Introduction:
In trading, people must use multiple trading floors and tools to make trades and carry out contracts successfully. Suppose you are a trader who performs technical analysis on MetaTrader and executes the order on Interactive Brokers or any other providing platform.
In that case, you may prefer to copy the orders on MetaTrader to Interactive Brokers. This article will help you learn how to perform just that.
We recommend to use this “Copy Orders from MetaTrader to Interactive Brokers”it will help to find correct information.
Why Copy Orders?
Transferring orders from MetaTrader to Interactive Brokers is a convenient way to use the functions of both programs, contributing to the automation of working processes. The MetaTrader platform is famous for its powerful charting and technical analysis tools, while Interactive Brokers offers many order types and different market access.
If you have MetaTrader for analysis, you must accept an order from Interactive Brokers for execution. This method can help formulate effective trading strategies given the charts on MetaTrader and then place those orders with Interactive Brokers. Here’s how to do it:
Step 1: Establishing the Connection
Such orders can only be copied from MetaTrader to Interactive Brokers via the bridge or any trading software that can interface the two. Several other third-party solutions can be used for this very task. The trading community is well-versed in several types of applications, including TradeLink, MetaTrader Bridge, and various custom-made applications.
Step 2: Setting Up MetaTrader
When you decide on one bridge or trading software, you have to set up your MetaTrader platform to connect with your chosen bridge or trading software. Follow these general steps:
Install the bridge software: Copy the bridge software on your computer and start installing it.
Configure MetaTrader: Launch MetaTrader and move to the “Tools” drop-down list. Click on “Options” and navigate to the “Expert Advisors” category. Switch on the restricted automated trading.
Install MetaTrader scripts: You may need to install additional scripts or so-called Expert Advisors (EAs) in the MetaTrader. For the installation process, you should read the instructions that came with your selected bridge software.
Step 3: Connecting to Interactive Brokers
Now that the bridge software and MetaTrader are configured to interact, it’s time to connect to Interactive Brokers:
Open the bridge software: Start the bridge software you unpacked at the beginning of the current step.
Connect to Interactive Brokers: In the bridge software, find a button allowing you to run it as a bridge for Interactive Brokers. You may often be asked to provide your Interactive Brokers login – your username and password.
Confirm the connection: Ensure the bridge software can connect with Interactive Brokers without errors.
Step 4: Copying Orders
Now that the connection is established, you can replicate orders to Interactive Brokers from MetaTrader:
Analyze in MetaTrader: Trade Markets using MetaTrader’s charting and analysis tools in an attempt to find trading opportunities.
Place orders in MetaTrader: You remain free to open and place your trading orders in MetaTrader as usual. The bridge software will process these orders.
Execution in Interactive Brokers: In other cases, the bridge software relays your order to Interactive Brokers, where it is implemented. You can track the status of your orders and trade within your positions on the Interactive Brokers trading system.
Conclusion:
Transferring orders directly from MetaTrader’s server to Interactive Brokers’ server can improve your trading experience because MetaTrader offers the best tools for order analysis, and Interactive Brokers provides the best tools for order execution.
Even though the method can require some adjustment at the start to work properly, the gains in velocity and accuracy are usually pretty impressive.
Just ensure you don’t fall prey to fraud. It will act as the link through which your orders are transmitted, ensuring you are using reliable bridge software. To reduce the incidence of mistakes or problems, try out your setup using a paper trade or practice account before going for a real account.
Although these two platforms are distinct, you can integrate them into your trading process and make your trading even better – if you know how to set it up properly.
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