This work develops new achievable rate regions for the two way wiretap channel. In our setup, Alice and Bob wish to exchange messages securely in the presence of a passive eavesdropper Eve. In the full-duplex scenario, our achievability argument relies on allowing the two users to jointly optimize their channel prefixing distributions, such that the new channel conditions are favorable compared to that of Eve. Random binning and private key sharing over the channel are then used to exploit the secrecy advantage available in the equivalent cascade channel and to distribute the available secrecy rate among users. For the half-duplex case, we introduce the idea of randomized scheduling and establish the significant gain it offers in terms of the achievable secrecy sum-rate. We also quantify the gains that can be leveraged from the proposed schemes in the modulo-2 and Gaussian channels via numerical results in certain selected scenarios.