I've been using Interactive Brokers for a while and would like to implement an automatic trade in a regular (say monthly) interval. Specifically, I would like to dollar-cost or value average a fixed amount. How do I automate such a simple order on a regular basis?
asked Sep 17, 2018 at 12:28
Add a comment
|
5 Answers
IBKR recently released a Recurring Investment feature. Learn more here:
You can now easily setup recurring investments from the web UI.
You do not. Interactive Brokers caters a very specific target crowd - and "I send money once per month, automatically invest it" is NOT it.
They rather want active trading investors, which you are not. Expect their services to cater to their target market.
IB has API and you can write a robot to buy certain ETF's (or funds for that matter) every month like clockwork. That is what I like but the API is complex as your Bot must communicate with an IB standard conduit program that acts like the TWS without the user interface.
-
Hi Andras, thanks for answering. Before I update the chosen answer to yours. Could you elaborate and share some reference materials in your answer? You don't yet include the name of the API, a link to their documentation and an explanation of how to automate a buy order or alternatively links to tutorials with explanations. Commented Oct 27, 2020 at 13:35
-
1
-
-
There is no code for you per see, you have to code it or have someone code it for you! Commented Oct 30, 2020 at 16:46
-
1If problems occur you can always get a smart coder experienced with IB API on upwork.com I would not use python as it is not compiled. This also assumes you send enough money to IB so the robot is funded. If you wish to do this automatically from your salary, then it is a bit more complex. My answer assumes your account funded adequately and the robot making investments weekly/monthly/quarterly. Commented Nov 4, 2020 at 16:34
Although I have made a number of withdrawals from my IB account to stay under SIPC limits, it has been nearly 20 years since I funded my IB account. My somewhat vague recollection of the process is that IB had a few extra verification hurdles in order to accomplish these. I don't know if the current deposit/withdrawal process is still the same or if it has been simplified.
Barring any complications on IB's end, transferring part of your salary to your IB account shouldn't be a problem since you can set up a recurring transfer from your bank to IB. As for implementing an automatic trade investment at IB on a regular basis, I dunno.
The obvious suggestion is that you should call IB.
answered Sep 17, 2018 at 12:42
Those brokers usually have investment plans on a limited amount of products - mostly funds and ETFs. For an automated investment, I think those products are much better shaped then single stocks.
I prefer ETFs because on average they beat managed funds and they are lot cheaper (TER).
I guess if you want to buy stocks, you have to do this yourself.
-
I havn't implied stocks and I was actually planning on doing this with ETFs. Thank you for your advice on that anyway. Do you however know how to automate a monthly order? Commented Sep 17, 2018 at 12:57
-
In Germany we call it "Sparplan" i bellieve the Translation Investment plan is common in the us - i would also guess that most broker offer this but not with all etf.(which ones depend on broker) If you find your Broker and plan, you buy in a defined interval for a fixed amount of money. That way it is quite common to have partial shares. At least in germany i would look for 'free' coporations, where you don't have transaction fees for buying with an investment plan.– chrisCommented Sep 19, 2018 at 21:00