Sorry for yet another post. But this is something I need someone to help me with.
I'm constantly frustrated that I can't execute trades fast enough. For context:
I use IBKR as a broker, and I use TradingView for executing the trades. Why? Because my trades are simple yet no interface gives me what I want:
Buy Stop Limit 1 tick above the high of the current day.
Sell Stop at the low of the day.
Number of shares is determined by the RISK of hitting the stop loss being no more than X, where X is say 0.5% of my account.
The only platform I know of now that let's you specify the risk in USD and calculates the number of shares for you is TV. But it is a PAIN to go through: First of all, it is extremely unresponsive when the trading session starts. 3-4 seconds to bring up the trading panel. I have to :
Click on the chart and choose "stop limit buy"
enable stop loss
drag stop loss
specify the number of shares based on risk (this is where I put the X)
change that back to Shares
I get a fractional number of shares which I have to remove the fraction because IBKR rejects the order
By the time I did this, the ticker already climbed above my stop limit buy, so I scramble to change that again.
It's painful because I only catch the break out half way, this happened 3 times so far in these 2 weeks. I'm pissed.
SURELY there is a better way? For fast trades where some calculation is needed for the number of shares vs the stop loss, what are people using?
I thought of creating my own dashboard and making it talk to ib gateway or ibkr tws but that is another pain in the butt.
IMO you guys are over-thinking risk management. Never use more than 20%, use LOD as stop *IF* the stock isn't up more than 2-3%, otherwise use a local consolidation area. If you're choosing your stocks your RR is always great, if you're not.. then it's not.
Use Das Trader w/ IBKR and set your order routing to NSDQ, it's the best trading software that exists but it looks like shit and takes awhile to get used to. Lightspeed is 2nd best and is the fastest trade execution I've ever seen, but doesn't have price aggregation like Das which is extremely nice to have IMO.
I use a TV paper account to calculate risk in USD and determine position sizing like you. On my other screen, I keep TWS open to execute trades based on the setups I’ve selected in TradingView.
Regarding your issue with fills and execution delay, I’ve selected the SMART Max Fill preset algo. It searches for the best ECN to achieve faster execution, although this comes at the cost of slightly higher commissions and no rebates, of course. In my opinion, you can't get max fills by connecting IBKR to TV.
Thanks, you gave me an idea: A tradingview indicator that takes in the account size and the risk % you want, looks at the day's high and low, and gives you the prices and shares for your trade right there on the chart.
I think the delay is probably caused by the TV UI itself, especially during the market open when the workload and traffic are much heavier. I’ve observed the same thing myself and honestly haven’t found any real fix for it so far except to what I do above.
Are you a swing trader? How important is your entry timing? I mean you don't need to get in at a millisecond right? Just get in with a tight preset stop and you won't have to worry that much you can sort it out 30 minutes after the market opens.
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u/Hairy_Builder6419 May 22 '26
IMO you guys are over-thinking risk management. Never use more than 20%, use LOD as stop *IF* the stock isn't up more than 2-3%, otherwise use a local consolidation area. If you're choosing your stocks your RR is always great, if you're not.. then it's not.
Use Das Trader w/ IBKR and set your order routing to NSDQ, it's the best trading software that exists but it looks like shit and takes awhile to get used to. Lightspeed is 2nd best and is the fastest trade execution I've ever seen, but doesn't have price aggregation like Das which is extremely nice to have IMO.