Good Day Rookies!
We are continuing on with the platform for Interactive Brokers. Last week we went through putting on a spread with a condition and reviewed the different order types that can be used to enter a trade. In addition to the spread orders, we went through the risk navigator to learn how to hedge our portfolio using a beta weighting tool.
I want to say that learning a new platform can be daunting at first and especially so when there are so many different tools to use. As a mentor and a coach, I recognize that folks can get easily confused when they have so much information thrown at them and to this I must throw out the best advice I have ever heard. That advice is as follows… what is the best way to eat an elephant…one bite at a time. What this rather silly question is portraying is that any task that seems monumental can be tackled if we just take it one step at a time and so this platform or software should be approached in this same manner.
Take one idea from these videos and then go into the paper trading account that comes standard with any active IB account and practices it until you know it cold and you have seen it work many times. If you do that at some point this will become second nature just like everything else in life that we learn.
Check out this weeks video, in it, we go over the combo tool in the trader work station (TWS) platform. I find this tool to be very helpful in placing and moreover closing trades.
Happy Trading All!
