TP said, on the IB conference call, IB risknavigator would cost you $500,000 a year from a third party.
So i see that its possible to set a daily loss limit with ButtonTrader which is nice. Two questions- 1. Is it possible to set up ButtonTrader to have your buying power decrease if you are down X amount. So for example if I dont want to get completely shut out of my account but would like to have my Buying Power significantly decreased could I do this? 2. Is it possible to not allow you trade over a certain amount of shares or contracts of something if you are down some predefined amount. For example if have the BP to trade 10 contracts of the ES, but I am down X amount and know I shouldnt be trading big, is there a way I can set up ButtonTrader to keep me from trading more than 2 or 3 contracts once I am down that X amount? Thanks
Decreasing the allowed number of contracts is done dynamicly depending on the current-Loss..You can not set it, but if you want to know the decreasing formula, then download from the Website: the "Reference Guide" and read chapter 5.5
"you can trade stocks with buttontrader as well as futures.......i don't know how any IB user that trades frequently can trade without buttontrader" except many of the features you claim are exclusive to buttontrader ARE available and easily programmable through IB w/o buttontrader (or any of its clones/similar programs) "an example: IB: click on ask to buy click on price to adjust bid to where you want it to be click on bid to set price target click price to adjust price target to where you want it to be click on bid to set stop loss click on price to adjust stop loss to where you want it to be then lots of more clicking to adjust orders with buttontrader i just click on where i want to buy and BT automatically sets up bracket orders for profit target and stop loss based on my predefined criteria..........its super easy and has a very intuitive visual interface.........which reduces stress it also makes it very easy to manage risk which also reduces stress." that's groovy. except if you spend about 15 minutes, you can program hotkeys/buttons etc. in booktrader (free with IB) . i always trade futes with a DOM (i've used several and have stuck with IB's) simply, you can set auto bracket orders with booktrader. and once the bracket is set, you can move target or stop by dragging. many other programs (like bracket trader) offer more bells and whistles (like automoving stops at different targets etc.) but you are either ignorant or lying if you think IB does not have the bracket and other features in their DOM for pete's sake
i am trying to configure book trader to enter OCO so that we have stops and targets. No luck yet could not find it yet. if i cant find it this weekend will have to use bracket trader or buton trader..even ninja will do the job but charge 50 bucks per month
omg! it's not that frigging difficult. if you can't figure it out on your own, go to IB and see if one of their educational videos covers it.
On the other hand, losing big can cause traders to fear entering trades, which would reduce commission revenue. A winning trader is a confident trader, unafraid to pull the trigger, thereby generating commish for the broker. So it's in the best interest of both the trader and the broker for the trader to stay in the game as long as possible.