No. of Recommendations: 7
[IBKR] is much more tedious than the old FolioFN update and exchange method
Look at M1 Finance. Their terminology is confusing, but once you understand the business about slices & pies it is easy.
That's what I use on that 25 stock screen. Run the screen, identify the stocks to sell and buy. Go into your "pie" and delete the ones to sell. Then in the pie add the ones to buy. The holdings allocations must equal 100%. You can click the "balance" button, or manually set your own percentages for the holdings.
Verify the sell & buy list, click OK. Go to the portfolio and verify the scheduled sells and buys.
The next trading window (next day morning) the trades will automatically happen in the portfolio(s) that are linked to that pie. Note that it will only sell the ones you deleted and buy the ones you added. If there is any money left over, it will distribute it by buying more of the current underweight stocks.
If you want to also rebalance your portfolio, go to the portfolio and click the "rebalance" box. Normally this will modify the scheduled sells & buys, so that it all happens at once.
Sometimes for some reason that doesn't happen, so you can just do a "rebalance" the next day.
I used to rebalance at the same time, but I don't anymore. I just leave the "keep" stocks alone. Let the winners run and let the losers (eventually) drop off. Equal balance is 4% allocation for each stock, currently mine run from 3.4% to 6.0%.
