Each TRADE account represents an IB account. A portfolio can send orders to any TRADE account and when the fill comes the P123 portfolio transaction is updated with the fill information. It’s a very loose “connection” at the moment. You can , for example send the order to buy something on TRADE1, then sell on TRADE2. In a nutshell, TRADE makes reconciling P123 transactions on the portfolio much easier and it also has a much easier order management compared to IB
The new upcoming interface will introduce a new framework to better represent reality, and prevent mistakes. It was designed based on what we think people desire:
Opening accounts and sub-accounts is a pain, and on IB everything has a one day delay
Having everything in one account is therefore easier.
In a single brokerage account people want to follow several strategy
But most brokerage accounts are flat (there’s no way to track different strategies)
For each strategy they want to allocate a certain amount. All dividends “stay” with the strategy
Once in a while they may adjust the proportions to each strategy
Let us know what you think. We’re getting close to launching it. Thanks
How do I link my live book’s auto rebalance to TRADE and choose the desired order type? I see from TRADE’s documentation that it supports Market and VWAP order types for auto rebalance. The live book contains R2G models.
My IB margin account has GBP as its base currency. In trade the balance is correctly reported but in USD not GBP. Transactions in US stocks are in USD. Dividends are received in USD. Purchases involve borrowing USD from IB. Sales will result in a USD credit or debit that (to avoid currency risk) will then (probably but not necessarily) be converted back to GBP. I also use that account to buy / sell European stocks and CFDs denominated either in GBP or Euros.
Marco
While you’re working on the TRADE section please look at these things:
. Set order expiration date. GTC orders could be handled with this mechanism.
. Set TRADE defaults for each live portfolio. Account,order type, time…
. A “wait for cash” option on buy orders. This would hold buy orders until cash is available in a non-margin account.
. Partial fill orders expire at end of day are not posted to the live port until the market opens on the next day. They should be posted
when IB fails the order.
A feature similar to the suggestion above will be very useful for non-margin accounts.
“A “wait for cash” option on buy orders. This would hold buy orders until cash is available in a non-margin account.”
It will be helpful if there was a way to either sequence the orders or set execution times on buy and sell. Also if it were possible to auto adjust the buy quantity. While using TRADE in a cash account, I found this limitation that buy order will get rejected a) for not having enough cash because sell has not executed b) higher open price makes available cash insufficient.
-The act of logging in and manually clicking rebalance on my live books takes at least 5-10 minutes. Because I have some non-margin accounts, I also need to change the scheduled times and transaction types for the buy / sell orders. Overall, it takes 10-20 minutes.
-On Folio, it was easy to change the target weights of each folio. I used trade windows, which made it easy. Not being able to specify order types and limits wasn’t an issue for me.
I’d like to weigh in on being able to auto-trade via TRADE and IB. When TRADE first released, I setup and funded an IB account a few years back and have manually tried to enter trades based on Marc’s Cherrypicking the Blue Chips - Standard model. However, I’m a retail investor that contends with travel, work, etc., so unfortunately I do not have time to sync weekly (defeating the purpose). If I could set and forget, I would allocate more cash to IB and subscribe to more models. You have a fabulous platform, allowing average retail investors like me to plug into quant investment strategies. The last fit and finish item is to automate the entire cycle (almost there). If individuals like me could subscribe to a model, allocate cash, and forget it, then I suspect retail investors will subscribe to more models, thus creating a greater market for designers.
What other platform can a retail investor gain access to this depth of expertise, great concept.
I’d be happy to be a beta tester when/if you start work on closing the loop. Keep up the good work.
It should be easy to add support for CAN, but we want to revamp TRADE entirely, so small incremental work is left waiting.
These some of the big plans:
Automation, which requires lots of fail safe checks (for example splits on the day of the trade)
Real time prices to automate entering, canceling and re-entering limit orders
Redoing the morning account update. It is not very robust now because it’s done via a strange FIX API extension from IB.
Connecting with other brokers
TRADE is one high priority projects. We also believe that automation will make P123 usable for a much wider audience that just wants to follow models.
As of now I have to create a strategy for each of these accounts that mimic the amount in each and that’s really time consuming so I gave up because I’m unable to have many accounts following a strategy. I would like if it can just buy the percentage of stocks for each.
I actually do this using excel and the TWS API. I just copy the orders from TRADE to excel, massage them a little and then submit to the other accounts via the API.
If you’re not able to develop using the API, I recall seeing this tool discussed on another forum. I believe it does what you want, using multiple instances of TWS. I’ve not used it personally.
Yes, following a strategy in multiple accounts is part of a new “invest” section of P123 . Basically several features to help investors track and manage investments that follow your models or other designer models. It also allows things like manual portfolios, watchlists, asset allocation strategies (think robo-advisors), etc. It’s been under development for a year and coming very soon.
You might know this already but…
If I understand correctly what you want to do (= trade the same strategy in several accounts with different AuM in each account), you can probably create a Master Account on IB, then have each individual account “tagged /associated” to your Master account.
As far as I know, you do not need to be a registered financial adviser for less than 15 accounts. You need to be for >=15.
You then create your P123 strategy to hold the Sum(AuM accross all the attached individual IB accounts). IB lets you define how the “Total” order should be split across all attached individual accounts. Here this would be “by % of AuM” on each account.
If an account is added / renoved, just change the total AuM in your P123 portfolio by the AuM on this account.
Hi. I have been with Portfolio123 for over a decade but have never used the Manage feature for sending rebalance and portfolio correction orders to IB. What are the risks involve with having such a link?
Second question: Does it work trading US stocks in an IB UK account (my IB account is for a UK company)?