Leaderboard

Based on numerous requests, I would like to describe a process of placing a trade on Interactive Brokers platform. First, it is important to understand that getting good fills is critical in short term trading. Trading is a business. As in any business, prices are involved, and our profitability of success will always depend on our ability to get good fills. Every business revolves around this cost equation. If getting good prices was so easy, there wouldn't be any markets/any business... There are several ways to do it. Here are the steps I'm using. 1. Add a new Quote Monitor. 2. Add a security you want to trade. 3. Open a combo trader for that security (right click on the row, then select Combination/Options Combos. 4. From the combo trader, select the appropriate strategy, then expiration and strikes. 5. Click OK or Add. You will see the appropriate combo with the individual legs. 6. Observe the combo mid based on the individual legs (it might be not the same as the mod of the combo). 7. Click on the ask to buy or the bid to sell. Change the order value - I usually start slightly below the mid to buy or above the mid to sell. Change the number of contracts. 8. Click on T (Transmit). A preview window will open. Make sure the order is correct for all legs, then click Transmit. 9. Once the order is transmitted, you can wait few minutes - if not filled, start increasing the bid gradually. 10. Once filled, the combo row will show the number of contracts. To close it, right click on it and select Trade/Close Position. Let me know if you have any questions.