Important Notes
Ready to ignite your trading journey? This course is your express ticket to mastering the dynamic world of day trading and short-term strategies.
While long-term investors might find some nuggets of wisdom here, the real goldmine is for those craving the thrill of short-term trades.
This course concentrates specifically on the IBKR Client Portal. For tutorials on IBKR's other platforms, including the Mobile App and TWS, please check out our other available courses.
But here's the game-changer: you'll not only learn to execute buy orders with precision, but you'll also discover how to set up profit takers to automatically lock in your gains and implement stop-loss orders to safeguard your capital—all simultaneously!
That means less screen-staring and more life-living.
Let's dive in!
PS: Practice in a simulated account first before you get started.
IBKR Client Portal
Login:
Click Login
Click PortalLogin
Enter Username and Password. And this is the screen you will see.
Placing the Buy Order
Click on ‘Trade”
Then ‘Order Ticket”
Type Ticker or company name and hit Enter: In our example we used NVDA.
Choose the Exchange: Remember, most stocks trade on multiple exchanges. Choose the one you want. In our case we choose the Nasdaq. Click on ‘stock’ underneath Nasdaq.
Scroll to the bottom of the window until you see the order panel under the chart
Let's break down how to buy a stock
Action: Choose "Buy.”
Quantity (Qty): Enter the number of shares you want to purchase.
Order Type: Select "Limit" to control the price you pay. This means your order will only execute if the stock price drops to your specified level. Alternatively, choose "Market" for immediate execution at the next available price (be aware that with a market order, you are accepting the current market price, which could change rapidly).
Limit Price (Only if you chose "Limit" order): Set the maximum price you're willing to pay per share. In our example, we've set it to $120. Your order will only be filled if the stock price reaches or falls below this level. If you chose a "Market" order, this step is skipped.Time in Force: While this defaults to "Day," we strongly recommend changing it to "Good 'Til Canceled" (GTC). A "Day" order expires at the end of the current trading day. A GTC order remains active for up to six months or until it's filled, giving you much more flexibility.
Attaching the Profit Taker and Stop loss Orders
Let's set up your profit taker and stop-loss orders to manage your trade:
Attach Orders: Click on the "Attach Orders" option.
Select Order Types: Choose both "Profit Taker" and "Stop Loss."
Profit Taker Limit Price: Set the price at which you want to automatically sell your shares and lock in your profit. This is the price you're instructing the market to sell at, if your initial buy order was filled. Change the Time in Force to "Good 'Til Canceled" (GTC).
Stop Loss Price: Set the price at which you want to automatically sell your shares to limit potential losses. For example, we've used $115. If the stock price drops to or below $115, your shares will be sold at the next available price, again, only if your initial buy order was filled. Remember to Change the Time in Force to "Good 'Til Canceled" (GTC).
Submit: Click "Submit" to finalize your orders.
Important: Remember, these profit taker and stop-loss orders are contingent on your initial buy order being executed. If your buy order doesn't go through, these attached orders won't be placed either.
How to check on your order, cancel or modify it
Cancel or modifying your order
If you want to change the limit prices or cancel your order:
Click on the 3 dots on the right hand side of each order
Then click ‘cancel’ if you want to cancel the order
Click Modify if you want to change the limit price
Live your life!
And that's it! With your buy order, profit taker, and stop-loss in place, you're free to step away from your screen. No need to be glued to your computer, watching every tick of the market. Your trades are working for you, even while you're away.
Invest with Confidence