Can anyone share their experiences auto trading with linked Interactive Brokers accounts? I sometimes struggle with keeping multiple accounts updated and balanced on Schwab and I am considering moving them to interactive brokers so I can make use the the algos and P123s ability to keep everything updated automatically. Its a big move for me and I want to make sure I’m aware of any pitfalls. I want the Good, the Bad, and the Ugly.
Thanks
Tony
Hi Tony,
I posted some of my experiences on linked IBKR trading in a recent thread. Let me know if you have any specific questions.
One other edge case I should highlight is if you do any other trading or hold other positions in the linked account, these would need to be manually reconciled. For example, in one of my linked accounts, I was holding an ADR that was delisted. The position no longer was visible on the p123 side, and I had to enter a manual journal transaction in p123 to remove the market value of the position from my account. I had considered writing some covered calls for some of my p123 positions but was worried I would create a manual reconciliation nightmare (having to create debit/credit journal entries as the options were sold/bought). I still may give that a try.
FYI, We do plan better support for positions that we do not have data for in linked accounts, like futures, options, asian stocks, funds, etc. IB sends us all the necessary data for all current positions. Pretty sure we’ll be able to download realized transactions for them too. No ETA for this at the moment. Other things take precedence: trading in Canada + Europe, and auto rebalances.
Marco, I heard a rumor that the Book of Books (I think that’s what you called it) feature will be operational before June. Can you confirm or deny that?
Thanks
Tony
Feldy, thanks for that. Thats exactly what I was looking for.
Uhm, would need to know what it is first. Maybe we’re using diff terminology. Can you elucidate with a use case ?
Marco, Where you can control multiple linked accounts with a single manually managed strategy, or a manual strategy combined with an auto strategy.
We chatted about it earlier here.