- File ⇒ Global Configuration or Edit ⇒ Global Configuration (Classic TWS)
- API ⇒ Settings
- Check "Enable ActiveX and Socket Clients"
- Uncheck "Read-Only API"
- Verify socket port. The default it 7496
- Check "Allow connections from localhost only"
More details on InteractiveBrokers.com Trader Workstation API Settings
Every trader gets bored during trading day so I decided to spice up my life and created a little app that plays random audio clips from famous movies based on your trading. The app connects to Interactive Brokers TWS and if you open position might say "And don't screw it up, sport" (Wall Street / 1987) or it might say "Now I wanna dance, I wanna win. I want that trophy" (Pulp Fiction). If position is closed with loss it might say "I told you not to go there! I told you not to go there!" (Anger Management / 2003). For profit "Ah, Buddy, Buddy, I hate to tell you this, but you are a genius!" (Wall Street / 1987). Which movie quotes would you play and when?
If you want to add your quotes and know a little bit of XML then open IbTalks.exe.config with any XML or text editor and add your own mp3 links.
Here is an example:
<!-- Close Position With Profit -->
<Sound FileName="Sounds/Pulp Fiction/What-happened-here-was-a-miracle-and-I-want-you-to-fucking-acknowledge-it-!.mp3" />
<Sound FileName="Sounds/Wall Street/Ah-Buddy-Buddy-I-hate-to-tell-you-this-but-you-are-a-genius!.mp3" />
<Sound FileName="Sounds/Zombieland/All-I-could-think-of-was-What-are-the-odds.mp3" />
<!-- Close Position With Loss -->
<Sound FileName="Sounds/Anger Management/I-told-you-not-to-go-there!-I-told-you-not-to-go-there!.mp3" />
<Sound FileName="Sounds/Pulp Fiction/Everybody-be-cool-!-This-is-a-robbery.mp3" />
<Sound FileName="Sounds/Pulp Fiction/lm-through-never-again-too-dangerous.mp3" />
<Sound FileName="Sounds/Pulp Fiction/Oh-fuck-me-Fuck-me-!.mp3" />
<Sound FileName="Sounds/Trading Places/Business-is-business-Ill-go-for-a-walk.mp3" />
<Sound FileName="Sounds/Wall Street/Almost.mp3" />
The picture below should put in a perspective the relationship between different S&P indexes such as S&P 500, S&P 400, S&P 600, S&P 900, and S&P 1000. S&P 900 is a combination of S&P 500 and S&P 400 which covers $20.3 trillion as of today when S&P 1000 is a combination of S&P 400 and S&P 600 indexes and has total market capitalization of just $2.2 trillion which is much smaller than $20.3. So here you go welcome to financial world where 900 can be much bigger than a 1000.
After the worst first week of trading it is good to remind everybody that the market does not always go down. Stocks are paying close attention to the price of oil recently and if oil starts to recover so will stock prices. Seasonal factors are a strong force in price of any commodity and oil is not an exception. Next week marks the end of negative seasonal factors and the start of positive seasonal tail wind for oil. If oil starts to stabilize and go higher the markets will feel better after rough start of the year.
It seems we getting into a pattern of "worst ever"s. First worst trading day, then worst four days and now worst first week. S&P is down 8% in last seven days. What's next? Worst month, quarter, year? Just food for thought. As traders we should be ready and prepared for "worst ever"s. Do not get "stuck" in losing positions. Remember to get out, you can always reenter back later.