IB TWS Order (TradeStation Strategy)

Discussion in 'Retail Brokers' started by FXTRADER40, Jan 7, 2008.

  1. I am trying to create a conditional order (trailing stop) in TWS. The trouble is that the order is based on a strategy that I have created in TradeStation charting, and I am having trouble implementing it in TWS for real live trading. In TradeStation, the order/command is called a SetPercentTrailing, and takes 2 parameters: FloorAmount, %Loss. It allows one to set a trailing stop on ALL open positions. The FloorAmount is the $ amount for ALL open positions that will activate the trailing stop. The %Loss is also based on the amount for ALL open postions, and is the trigger for closing ALL open positions once the FloorAmount has been touched. Here is an example of what I want to do:
    Day 1: Short FX GBPUSD 100K at 2.0000
    Day 2: Short FX GBPUSD 100K at 2.0100
    Now I want to set a trailing stop for ALL open postions (200K) with the following characteristics (defined using TradeStation terms above): Set FloorAmount = $1000. This means that the trailing stop does not even get activated until the aggregate of ALL open postions becomes $1000 profitable. Set %Loss at 10%. This means that AFTER the FloorAmount is touched, that the the aggregate of ALL open postions will be closed if it looses 10% of its value based on the highest market price hit after the FloorAmount is touched (this is the trailing stop).

    So the question is how do I implement this in TWS? I took a look at "Trailing Stop Limit Orders" and "Conditional Orders", but was not able to figure out how to do this. Any insights would be greatly appreciated.
     
  2. It's best to have some software work that out for you and have it submit the order to TWS.

    Multicharts is a perfect choice as it is TradeStation for the rest of us... Without the Cumbersome Tradestation account.. I believe they have SetPercent Trailing worked out at this point...
     
  3. hit the IB website for past seminars, specifically on Order Types. Should answer your question in about an hour/90 minutes or so. PLUS you get a neato printout to study.