Brief video on how to configure presets for attached orders
As a licensed distributor of exchange market data, IB is obligated to respect constraints imposed by the exchanges which serve to govern the dissemination and/or retransmission of this data. As a general rule, a given subscription can be associated with only one account or user ID, although the sharing of that user ID between different devices (e.g., stand-alone PC, smart phone) is permitted as long as the user ID does not access multiple devices simultaneously.
Accordingly, clients seeking to simultaneously operate both live and paper trading account TWS sessions must do so on the same device in order to share a given market data subscription. If concurrent logins on different devices are detected, the live account session will be afforded the real-time market data subscriptions and the paper trading account session delayed data, as available.
Clients who wish to run multiple sessions on different devices may do so by opening a second user for their existing account. While this approach will result in additional fees for any subscriptions elected, one would be able to maintain a different subscription set from that of the main user and will then be capable of running simultaneous live and paper trading account sessions on different devices. Moving forward, an option will be provided whereby the same fee-based subscriptions will be offered for the paper trading account independent of those elected in the live account.
For information on adding a second user, please refer to the following Knowledge Base article: Adding a second user for an individual account holder
Any customer who fills out an application for an IB account will be given a paper trading account to try our Trader Workstation platform. The client will be able to login with the username and password they created during the registration process. This paper account will provide delayed market data, a free trial to our IBIS Research platform, and access to many advanced tools. Once the client funds their live account, we will copy their free trial settings to their live account. While a new username and password will be created for their paper trading account on the back end, the client will be able to use the original username and password they created to access either their live or paper account by using the drop down menu on the login window.
To those clients who opened their account prior to us launching the TWS Test Drive (as explained above), they will have the ability to create a paper account through Account Management. Once logged into Account Management, the client will want to select the Manage Account, Settings and then Paper Trading menu options. The Paper Trading account will then be made available within 24 hours under normal business circumstances. While the system will require the user to create a new username and password for their new paper account, they also will be able to login with their production username and password using the drop down selector on the login screen. Although they are not required to use it, it is recommend that account holders save and protect the Paper Trader username and password in the same way one would protect other confidential password information.
For additional information, please visit our website and select the Trading menu followed by TWS Software and scroll up to the Paper Trading section.
For information on how to change your Paper Trading account password, please see KB48.
IB does offer a paper trading account which allows one to use the full range of IB trading facilities in a simulated environment using real market conditions. This account, however, is made available only after the regular trading account has been approved and funded. Until that time, we recommend that you try the online demos made available to prospective customers through our website to get an overview of system functionality. A demo of both the TraderWorkstation or WebTrader trading platforms may be found by visiting our website at www.interactivebrokers.com and selecting the Individuals page. There you will be presented with a series of links including one titled 'Demos'.
This is a simulated account, trading in a simulated market. IB programmatically simulates, to the best possible abilities, actual market conditions. Since it isn’t a real market, prices can’t always match exactly. IB is simulating not only the trader’s functionality and the market, but also the role of the exchange. In a real, live account, the order would be sent to the exchange, and the exchange would be doing the execution—not IB. The exchange has an anonymous book, and orders are matched anonymously. With the simulated account IB is trying to simulate the role that in the real markets is played by the exchange. While these fills may or may not be within the bounds of the live market at the time, in no way is it indicative of what would happen in the real market. Again, IB is simulating the exchange’s role in the live market, and in that market the onus for order matching/filling is on the exchange.
The simulated trader is for client’s to acclimate themselves to the software, test various orders and strategies, and to serve other learning functions. There is no way to exactly replicate live markets. They are simply too dynamic. The IB simulator does a very good job of it, but no simulator could be perfect.