Direct answer
What do the terms on Rebalance Cloud mean?
Basket is the buy/sell list; target weight is the percentage you plan to hold; drift is the gap between current and target; cost basis is roughly what you paid; a market-open order sends at the open with a limit; the connector is the small program on your computer that talks to IBKR.
Core terms
- Basket: the list of buy and sell orders for one rebalance
- Target weight: the planned percentage for a position
- Current weight: the percentage you hold today
- Drift: the difference between current and target
Order terms
- Market-open order: sent at the open, with a limit price
- Limit price: the worst price you accept
- Fractional shares: buying or selling part of a share
- Fallback: retrying later in the day if the open order is rejected
Account terms
- Connector: the small program on your computer
- Gateway/TWS: IBKR software that connects to your account
- Paper account: a simulated account for testing
- Cost basis: roughly what you paid for a position
Limits
- Definitions are general and may differ by broker or country.
- This glossary is educational, not advice.
- Check IBKR documentation for exact product behavior.
Common questions
Questions about this workflow
Is a basket the same as an order?
No. A basket is the whole list of orders for one rebalance. Each row in the basket is one order.
What is a paper account for?
A paper account simulates trading without real money. It is the safest place to test a connector and a basket before going live.