Is anybody out there an expert with TWS' BookTrader?

Discussion in 'Order Execution' started by tortoise, Jun 6, 2008.

  1. tortoise


    If so, can you tell me if there is a way to enter a bracket order directly on the price DOM (as opposed to clicking the BUY or SELL button). I see one can enter an entry by clicking on the price ladder, but I'm wondering if it's possible to enter an OCO stop and target at the same time, as with Button Trader, Bracket Trader, etc. Haven't been able to locate the answer on the IB help menu, so thanks, in advance, for anyone's assistance
  2. Spunky


    Why not just use Button Trader, Bracket Trader, etc?
  3. tortoise


    Well, I have and do. At the same time, I think it's good trader "hygiene" to know how to use your broker's front-end, just in case somethng goes haywire with the third-party app.
  4. There should already be a hotkey setup for bracket orders. On my machine it is "right click" on the bid/ask. Look under configuration for the booktrader and see if you have a hotkey already set up which will allow you to click within the DOM.
  5. DonKee


    your hot keys are set up (I think) for a bracket order when clicking with the alt key pressed.

    i changed mine, so that i have the bracket orders on the left click of the mouse only (no need to press alt key).

    it's a breeze. the draw backs vs bracket trader are

    1) no trails

    2) no b/e moving of stops

    3) targets and stops are the same amount of ticks

    however, i found bt to freeze quite often, so i just use the ib dom

    it was pretty crazy this a m. i was getting filled on entry and exits within seconds on my er2 orders lol
  6. tortoise


    Thanks for your response. As it turns out, however, BookTrader does all these things (including fully adjustable stops/targets). The IB customer service person (who was, much to my astonishment, amazingly patient and helpful) walked me through all the necessary set-up. Has I.B. upgraded BookTrader or something? Just wondering, 'cuz this thing rocks. I'm not sure why I would want to introduce a third-part app into the equation when BookTrader seems so solid. Am I missing something here? Honestly, I'm amazed...and confounded.
  7. DonKee


    Are you saying that book trader will allow you to ie:

    1) Trade a 3 lot and have different targets on each lot and move the stop after each target is hit without entering 3 different bracket trades?

    2) Auto move the stop to break-even after a certain profit point is hit?

    I think book trader has a lot of potential and I do use it, however, after watching the video tutorial on it, I could not determine if the above two options were available.

    Thanks in advance for any comments or help.
  8. client#9


    I heard it will not only do this, but it will go to the refrigerator and get you a beer and even open it, if you ask nicely.

  9. Put in 3 different bracket orders at the same price for this. 3 trades. Just adjust limit side on each as soon as you place order.

    As far as I know, no auto movement of stops to BE, but its simple as hell to move them there yourself. just drag em.

    Unless you are an equity trader that has numerous positions open at the same time, why is this a problem? I never have more than three positions going, so its easy as hell for me to move the stops/limits manually. keeps me more in tune with what is going on as well.
  10. Beebers


    It took me a while to figure Booktrader out, and a few bad executions, but I (an intraday futures trader) have absolutely no need for any other front end. Just spend some time setting up the default for the various securities traded. The video tutorial on IB helps a little too, but it really was my own experimentation which did the trick. BT is very, very solid.
    #10     Jun 20, 2008