Interactive Broker & Bracket Trader

Discussion in 'Trading Software' started by SWhiting, Oct 14, 2008.

  1. This message is for new traders, (or old ones) who are having trouble with their trading and use Interactive Brokers.

    I recently started using a software called Bracket Trader to make my trades. It has made a world of difference for me. Specifically,

    1. It enters your order to Buy or Sell (at market for me) and also enters orders for your Stop Loss and Target order with the click of a single button. There are other more complex strategies available.

    2. Since the Stops are getting entered at the time of order entry, it has caused me to SLOW DOWN and THINK before placing the orders.

    3. Since the Profit Target order is also entered at original order entry time, it helps tremendously in KEEPING in a trade longer than my normal tolerance would allow.

    My major problems have been the same as what many people experience: staying in too long on bad trades and getting out too early on good trades. This software has helped overcome those problems. It is very intuitive: I've never read the Help manual but easily figured out how to use it.

    Also, you can use it to trade in Simulation mode. You can check this out at:
  2. If you have a real account at IB you can request a simulated account from IB. You can then connect Bracket Trader in real mode to test trading with the simulated account from IB.
  3. Correct, Sam. My original post assumed that you had an IB account.

    Before discovering Bracket Trader, I had been entering my orders using the IB platform. In other words, I would transmit the sell/buy order and then watch the market to enter the offsetting order. Often I would hope/pray (& I'm an atheist) that the market would move in my direction. Losses ran wild; profits came slow.