{"id":7521,"date":"2020-07-01T17:02:00","date_gmt":"2020-07-01T17:02:00","guid":{"rendered":"https:\/\/ibkrcampus.eu\/trading-lessons\/getting-started-with-tws\/"},"modified":"2023-12-11T18:49:14","modified_gmt":"2023-12-11T18:49:14","slug":"getting-started-with-tws","status":"publish","type":"trading-lessons","link":"https:\/\/www.interactivebrokers.eu\/campus\/trading-lessons\/getting-started-with-tws\/","title":{"rendered":"Getting Started with TWS"},"content":{"rendered":"\n<p>In this lesson, we aim to explain some top-level concepts to help you familiarize yourself with the Trader Workstation or TWS platform. To get started, we\u2019re going to walk through these steps:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Getting Started with TWS<\/li>\n\n\n\n<li>Download and set-up TWS<\/li>\n\n\n\n<li>Mosaic Functionality<\/li>\n\n\n\n<li>Customize the Mosaic layout<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-install-tws\">Install TWS<\/h4>\n\n\n\n<p>Install TWS on your personal computer.<\/p>\n\n\n\n<p>Go to the Interactive Brokers\u2019 website at IBKR.com to perform a one-time download of TWS, our Java-based trading platform. Click the Log In button at the upper right of any page, and then select Download Trader Workstation.<\/p>\n\n\n\n<p>Here you\u2019ll see the three available TWS versions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>TWS Latest<\/li>\n\n\n\n<li>TWS<\/li>\n\n\n\n<li>TWS Beta<\/li>\n<\/ul>\n\n\n\n<p>To determine which version is right for you, hover over each option with your mouse to read a description of each one, then once you\u2019ve made your selection, click the appropriate button and select the <strong>Download<\/strong> button.<\/p>\n\n\n\n<p><em>Need help? Click on the link to View Installation Instructions.<\/em><\/p>\n\n\n\n<p>Once downloaded and successfully installed, go ahead and launch Trader Workstation.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-tws-login-settings\">TWS Login Settings<\/h4>\n\n\n\n<p>You will be presented with the TWS log-in screen. Before you log-in, let\u2019s take a look at the available settings.<\/p>\n\n\n\n<p>You can select either Live Trading, or Paper Trading mode.<\/p>\n\n\n\n<p>For this course, we\u2019ll select a paper trading test environment to learn trading features of TWS without risk. Paper trading lets you use the full range of trading facilities in a simulated environment using real market conditions.<\/p>\n\n\n\n<p>Click More Options to see additional login-related settings, such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Switching TWS versions without downloading additional software,<\/li>\n\n\n\n<li>Selecting a preferred color theme for TWS &#8211; classic, dark or light,<\/li>\n\n\n\n<li>Defining your language setting,<\/li>\n\n\n\n<li>Adjusting your region and time zone, and more.<\/li>\n<\/ul>\n\n\n\n<p>Click the help icons to learn more about these features.<\/p>\n\n\n\n<p>Once you\u2019ve explored this screen, enter your username and password and log in.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-mosaic-panels\">Mosaic Panels<\/h4>\n\n\n\n<p>As you can see, the default Mosaic view inside TWS comprises a series of individual tiles or panels, that operate within a highly configurable interface.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/11\/Default-Mosaic-View.png\" alt=\"\" class=\"wp-image-910 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"h-order-entry-panel\">Order Entry Panel<\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/11\/Order-Entry-Panel.png\" alt=\"\" class=\"wp-image-913 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p>To the upper left, you\u2019ll see the Order Entry window, which includes the price quote for a selected financial instrument.<\/p>\n\n\n\n<p>This window enables you to quickly configure a buy or sell order, which you can then submit to an exchange for execution.<\/p>\n\n\n\n<p>Below that, you\u2019ll see the Quote Panel, which will provide you with additional pricing and fundamental details for the selected asset.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-chart-panel\">Chart Panel<\/h4>\n\n\n\n<p>Alongside that is a Chart Window displaying a bar or line price action over a configurable time period.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/Chart-Window.png\" alt=\"\" class=\"wp-image-918 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"h-activity-panel\">Activity Panel<\/h4>\n\n\n\n<p>At the bottom of the Mosaic display is an Activity panel, where you can review open orders, completed trades and review a summary of your activity.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/11\/Activity-Panel.png\" alt=\"\" class=\"wp-image-924 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"h-news-panel\">News Panel<\/h4>\n\n\n\n<p>We also have the News monitor in the lower right corner, and above that is the Monitor panel, which is arguably the most important of all these windows.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/11\/News-Panel.png\" alt=\"\" class=\"wp-image-927 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"h-monitor-panel\">Monitor Panel<\/h4>\n\n\n\n<p>Here you can display many symbols, along with a host of configurable columns containing valuable trading information.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/Monitor-Panel.png\" alt=\"\" class=\"wp-image-930 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p>We\u2019ll take a closer look at the Monitor panel in a later lesson, where we will show you how to access your Portfolio tab, open multiple watchlists and even create market scanners.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-mosaic-tabs\">Mosaic Tabs<\/h4>\n\n\n\n<p>Now that you\u2019ve had a big-picture overview of the Mosaic layout, let\u2019s look at the two tabs at the lower left of TWS, which read \u201cMosaic\u201d and \u201cClassic TWS.\u201d<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/11\/Mosaic-Tabs.png\" alt=\"\" class=\"wp-image-931 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p>The \u201cClassic TWS\u201d tab opens to a spreadsheet-like display of TWS where you can enter symbols on each line and trade. Our focus in this course, however, will be on the newer <em>Mosaic<\/em> interface.<\/p>\n\n\n\n<p>Next to the Classic TWS tab is a plus-sign. Click this symbol to create self-designed Mosaic tabs or access the Layout Library.<\/p>\n\n\n\n<p>When you click Browse beneath the Layout Library image, you\u2019ll see a myriad of pre-defined Mosaic workspace layouts based on specific workflows or instruments.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-mosaic-layout-library\">Mosaic Layout Library<\/h4>\n\n\n\n<p>You can customize these pre-defined layouts or create your own from scratch.<\/p>\n\n\n\n<p>You may wish to run multiple tabs inside TWS by using the Layout Library to customize your own workspace.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/11\/Mosaic-Layout-Library.png\" alt=\"\" class=\"wp-image-932 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p>To add a predefined layout to Mosaic, simply click the Add Layout button. Now you will see the new layout display on your screen.&nbsp; This is a popular way to access the information you frequently use.<\/p>\n\n\n\n<p>Each layout that you add or create is added as a tab at the bottom of the screen.<\/p>\n\n\n\n<p>Let\u2019s go back to the default Mosaic tab.<\/p>\n\n\n\n<p>Now that you\u2019ve been introduced to some essential Mosaic panels, let\u2019s take a look at the various icons on the upper right of each panel.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-tws-mosaic-panel-icons\">TWS Mosaic Panel icons<\/h4>\n\n\n\n<p>Hover above any of the icons and you\u2019ll reveal the name of each. The Question Mark icon will display a Cheat Sheet or tutorial for that specific panel.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/11\/Question-Mark-icon.png\" alt=\"\" class=\"wp-image-933 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p>For example, here\u2019s a Cheat Sheet for the Order Entry panel. &nbsp;Click the \u2018?\u2019 icon.<\/p>\n\n\n\n<p>You\u2019ll also see a gear icon, which is a shortcut to Configuration settings for each specific panel.<\/p>\n\n\n\n<p>When you click the gear icon in a specific tile, for instance the Monitor panel, and select Settings, the configuration window opens to the menu selections on the left for the Monitor panel.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/11\/Menu-Selections.png\" alt=\"\" class=\"wp-image-934 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p>You\u2019ll see on the right side that you can add or remove columns on the Monitor panel.<\/p>\n\n\n\n<p>I will select the Position and P&amp;L grouping and add an Unrealized P&amp;L column by clicking the Add button. Simply click apply and Ok when you\u2019re done.<\/p>\n\n\n\n<p>The other important icon here is that little green chain-link, which enables users to group windows together.<\/p>\n\n\n\n<p>For example, watch what happens when you select a ticker in a Watchlist; the other panels that are part of the same color-linked group update for that ticker.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/11\/Ticker-in-a-Watchlist.png\" alt=\"\" class=\"wp-image-935 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"h-tws-mosaic-panel-icon-windows-grouping\">TWS Mosaic Panel icon \u2013 Windows grouping<\/h4>\n\n\n\n<p>Assign a panel to a group using the colored links on the top right of the window&#8217;s title bar.<\/p>\n\n\n\n<p>You\u2019ll notice that all windows with the same color link are part of the same group.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/Group.png\" alt=\"\" class=\"wp-image-936 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"h-tws-mosaic-more-tools\">TWS Mosaic &#8211; More tools<\/h4>\n\n\n\n<p>Let&#8217;s now switch over to the upper left of Mosaic, where you will see a New Window button.<\/p>\n\n\n\n<p>Here\u2019s where you can access several additional tools.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/11\/Additional-Tools.png\" alt=\"\" class=\"wp-image-937 lazyload\" style=\"object-fit:cover;width:200px;height:300px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p>The windows are grouped according to Tools and Information functions &#8211; and keep in mind, that whenever you see an arrowhead, this means you can expand the display to reveal additional windows.<\/p>\n\n\n\n<p>Let\u2019s add a new window to the default Mosaic layout.<\/p>\n\n\n\n<p>First, you will need to locate and click the Padlock icon on the upper right of Mosaic.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/11\/Padlock-icon.png\" alt=\"\" class=\"wp-image-938 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p>You can always tell when the Mosaic display is in edit mode by the thick green border surrounding the entire container.<\/p>\n\n\n\n<p>Now you can reduce or enlarge the panels.<\/p>\n\n\n\n<p>And so, if you want to resize and make space for an additional panel, click and drag the edge of a tile and then reposition the added panel chosen from the New Window menu.<\/p>\n\n\n\n<p>When you have finished resizing and want to save your new display, just click the Padlock icon again to set the layout.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-account-menu\">Account Menu<\/h4>\n\n\n\n<p>Next, turn your attention to the Account menu item on the upper left of Mosaic.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/Account-menu.png\" alt=\"\" class=\"wp-image-939 lazyload\" style=\"object-fit:cover;width:200px;height:300px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<p>Here\u2019s where you can view your Account information, such as your reports and statements, subscribe to additional market data and more.<\/p>\n\n\n\n<p>The Account window shows you a quick overview of your balances, margin requirements, funds available for trading and portfolio positions.<\/p>\n\n\n\n<p><em>For more account information, select Account Management Home. <\/em><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-tws-mosaic-panel-ibot-find-answers-to-common-questions\">TWS Mosaic Panel iBot \u2013 find answers to common questions<\/h4>\n\n\n\n<p>If you can\u2019t find what you\u2019re looking for, no worries, simply use iBot to help you search by typing a question into the bottom input field. iBot will help find the right answer for you.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/iBot.png\" alt=\"\" class=\"wp-image-940 lazyload\" style=\"width:200px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"h-tws-mosaic-help-user-guides-customer-service-info\">TWS Mosaic Help \u2013 User Guides Customer Service Info<\/h4>\n\n\n\n<p>You can access the Help menu to view user guides and customer service information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this lesson, we aim to explain some top-level concepts to help you familiarize yourself with the Trader Workstation or TWS platform. To get started we are going to walk through these steps: download and set-up TWS, explore the Mosaic panels and show you how to customize the Mosaic layout.<\/p>\n","protected":false},"author":850,"featured_media":7522,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[149],"traders-academy":[100,103,105],"class_list":{"0":"post-7521","1":"trading-lessons","2":"type-trading-lessons","3":"status-publish","4":"has-post-thumbnail","6":"contributors-categories-interactive-brokers","7":"traders-academy-beginner-trading","8":"traders-academy-level","9":"traders-academy-trading-lesson"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives | Traders&#039; Academy | IBKR Campus<\/title>\n<meta name=\"description\" content=\"To get started we are going to walk through these steps: download and set-up TWS, explore the Mosaic panels and show you how to customize the Mosaic...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/trading-lessons\/7521\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Getting Started with TWS\" \/>\n<meta property=\"og:description\" content=\"To get started we are going to walk through these steps: download and set-up TWS, explore the Mosaic panels and show you how to customize the Mosaic layout.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.eu\/campus\/trading-lessons\/getting-started-with-tws\/\" \/>\n<meta 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