IB Trader Workstation (TWS) is the trading platform you will be using with our broking services.
TWS can be run online by logging into the online browser version, or installed on your desktop. TWS has a simple but sophisticated workspace which was designed by a market maker and offers all the “bells and whistles” you could possibly need.
To get you up and running quickly TWS has a couple of pre-defined workspace templates like the “Mosaic” and “Advanced Order Mode”. These templates can be used “out of the box” for research or trading and get you up and running quickly. Once you feel comfortable with the software you can customise your workspace or switch to another template.
Convenient and safe order entry
Once you have added your market data, you can create orders. Order parameters are entered with context-sensitive menu choices to prevent you from entering incorrect values.
TWS includes task-specific trading tools to enhance efficiency for all trading styles, including the Accumulate/Distribute Algo, FXTrader, ScaleTrader, SpreadTrader, OptionTrader and more.
Types of trading strategies
TWS offers over 50 different order types and “algos” on over 90 markets world wide. The types of different trading strategies are
- Limit risk: The orders in this category give you some control over the price at which they are eligible to execute. Note that such an order may never execute if it doesn’t satisfy your acceptable risk limits. Example: the market-to-limit order.
- Speed of Execution: These are order types to use if your primary objective is to get filled. Example: the basic market order.
- Price Improvement: There are orders which are desinged for price improvement. Note that such an order may not get filled if the price isn’t right. Example: the basic limit order.
- Privacy: These are orders that help insure privacy in the market. This discretion is used to minimise the market impact of an order.
- Time to market: The orders in this category optimise market timing. They give you some control over when an order is submitted and when it is cancelled. Example: the good-til-cancelled order.
- Advanced trading: These are the more complex order types for advanced trading strategies, including baskets and spreads. Example: the basket trade.
- Algorithmic trading: The strategies in this category are “algorithmic” trading strategies or “Algos”, which balance market impact with risk to achieve the best execution on large volume orders. They use historical and forecast market statistics, as well as user defined risk and volume parameters to determine when, how much, and how frequently to trade a large volume order.
Real-time monitoring and much more
The “account window” will show you your real-time accout balances, let you check your order status, and let you check margin requirements before you enter a trade. It will show you all about your portfolio and trading account at the click of a button and in real-time: balances, margin requirements, funds available, market value, and lots more…
Trader Workstation has many features and we are not trying to list them all on this page. But just to give you an idea, the other features of TWS allow you
- to use the “trade log” to view your trades.
- to set up the system to notify you of a fill automatically.
- to view customised activity statements.
- set up default values for your trades as “trade presets” to speed up your trading.
- to request a papertrading account.