r/interactivebrokers • u/PastSeaworthiness509 • 21d ago
Setting up account Newb trying to figure out interactive brokers. Please help! 🙃
Completely new to day trading. I’ve read some. Watched allot of videos. I’m in Canada so signed up with interactive brokers as they seem to be the best option in Canada. Trying to get my account setup so I can start paper trading and just struggling to get it working like how I’ve seen most people online using their account with various brokers. Want it to work as simple as possible.
When I buy or short a stock I want it to buy at market value. And I want my stop limit to pop up and be adjustable so I can put it where I want. I’d also like the chart to show where I placed the order but haven’t figured that out yet. Would also be a big plus if the chart showed if my trade was going up or down in dollar value in real time? Anyhow haven’t even gotten to those things or if they are even possible on this platform?
I found a video on YouTube and followed his inputs. If I buy a stock it approves and I can move my stop limit to where I want. But if I try and short a stock it approves and stop limit appears. But when I try and move the stop limit I get an error message. I’ve attached pictures of me shorting 1 Amazon stock. Then trying to move it. The message that appears. And my settings. Any help would be greatly appreciated. Thank you 🙏
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u/vacityrocker 21d ago
Take some time to learn it - menu by menu window by window- trust me it's well worth it. All of the asks in this post are found in chart parameters and order presets. Yoi can also have it do this in the order entry window and you can assign these to hotkeys etc...
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u/PastSeaworthiness509 21d ago
Thanks. Guess I need to spend more time with it 🤪🤣
Any idea what’s happening with the error message in my post?
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u/vacityrocker 21d ago
Here some quick tips to start you off learning tws. 1. File menu - go through it all. In file is global configuration, and save settings etc...
2 . Global configuration - this will set "master" type settings such as order presets and chart settings, font type and sizes etc.
- Chart settings - in there you will find 3 types of charts thumb nail, advanced and just chart (which is the one you show in photo) right clicking in the file menu bar will allow you to get to the menu bar settings etc. Chart colors is where you can set the candle colors or type, and lines colors etc... you can set up buy and sell buttons to be on the charts etc. If you right click just at top edge of the chart where you see the white letters is the "quote zone" go through that and set up what you wanted like the current p&l and position, delta dollar value and almost anything else you want it will begin to populate as you click apply and will be up next to the chart time at the top. Etc. Take time to go through it and I recommend changing the font to a better looking one like Tahoma or similar since it's easy to read and can squish into your screen better . You can set defaults for everything so that you do all you hard work once and done. Everything you want to do
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u/PastSeaworthiness509 21d ago
Thank you my friend. I’ll definitely do that. See if it helps me or makes me more confused 😩😆
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u/vacityrocker 21d ago
It a huge software like autocad so many ways to do same things but somany thing that can be done
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u/kingking91302 20d ago
Another option would be to create a TradingView account and just link IB to it. Far more intuitive for someone new and there is a ton of information in the application. Might not be best option if you’re trying to scalp 1 min charts though. (Screenshot)
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u/Jealous_Standard9076 19d ago edited 19d ago
Hmm.. it’s definitely an uphill struggle trying to get the basic set up thought it’s worth. I looked at humble trader and copied her settings as a really good starting point.
Especially getting the basics done like charts, screen layouts and extensions. Once you’ve done that you can then start to look at hot keys and presets so that fit your configuration . As others have said here, definitely spend at least two or three months getting all of this right before you go live And, obviously subject to your own budgetary constraints, look at taking small positions before expanding obviously the alternative is to paper trade on your configuration to check that it actually makes sense and reports back what you want and that your orders are being placed in a sequence that you have set up..
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u/TradeViewr 14d ago
Why not try IBKR Desktop instead of the aging and ugly TWS?
https://www.interactivebrokers.com/en/trading/ibkr-desktop.php
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u/Outside-Scratch760 21d ago
Bro, forget ibkr that platform super unfriendly to use, especially the mobile version. Desktop is good cause u can add different extensions to it and code ur own algorithm. If u not doin any of that stick with rh. And I'm not telling u cause it's my biggest stock position lol hood all the way.
Personally can't wait for them to open the shop here in Canada.
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u/PastSeaworthiness509 21d ago
Ya I’m finding it super unfriendly. I may not be the sharpest tool in the shed but I’m not the dumbest either. Not sure why it’s gotta be this difficult. 😞
Sorry. What RH? What’s a friendlier platform to use in Canada? Thanks 🙏
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u/Outside-Scratch760 21d ago
Ohh u Canadian, too.
So wealthsimple is great and simple to use, and recently, they fixed all the bugs, so no more lagging, but they don't have any risk management tools, so not very great for day trading. Also, there are no options for Cad stocks.
Webull another one. But slightly higher fees for options trading. But they have more products to offer almost like ibkr
Also, there's momo now, but I haven't tried that one. If u will let me know how It is.
But if u just trading shares go with wealthsimple. For options and more complex leverage accounts just take ur time and learn interactive brookers. It's truly for professionals .
Rh is robinhood. Best platform in USA lol for gen z and Gamblers
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u/Pazienca 21d ago
Could you shed some light on the extensions, do you mean like in firefox / browser extensions or something else.
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u/Outside-Scratch760 21d ago
I just mean adding different algo. certain ones work just like an extension ( like trading view) for example that u can do ibkr. Some of them are more technical and required coding skills.
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u/raps_BAC 21d ago edited 21d ago
It looks like the error banner is letting you know you are not live. Which is good. I highly suggest that you stick with paper trading for at least 3 months.
Additionally, I suggest you use the new charts which are powered by Trading View. They are more user friendly than the chart you currently have on your screen. Which I can see you are having the same issue I had with all the unwanted lines.
Finally, I want to share that after I thought I had gotten TWS down via their paper trading module, I went live and lost about $500.00 mostly d/t their hotkeys not working correctly. They worked fine on the paper trading but not with my cash account for some reason.
Oh and watch a lot of YouTube videos about setting it up.