Results of particle simulation indicate that E×B drift is available for the purpose of ion energy selection, which is necessary for direct energy conversion. High energy conversion rate of the traveling wave direct energy converter up to 0.8 is obtained both from orbit calculation and from computer simulation as a result of improvement of proton beam modulation. Computer simulation using a particle-circuit code demonstrates stabilization of the excited wave by the external electric load and stable response of the wave to variation of the load. A very preliminary design of electric circuits of the traveling wave direct energy converter is also presented.