IBKR Trader Workstation Comprehensive Review

The IBKR Trader Workstation is a powerful tool for active traders and investors. It offers a comprehensive platform for executing trades, managing accounts, and analyzing markets.

With over 100 order types, including bracket orders and trailing stops, traders can fine-tune their strategies to suit their needs.

The Trader Workstation is available on multiple platforms, including desktop, web, and mobile, making it accessible from anywhere.

Its intuitive interface and customizable layout make it easy to navigate and use, even for beginners.

Getting started with the IBKR Trader Workstation is a straightforward process, but it does require some initial setup. You'll need to provide more information and e-sign more forms than you might be used to with other brokers before your account is open.

The good news is that the customer service team is very responsive and will guide you through any difficulties you encounter. They provide a 24-hour contact number, a call-back service, and a useful online chat function that's staffed by an actual person on the other end.

The initial hoop-jumping process may seem daunting, but it's primarily in place to ensure a high level of security, so it does provide a modicum of peace of mind.

You'll need to provide more information and e-sign more forms than you might be used to with other brokers before your account is open.

The good news is that the customer service team is very responsive and will guide you through any difficulties you encounter. They provide a 24-hour contact number and a call-back service, as well as a useful online chat function that is staffed by an actual person on the other end.

You can open an account without actually loading any cash onto it, which is a useful feature as it means you can give both the broker and their platform a quick test run without committing all the way.

If you don't fund your account within 90 days, it will be retired automatically.

The installation process for TWS is specific to the browser and operating system you are using, and includes a proprietary Java Runtime Environment that may take a minute to install.

To install TWS, you'll need to click the "Run" button on the Security Warning box, and then click the "Next" button on the Setup Wizard.

To get started with the TWS PaperTrader, you need to understand how it works. The TWS PaperTrader works just like your production account, allowing you to use most IBKR order types and trade all instruments available through the TWS platform.

The interface clearly indicates that you're working in a simulated account, so you'll know you're in the right place. If you don't see this, you're trading in your production account and will be liable for all trades that fill.

Trades entered into the paper trading account won't actually execute on any exchange or settle at a clearing house. However, the price of your executions will be determined by real market prices and sizes.

You'll have the same trading permissions, market data subscriptions, base currency, and other account configurations as your regular account. This means you can experiment with different scenarios and strategies without affecting your real account.

Here's a quick rundown of what you can expect from your paper trading account statement:

You'll start with $1,000,000 of paper trading Equity with Loan Value, which will fluctuate as if the trades had executed in the real market.

Trader Workstation is considered one of the best trading platforms due to its wide selection of assets and highly customisable interface.

Having a wide selection of assets is a game-changer for traders, as it gives them more flexibility and options to choose from.

The platform offers a huge range of order types which help to reduce the risk when trading.

With so many order types available, traders can tailor their trades to suit their individual needs and risk tolerance.

However, the interface is less responsive than alternative platform providers.

This may be a drawback for some traders, but it's worth noting that the platform has made efforts to improve its performance over time.

The Trader Workstation (TWS) platform offers a comprehensive and customizable workspace for traders. This is thanks to the TWS Mosaic interface, which provides direct access to trading, order management, chart, watchlist, and portfolio tools.

You can customize the TWS Mosaic window to suit your needs, with options to change the background color and switch between light and dark themes. Market depth (DOM) is also available by right-clicking on a market data line and selecting 'Show Market Depth' or 'Show Level 2'.

The platform is highly interactive, allowing you to create a new Monitor by selecting 'New Window' and 'Portfolio' on multiple monitors. You can also enhance the Mosaic view with premium subscriptions from analyst providers such as Reuters, Dow Jones, and Morningstar, and real-time trading news that can be filtered by subject.

Here are some of the key features of the TWS Mosaic:

The TWS platform also offers a range of other features, including the ability to view interactive, customizable charts that support studies and trendlines. You can also view real-time streaming general news and real-time streaming news for a selected underlying.

The TWS platform is available on multiple operating systems, including Mac, Windows, and Linux, and can be accessed through a web application or downloaded as a desktop application.

IBKR Trader Workstation offers access to over 100 order types and algos, which can help limit risk, speed execution, and provide price improvement.

You can easily cancel an order in IBKR Trader Workstation, with multiple locations to view and cancel orders, including the Orders tab under your chart and the Orders tab of the Activity window.

Canceling a bracket order will also cancel your stop/loss and take profit orders, which is exactly what you want it to do if you're bugging out of a position you feel unsure about.

IBKR has a clear edge over TD Ameritrade for order types, supporting more than 100 order types and algorithms on the TWS Pro platform.

The thinkorswim platform also allows conditional orders, including one-cancels-the-other (OCO) and order-triggers-two (OTT), but IBKR goes much further, supporting more variables to create finely customized orders.

Classic is a straightforward and efficient way to manage orders. Classic TWS offers quick click order entry from bid and ask prices.

The order row is displayed directly beneath the Market Data row, making it easy to keep track of your orders. This layout is perfect for traders who need to quickly place and manage orders.

Classic TWS is always available to traders who need more advanced tools and algos.

Trade Logs are a valuable tool for keeping track of your trades. You can access your trade history using the Trade Log screen.

This screen provides a detailed record of your trades, which you can then send via email to keep a paper trail or share with others.

To take your trade data to the next level, you can export it to a .txt file. From there, you can convert it into an Excel spreadsheet format for easy analysis.

IBKR offers access to over 100 order types and algos in Trader Workstation, which can help limit risk, speed execution, and simplify the trading process.

Trader Workstation comes with a wide selection of over 100 order types, including Conditional Orders, VWAP (Best-Efforts), and Bracket Orders, which can be useful for executing orders automatically and reducing risk.

IBKR's order types and algos allow users to set requirements that must be true before the order is submitted, and also provide access to third-party algos for an even wider selection of automated trading solutions.

Interactive Brokers has a clear edge over TD Ameritrade for order types, supporting more than 100 order types and algorithms on the TWS Pro platform.

TDA has a good selection of order types to choose from, including market, limit, stop-limit, and trailing stop orders, but IBKR goes much further, allowing users to combine logical conditions with OCO orders.

IBKR's TWS Pro platform allows users to create finely customized orders for position entry and exit using price, time, volume, margin cushion, daily P&L, percent change, and other variables.

TD Ameritrade also allows users to stage orders for later entry and gives investors the ability to select the tax lot when placing an order.

IBKR Lite has eight order types available on its platform, including the ability to use custom algorithms.

Hotkeys are extremely useful for rapidly executing orders, and traders can develop these shortcuts by assigning any keystroke or combination of keystrokes to different actions including buy, sell, transmit and cancel.

Trader Workstation comes with a wide selection of over 100 order types which can be useful for executing orders automatically and reducing risk.

IBKR's TWS Pro platform supports more than 100 order types and algorithms, allowing users to combine logical conditions with one-cancels-the-other (OCO) orders.

Classic TWS offers quick click order entry from bid and ask prices, with the order row displayed directly beneath the Market Data row.

TWS allows users to link orders by merging stops, making it easier to manage multiple orders and reduce risk.

Interactive Brokers also supports custom algorithms, allowing users to create finely customized orders for position entry and exit.

Both TWS and thinkorswim provide great customization, the ability to route orders, set up custom defaults, select tax lots, group orders, stage orders, and create very specific customized trade orders.

IBKR's mobile app, IBKR Mobile, does a good job of putting some organization on the multi-country, multi-exchange, product offerings on one platform.

TD Ameritrade's thinkorswim app replicates the desktop experience, making it easy to use and navigate, but it lacks support for fixed income trading.

Canceling an order is a straightforward process in TWS, and you can do it from multiple locations such as the Orders tab under your chart or in your Portfolio tab in the Monitor window.

You'll see existing and active orders listed in these locations, and you can cancel an order from any of them because they're all interlinked.

Canceling an order will also cancel any stop/loss and take profit orders associated with it, which is exactly what you want if you're bugging out of a position you feel unsure about.

A safety measure is in place to prevent accidental cancellations, and you'll be prompted to confirm that you want to cancel the order in a pop-up window.

This window will only appear when you're closing an existing bracket order, so make sure to double-check that you're canceling the right order.

To complete the cancellation process, you need to click the submit button, which is easy to overlook in a hurry.

A smart trader will always follow through on this step to ensure the order is fully canceled and their portfolio is back to normal.

Outside RTH is a feature that allows traders to continue an order after normal trading hours. This can be a lifesaver for those who need to stay on top of their investments even when the markets are closed.

You can apply Outside RTH as a default setting, which means it will automatically be applied to all your orders. Alternatively, you can choose to apply it on a case-by-case basis, depending on the specific order you're working with.

This feature can be especially useful for traders who need to react quickly to market changes or who have complex investment strategies that require continuous monitoring.

The API is a powerful tool that allows you to integrate the IB Trader Workstation (TWS) platform into your existing applications and websites.

You can access stocks, options, futures, forex, bonds, and funds data via bespoke platforms and applications using the TWS API.

Programmers can use languages like Python, Java, or C# to write scripts that enhance the TWS functionality.

This means you can create custom solutions that streamline your order management process and provide a more seamless experience for your users.

The TWS API can be used to access a wide range of financial data, making it a valuable resource for anyone looking to build a robust order management system.

By leveraging the TWS API, you can create a more efficient and effective order management process that meets the needs of your business.

You can choose to install the offline version of TWS, which is a standalone program that doesn't require an internet connection to run.

The offline installer contains everything needed to install and run the selected TWS version.

It's worth noting that the offline installation will not update automatically, so you'll need to manually download and install a new version if one is published.

You'll need to manually download and install the Offline program again if a new version of TWS is published.

If you prefer to have TWS auto-update, you'll need to install one of the updating versions instead of the offline version.

Paper Trading is a simulated trading environment where you can practice your trading skills without risking any of your own money. You can test new strategies, products, and exchanges with prices and account values determined by actual market conditions.

You'll have access to essential trading tools like real-time charts, executions, market depth, option pricing, and price risk analytics. This will give you a realistic feel for how trading works in a live market.

One of the best things about Paper Trading is that you can learn market dynamics for new exchanges and products. This is especially useful if you're new to trading or want to expand your knowledge into new areas.

You'll also receive a Paper Account statement every day you trade, which will help you keep track of your progress. This is a great way to see how your strategies are playing out and make adjustments as needed.

Here are some key benefits of Paper Trading: