Button Trader, Bracket Trader and Book Trader

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There are many ways one can place and order with Interative Brokers (the broker I use). Obviously you can use the basic order ticket on the platorm. If you trade FX you can use the new(ish) FX-Trader, which has a nice look to it and one click orders. It reminds me of the old CMC spreadbetting buttons.

Interactive Brokers also has a book trader, so you can see the order book/ladder and place your orders and move your orders quickly as your position developes. I like this way of trading although I like to place my orders somewhat in advance and the orders can be off screen and as the book trader centers around price action I found myself keep checking my order. You scroll up to your price and it autoscrolls back after a few seconds. Obviously this is not an issue if your position is near where the center price of the book trader is.

In the end I opted for a 3rd party order management. I use Bracket Trader. Very simple to use. You can place orders to open, close, targets, trailing stops all in one click and can close a position in one click too. It works very well. Best of all it is free but the free version means you have to have the sounds that the program makes switched on. But there is nothing to stop you from turning off/down your PC volume.

The only problem I found with Bracket Trader is that I can’t seem to run two APIs i.e bracket trader and ninjatrader charting at the same time. But if you are using Metatrader then this will not be an issue. On a side note, NinjaTrader does have it’s own order management system but that comes with a $995 licence price tag.

There are too many benefits of BT to list so take a look for yourself:- http://www.bracket-trader.com/

Another option is Button Trader. I have not personally used it but it definitely gets a thumbs up from many traders. Again it allows you to custom create your orders and simplifies the who process of trading. The real benefit is the speed at which you can just close a position with one click.

Naturally, trading through a 3rd party might slow down market orders as the order goes from the pc program to IB. But all other orders once placed are placed at IB so there should be no other delays. But in reality I think placing an order through BT will be quicker (for me) than creating bracket orders on IB directly.

Anyway, if you want to check out Button Trader have a look at their site http://www.buttontrader.com/ but note they run it as a subscription service.

Which ever type of order management system you use I think you will find it very helpful and it will certainly eliminate errors made from rushing to close trades directly on Interactive Brokers platform.

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