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?
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.
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.