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PTI ProDirect offers
a Paper Trading Account which allows traders to use the full range of
Interactive Brokers trading facilities in a simulated environment using
real market conditions. Use this test environment to:
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Learn TWS features
such as order types without risk.
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Learn market dynamics
in new exchanges and products.
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Simulate and test
trading strategies.
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| ..Creating
a Paper Trading Account |
- You create a Paper Trading Account
login from the Account
Management menu for your production account. This service is accessed
under the menu called "Trading Access".
- Accounts are created within 24 hours
under normal business circumstances. You will be notified by email
when the account is ready for trading.
- Paper Trading
Accounts are only available when the regular trading account has been
approved and funded.
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| ..Accessing
Your Paper Trading Account |
- Paper
Trading Accounts have a *separate* password and username.
To use the account, log into TWS using the user ID and password for
your Paper Trading Account in the same way you would log into your
regular account.
- Please save and protect the PaperTrader
user ID and password in the same way you would protect other confidential
password information.
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| ..How
It Works |
- Use TWS with your Paper Trading Account
exactly as you would use a regular Trader Workstation (TWS). You can
use most IB order types, trade all contracts available through the
TWS, and experiment with almost every aspect of the TWS platform.
- Your trading
window will clearly indicate that you are working in a simulated account.
If you do not see this, you are trading in your production account
and will be liable for all trade entered.
- Trades entered
into this Paper Trading Account will not actually execute on any exchange
or settle at a clearing house. However, the price of your executions
will be determined by real market prices and sizes.
- Trading
permissions, market data subscriptions, base currency, and other account
configurations are the same as specified for your regular account.
- A Paper Trading
Account statement will be provided each day and is available under
Account Management/Report Management for your Paper Trading Account.
- All customers
will start with USD 1,000,000 of paper trading Equity with Loan Value,
and this equity will fluctuate as if the trades had executed in the
real market.
- You may reset
your cash equity at any time by accessing Account Management for your
Paper Trading Account and selecting Trading Access/Paper Trading Account
Reset. Your account will be reset to USD 1,000,000. Please note that
reset requests should be entered before 16:00 ET in order to take
effect for the next business day.
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| ..Limitations
of the PaperTrader |
Although
the paper trading account simulates most aspects of a production TWS
account, you may encounter some differences due to its construction
as a simulator with no execution or clearing abilities. These differences
include but are not limited to: |
- No support for some order types including:
VWAP, Auction, RFQ, and Pegged to Market.
- Fills are simulated from the top of
the book; no deep book access.
- Limited combo and EFP trading.
- Interest does not accrue.
- Stops and other complex order types
are always simulated in paper trading; this may result in slightly
different behavior from a TWS production account.
- Penny trading for US Options is not
supported. You will be able to submit the order but it will not receive
a penny fill.
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