have no idea what this refers to, because I'm trading 6 lots per trade.

  2. lwlee


    1. Book trader has the open orders listed at the top. You can modify the fields and then transmit. Be careful. The 2 orders are linked and cancelling one will cancel the other. I thought it would be faster to right-click a new stop order and then cancel the old stop. Had to re-input a new limit order.

    2. The number refers I think to other orders placed at the price. Not sure.

    I have to say, Book trader is really the only way to trade in IB. Tried trading through the main screen in a fast market and was constantly behind and fumbling something.