Creating a group account (2 accounts or more)

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JMH
Posts: 17
Joined: 16 Dec 2012

Creating a group account (2 accounts or more)

Postby JMH » 30 Mar 2020

Hello, I've been recently informed if I wish to trade multiple accounts either as a single or multiple account
(as a group) I need to create multiple instances of my broker (Interactive brokers). In my first IB-Tws account
I see all the accounts,.. 3 single accounts, when i created my 2nd instance of IB-Tws I've created multiple groups
using these 3 single accounts of the aforementioned 3. Here is an example of my query.. In the 2nd Instance of
IB-Tws I've created multiple groups, ie. Pat & Sharon IRA Consists of 2 accounts, everybody with me so far?
When I connect IB 2,.. I see the 2nd instance in the Dom window, I toggle to the 2nd instance and the Dom
window now reads Pat & Sharon IRA, ( however, for the drop down regarding the account numbers on the upper right,..
I see the same individual accounts, no groups,..When I tried to place an order with what I thought was my IRA group, the 2 accounts,.. my order gets rejected okay....? I have what's referred to as a friends & Family account with IB (FYI)
When I open an order & position tracker window, I see as follows.......
Pat & Sharon IRA-F123456
Pat & Sharon IRA- U123401
Pat & Sharon IRA- U123402
Pat & Sharon IRA- U123403
I'm really not sure what's happening with this result above..
I simply want a group to link 2 or more of the accounts in any combination of the 2 or 3 simply stated.
i.e. Pat & Sharon IRA- U123401 & U123402,... 2 accounts simple enough...
If someone can provide me with some direction here it would be greatly appreciated, thanks....

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Anna MultiCharts
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Re: Creating a group account (2 accounts or more)

Postby Anna MultiCharts » 02 Apr 2020

Hello JMH,

1. You need to configure the Financial Advisor settings in MultiCharts the same way as you’ve configured your group in TWS. Make sure to copy-paste or type in the details about the group exactly as they are found in TWS.
Otherwise there will be order rejections.
2. Right now MultiCharts cannot display the groups for order placement. Which is why you cannot see them in the list of all subaccounts under your login.

How it works at the moment?

When you trade manually or via an automated strategy, all orders are assigned the selected account number (the one that is selected in the chart trading panel or the one that is set in broker plugin settings for auto trading) + the FA parameters (if any).
So if you make a mistake in the FA settings, then the orders will be rejected. This is why you need to carefully type in the correct FA parameters.

We understand that this is inconvenient. We will work on introducing the FA groups to the list of accounts. Potentially this should minimize the risks of any mistakes in the FA settings in MultiCharts.

What can be done now while the groups are not visible in the lists of accounts?

If you have just one group –cross-check your FA settings in MultiCharts: File -> Broker profiles -> Manage broker profiles -> Interactive Brokers -> Edit -> Financial Advisor.

If you have several groups or need to use different allocation methods – configure several IB broker profiles in MultiCharts, each devoted for a different group. You can name these profiles according to the group used in it to avoid the confusion. You can connect all of these profiles to one TWS if you set different Client IDs for each of them. See picture:
ClientID.png
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