Trader Workstation – An Award-Winning Platform
Trader Workstation, abbreviated TWS , is a widely used trading platform worldwide. The software is from Interactive Brokers and is known for its great reliability and stability. It offers a wide range of order types and investment products. Investors and traders have access to more than 100 exchanges. The software is also used by many brokers on Dutch soil, such as LYNX, MEXEM and FXFlat.
In this blog we will discuss the award-winning platform. What exactly is the Trader Workstation and how does it work? We will discuss the most important features and give an overview of which brokers use this software.
What is Trader Workstation? – Trader Workstation Explained
Trader Workstation, often referred to as TWS, is a trading platform that focuses primarily on technical analysis. The platform is the proprietary platform of broker Interactive Brokers , but it is also available through other brokers, such as LYNX, MEXEM and FXFlat.
The platform has two versions for interface:
- Trader Workstation Classic
- Trader Workstation Mosaic
The TWS Classic is the classic version of the platform, here you have an overview of the stock exchanges, your positions and you can also perform analyses directly. The TWS Mosaic is the version where the trading platform can be set up according to your own wishes. The worksheet is made up of different tiles, in this way you can add components to these tiles yourself. You can set this up yourself, tiles can also be removed, moved and enlarged or reduced. You can also easily set up multiple monitors with the TWS Mosaic. You can then create a professional trading set-up.
You can switch between TWS Classic and TWS Mosaic at any time. The platform can be downloaded on desktop for Mac, Windows and Linux. It can also be downloaded for Google Android and Apple iOS. In addition to downloading, the platform can also be used in the web browser, but it must be opened via a Java browser, otherwise a Java error will occur.
Trader Workstation Benefits
The Trader Workstation offers a comprehensive and professional platform. See below an overview of the advantages of the Trader Workstation:
- Professional trading tools
- 60+ order types
- 100+ Important Technical Indicators
- Real-time price information
- Interface is customizable
How to use Trader Workstation
Before you can use Trader Workstation you need to install the software. This can be done via the broker’s website. After you have downloaded the software you can log in. Once logged in you also have the option to download the “offline installation package”. If you download this you can also use the platform offline, this download is optional.
Now that you have downloaded the software and logged in, you can start setting up the platform view. Once this is set up, you can start placing orders. This can be done in different ways. One way is to select a product via the price monitor and then click on ‘Ask’ for this product to create a buy order and click on ‘Bid’ to create a sell order. Here you can update the price, quantity and order type.
Tools and Capabilities at Trader Workstation
The TWS platform is mainly aimed at technical traders. The platform offers a lot of trading tools and algorithms. With this you can easily scan markets, trade from the chart or create orders. Below we discuss some important tools
Order types
At Trader Workstation you have over 100 different order types that you can use to execute an order. This allows you to execute an order in different ways, which can be useful to reduce risk or to automate it. For example, you can set a conditional order. Here you can indicate which conditions must be met before an order is executed.
Hotkeys – shortcuts
The platform allows the use of shortcuts. This is particularly useful for experienced traders, who can create or cancel orders even faster using shortcuts. These shortcuts can be set by yourself.
TWS Market Scanner
With the market scanner you can find instruments and markets yourself by means of filters. This way you can easily make a selection.
Trading in the chart
With the Chart Trader you can place, change or cancel an order directly in a chart. This way you can place an order directly while analyzing the chart. With a few mouse clicks you can record an order, you can also change it by moving the line with the mouse. You do not have to leave the chart to make the order.
Trader Workstation Conclusion
Trader Workstation is considered one of the best trading platforms due to its wide selection of assets and highly customizable interface. It also offers a huge range of order types which helps to reduce the risk when trading. Unfortunately, the interface is slower than alternative platform providers due to the many options. The platform also has a learning curve for novice traders, the many options and possibilities also make it complex. However, you can start with a demo account and you can test the platform for free and without risk.
Compare trading platforms
The Trader Workstation platform is from Interactive Brokers, but brokers such as MEXEM, LYNX and FXFlat also use this software. Easily compare these brokers with each other and other brokers.