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BracketTrader Review
BracketTrader is one of the most powerful order entry frontend to trade stocks and futures with Interactive brokers. It has come up as a powerful Application graphic interface also known as API. Its important aspect is that the exit orders are automatically sent the moment a trade entry is filled. The exit is very simple, it is sent as a pair of OCA orders, with one on the profit side, and one on the stop loss side. It duplicates all the processes taking place automatically to prevent loss of information and manages trades effectively and error free. It is fast and very reliable and is trusted by millions. BracketTrader eliminates human errors that may creep in the transactions due to negligence.
There are numerous advantages of BracketTrader. First and foremost is its simplicity and easy approach. The user interface is very friendly, intuitive and easy to understand. The order entry is very fast as compared to other investing software. Placing and changing orders have become a child’s play using Bracket Trader. It helps the trader to maintain consistency regarding the transactions. Its essential features are that it has a small footprint, flexible window size, flexible entry and exit options, and many more. It takes less screen space and is suitable for single monitor setups or for notebook computers. One can choose the kind and amount of information he wants on is desktop. Less information means fewer distractions which in turn lead to more profit. One can enter an order with just one click making it fast. The depth of market window allows you to pick a price based on the number of bids and offers. It is all the more helpful to a multiple contract trader who can scale out the positions automatically to 3 steps and then set a breakeven. Different strategies can be employed to check which works best under what circumstances. There is no need for a separate window to enter the settings because the settings are saved immediately. There is an option for time stop which is like an alert which indicates the stocks that are taking to long to reach their target.
In case of a disconnection from the server the position is restored after one connects back, thus preventing loss of data. Realistic simulator allows trying out and different strategies. This helps in increasing the core competency of the trader. Automatic trade logging logs trades automatically to a file which can be viewed directly with excel. The traders who trade I bulk can take advantage of Volume trader option. The charting facility is awesome. One can have eSignal datafeed and Sierra chart playback. The eSignal can be used as a backup in case IB goes down. Automatic entry system can get trade entries from a third party program such as Wealth lab and let Bracket Trader manage the exits. One can also share the trades and discussions using Chatroom trader poster. It is not limited to any particular chatroom. At the available price it is a great bargain .
I like the instant exit, there is always a delay in other programs and where I have worked to get trades processed in the past. It is very user friendly, anyone can do it– even if someone is not familiar with trading at all. I can’t understand why anyone would use some of the other programs I have seen, over Bracket because so many of these trading software programs are so clumsy and tedious.
I can also figure out what is not working right away and see how I can fix it with the alarms that are set in place, where as other programs let me continue trading blind.
What’s not to love about brackettrader? It’s one of the best, and the thing about it that really sealed the deal for me is the lengths they have gone to prevent loss of data should something go wrong. There have been a few times when I’ve lost power or had a computer problem in the middle of a simulation or trade and when I powered back up everything picked up right where I had left off – simply amazing! I only wish that other stock software developers could have as much foresight. You never know when you might have technical glitches and need that kind of portfolio protection.
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