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 Mobile App. For tutorials on IBKR's other platforms, including the Client Portal 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.
Step 1: Login to the IBKR Mobile App
Step 2: Tap on search Icon
Step 3: Type Ticker or company name, choose the exchange and tap ‘Stock’
NOTE: Remember, most stocks trade on multiple exchanges. Choose the one you want. In our case we choose the Nasdaq. Click on ‘stock’ underneath Nasdaq.
Step 4: Tap Buy
Step 5: Enter the 'Buy' stock details
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.
Step 6: Click on ‘Attach Order’ and select profit taker
Step 7: Enter ‘Profit Taker’ details
Attach Orders: Click on the "Attach Orders" option.
Select Order Types: Choose both "Profit Taker”
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).
Attach One Cancels Another
Step 8: Attach the Stop loss order details
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).
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.
Step 9: Check Order Summary & Submit the order
Checking, Modifying or Cancelling your orders
Go to portfolio
Tap on Orders
Tap on the order you want to modify or cancel
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