What trading software do professional traders use

Trading workstation: tips for professional stock market software

Last updated & checked: 07/31/2020


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With the optimal choice of online broker, chart software and trading literature, the trader saves time, nerves and possibly unnecessary costs of several thousand euros. For traders there is professional software, hardware and servers specially designed for trading. If you like it a size smaller, you can use a powerful calculator from a discount store or from a PC dealer for trading. The trader achieves the desired optimum with a powerful trading PC and professional trading software, such as the Trader Workstation (TWS) from Interactive Brokers, which is also used by other brokers in the group (BANX, Lynx, CapTrader). In our guide we present the TWS trading platform recommended by successful professionals in more detail. We also explain what makes a PC suitable for trading.

  • TWS a professional stock exchange software for investors and traders
  • Professional order functions simplify trading for beginners
  • Get the most out of trading with Trading PC
  • Trader Workstation App for trading on mobile devices

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Trading platform Trader Workstation has proven its suitability for everyday use

Anyone who does not do trading in their main job cannot and does not want to sit in front of the computer around the clock. The trader can still benefit from the numerous trading opportunities if his trading platform such as the TWS platform convinces with performance.

The requirements for trading software include many available order types, a user-friendly interface and reliable order execution. The platform can be optimized with numerous charting tools. The TWS platform fulfills these requirements and more. In 2013 it was again recognized by the trade magazine Barron’s for its user-friendliness, stability, reliability and technical class.

The experts' evaluations of the trading platform are rightly extremely positive, as it offers private and institutional traders services and functions like hardly any other trading software. Many forex and CFD traders who trade with the TWS platform have had a very positive Trader Workstation experience.

Important functions of the Trader Workstation at a glance

  • Immediate and reliable order execution
  • The user interface is easy to use and optimize
  • Support for trading stocks, options, futures and currencies, among others
  • Access to quotes and charts in real time
  • Over 60 usable order types
  • Extra functions such as spread traders, book traders and option traders
  • Chart presentations, drawing tools and technical indicators
  • Real-time scanner for market observation
  • Smart routing for order execution at the best market price
  • Real-time alarm function with notification by email
  • Direct access to trading portfolios and reports as well as account details

Trading via the Trader Workstation is possible with the Broker CapTrader, among others

Trader Workstation: Top tool with numerous trading tools

The Trader Workstation is a state-of-the-art trading platform from Interactive Brokers, with which complex order types and trading strategies can be implemented. With TWS traders worldwide trade different financial instruments from stocks and futures to bonds and ETFs to Forex and CFDs. The professional software convinces with user friendliness, reliability and functionality. After downloading the Trader Workstation, traders have a top tool with numerous trading tools at hand!

The TWS platform convinces users with its flexibility as well as the possibilities for automation and risk control. The flexibility is demonstrated by access via PC, tablet and smartphone. TWS is a trading platform that can be used on different devices and different operating systems from Windows to Android to iOS. It can be used via the trading app on the smartphone or tablet.

The intuitive mobile trading platform is used to trade with real-time data, real-time market scanners and charts. The mobile version of the TWS platform also offers access to all standard order types and more complex option spreads.

Professional order functions at TWS simplify trading for beginners

Buy and sell orders can be placed on the market either using the TWS software installed on the PC or via the browser. Automation tools allow successful trading without constantly having to rely on the computer. Order functions such as OCO (One Cancels Other), pending, stop-loss or take-profit orders enable traders to automatically trade their trading strategy after a single entry.

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The demo account: trading for beginners without risk

With numerous forex and CFD brokers, customers can expect a free demo account. This allows you to take your first steps in the trading business without risk, try out new trading strategies and test a respective trading platform for its suitability for everyday use.

These advantages and more are noticeable when trying out trading with the TWS. Anyone who has ever worked with Excel knows about its numerous possible uses. Beginners can also get started, but it does require a bit of practice. The same can be said of the TWS. It is as powerful as Excel, so novice traders will need some practice and time to familiarize themselves with all the details of the trading platform.

Interactive Brokers' TWS platform lives up to its reputation for being a modern trading platform. It allows the implementation of complex order types and trading strategies. The TWS version 944 combines the classic TWS layout and the mosaic workspace in a tab-based view. Dealers can design and add work groups individually.

Note: When new users start the software for the first time after downloading the Trader Workstation, they have the choice between the mosaic workspace or classic TWS for more complicated orders and experienced TWS users. Easy access is ensured thanks to the separate work groups and tabs.

Adjust settings and functions to personal requirements

After a short time, the trader knows the settings and functions and, as with Excel, where to click. From this point on, he will benefit from the aforementioned professional functions for risk management and suitability for everyday use. The TWS platform can be downloaded and installed directly from the broker's website. A login is possible immediately with the access data (available after registration). On the broker website, customers can find all information about the TWS platform and numerous tips for quickly familiarizing themselves with and using the tool.

After logging in, the preset dashboard can be adjusted with just a few clicks so that it meets your own needs. With one click, a new window can be created in which prices, trading or charts can be displayed. The width can be adjusted by the user if necessary. This allows him, for example, to carry out trades with just a few clicks.

Thanks to the charts at TWS, traders always have a good overview. A search function and a drop-down menu are also advantageous and useful. This allows selected charts to be adapted directly and relevant information to be output. Each chart can be set exactly according to personal requirements. In this way, time displays can be precisely limited. Available display modes include two minutes, a day, a week or more. The user selects the appropriate display mode depending on the trading strategy.

The Trader Workstation is a trading column form from Interactive Brokers

Use indicators for individual analyzes

Within the TWS platform, the trader has access to various indicators. For example, he can adjust the chart view or use zooms. The existing indicators allow him to carry out simple analyzes. There are also numerous functions for experienced traders and investors on the platform.

With just a few clicks, new trades can be completed using the Trader Workstation. The trader decides on a forex pair and selects the desired volume of his trading position. A trade is placed within a few seconds. It is executed immediately or, in the case of a pending order, when the set price target is reached. Various options are available for a precise description of the initiation of the order. Access to the open positions and all relevant information is secured via the dashboard.

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Tips for using the Trader Workstation

The TWS platform offers a high degree of control over the work surface through personalized order entry modules. These were developed precisely for different trader needs. The modules include the entry of forex, spread options or algo orders. Each function uses a similarly structured trading tools layout. This includes, among other things, an interactive quote line and order management series as well as right-click functions. In addition, there are functions such as customizable market data views, order entries at the click of a mouse with predefined standard values ​​and defined order status colors. Here are some tips for using the TWS platform:

  • Changes in the TWS are automatically saved when you leave the platform. Settings can be restored for the last trading days if necessary.
  • The TWS menus contain all existing functions. Only functions that are actively used are listed in the selection options of the menu.
  • If the mouse pointer is moved over a symbol or a column, a brief description of the function becomes visible.
  • Individual cells, columns, etc. can be adjusted using the right-click menu.
  • One click on the wrench symbol and the “Global Configuration” window opens, where the user can adjust his trading preferences.
  • The search field on the top right helps to locate the individual functions after entering a key term and shows activation options.

The Trader Workstation requires some training, whereby the operating instructions or manuals provided by the brokers are sensible and useful. With their help, the trader is informed about all essential functions and about the trading platform itself. The TWS offers the user a variety of customization options. Testing with a demo is strongly recommended to get an initial overview.

MetaTrader 4 is the leading trading platform for Forex trading

TWS platform vs. MetaTrader

The TWS platform is in good company when it comes to trading solutions for successful trading. There is a manageable competition, but it is sometimes tough. MetaTrader 4 and its successor MetaTrader are among the best-known and most popular trading platforms. MetaTrader 4 offers the advantage of excellent availability. The TWS trading platform can only be used by brokers belonging to the British Interactive Brokers Ltd. belong. All platforms mentioned can convince with certain advantages and disadvantages. In comparison, the MetaTrader scores with the wide range of options available to users with programming experience. This platform stands for an easy to learn and extensive programming language. For traders who want to keep their trading completely in hand, it is the best choice. Most of the differences between the two platforms are rather manageable. Your preference is likely to be a matter of personal preference in most cases. With the TWS platform, the advantages can be found through the many functions and different tools. Top services are news and fundamental analysis and a real-time margin system as well as task-specific trading tools such as ScaleTrader, FXTrader, SpreadTrader and OptionTrader.

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The trading PC: The optimal computer equipment for the professional trader

With the TWS platform, every trader has the right trading software that also meets professional trader demands. You can get the most out of the platform by using hardware that is tailored to the respective trading requirements. If it is somehow possible, a trader with high demands should contact a hardware provider directly who has experience and knowledge of Forex, day trading and futures trading. He knows about the wishes of a trader, so that a system designed for trading can be configured.

A trader needs few essentials for his business. He needs a broker, money, trading software and a calculator. In the best case, this is tailored to the respective trading software, order platform, data, type of communication, data feeds and number of monitors. A PC for trading does not cause the trader any problems in the long term, even under high stress, but is available to him as an effective and reliable tool for analysis and to make trading easier. An experienced trader can create hardware solutions with two PC screens himself. With four or more monitors, this also reaches its limits. Several monitors allow comfortable market observation and detailed chart information. Some professional traders therefore work with up to ten monitors.

What is a PC Optimized for Trading?

A PC that is ideal for trading is a workstation that is precisely tailored and optimized to the needs of traders. Two or more monitors can be operated on such a computer. Since the availability of the data must be guaranteed at all trading hours, events such as power failure, system stability and data loss should be secured on a trading computer. At the same time, emphasis must be placed on factors such as computing power, ergonomics and ease of use. Such trading hardware must ensure trading under optimal conditions and with the highest possible data and system security.

LYNX also offers trading via the Trader Workstation

How should a trading PC be equipped?

The necessary equipment of a trading computer is primarily determined by the requirements of the various user groups. A private day trader may not need the same equipment as a trader who works in the institutional sector and backtesting. Basically, a computer should have sufficient computing power. The components of the hardware equipment should be optimally matched to one another.

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Conclusion to Trader Workstation experiences: Suitable for everyday use when trading and investing

Professional traders in particular place great demands not only on the hardware, but above all on the trading software. Many order types, a user-friendly interface and exact order execution should ensure efficient trading. A platform must be able to be optimized with other tools.

Experts and beginners alike have tested the TWS trading platform for suitability for everyday use. It stands for flexibility and guarantees trading account access via PC and, thanks to the TWS app, via mobile devices. Buy and sell orders can be placed on the market via the browser or after downloading a Trader Workstation. Every retailer can use a demo account free of charge to familiarize themselves with the platform and its functions.

Good online brokers offer extensive educational offers such as training videos, webinars or workshops. Every trader should use these offers to familiarize themselves with the trading platform in detail before making their first real money trade. Then the TWS platform will present itself with all its advantages.

XTB
  • Account from: 0 €
  • Costs: A +
  • Min. Trading amount: 0,01
CFD Service - 77% lose money