nikoschopen
2,824 posts
msg #40131
- Ignore nikoschopen |
1/11/2006 3:35:01 AM
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rtucker sez:
Yikes! Algorithms and automated system trading. Way out of my league.
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Not quite. As far as I know, you can get by using TradeBullet or Tradebolt without any knowledge of algorithms, unless you elect to use their advanced features. Even with TradeStation's Easy Language or WealthLab, it requires only minimum effort to learn the ropes. What's more difficult, IMHO, is to implement the right strategy to trade the filter you have under your belt. Hence the necessity of backtesting.
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rtucker sez:
All I'm looking for is a way to control my orders using Muddy/HG "wait for green" method. Choose 1 to 3
stocks max some days and "if green at 10:30am trigger buy and simultaneaously set sell stop at say 8%".
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Interactive Brokers provide a Good After Time (GAT) Orders, which "is held in the IB system and sent to the exchange on the date and time you specify." I think you may be able to expand on this feature with another condition (eg. "wait for green") via a conditional order.
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JohnyYuma
60 posts
msg #40143
- Ignore JohnyYuma |
1/11/2006 1:13:03 PM
I have researched extensivly on the issue of rates/fess and automated trading
In my opinion
1. IB is the cheapest - bar none - and for the trading system/platform it provides - it's a steal
2. Tradestation has the best platform for automated trading - but it's platform fees are high (about $99 - I know you can get it free but then you have to trade a lot)
and
Tradestation's biggest drawback is the Option assignment/Exercise fees - they are a killer - about $20 (compared to 0.75 for IB) - unreal !
I am hampered in doing automated trading on IB because I have not been able to locate a good system (at reasonable price) - earlier, there was Wealth-Lab but I am told (on IB bulletin board) that it is no longer available for individual investors as it has been bought by Fidelity (I believe)
Hope this helps
Thanks
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rtucker
318 posts
msg #40167
- Ignore rtucker
modified |
1/11/2006 6:02:10 PM
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greg00623
14 posts
msg #40184
- Ignore greg00623 |
1/12/2006 11:11:31 AM
rtucker
IB has a Bracket Order that will work for you. It has two slave orders that will execute only after the master order has been filled. Use a GAT order on the master and set your stop loss on the lower slave order. The Bracket Order is detailed in IB's help menu. I'm in the same boat as you, I still have to go to work for a living. It makes this game a little more challenging. Good Luck.
Greg
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nikoschopen
2,824 posts
msg #40189
- Ignore nikoschopen |
1/12/2006 2:03:44 PM
According to IB, an order is "bracketed" by both a high-side stop and a low-side stop orders. The drawback to using a bracket order in my opinion is that the stop is set at 1.0 by default (both top & bottom). While IB allows you to change the offset amunt to anything other than 1.0, the amount applies equally to the top & bottom stops. I've never liked this idea since the P/L ratio for these types of setup is 1:1.
On the other hand, you could use a OCA (one-cancels-another) order soon after you enter a trade. This allows you to mix & match your stops in however different ways you want, and should one order be triggered the other will be cancelled automatically. This option is also availabe in the conditional order page, which you could link to your main order. However, there is a major shortcoming in the way conditional orders work. You can only use limit or market order. Hence, it can't be used as a stop order, whereby you need stop-limit or stop-market orders. By no stretch of imagination does it take much brainpower to understand that its a simplistic way to operate.
With regards to WealthLab, you need to make 120 trade, or 60 round trips, within a rolling 12-month period and have $25,000 in assets to qualify for their all-you-can-use status. Fidelity also offers WealthLab Developer to their nonclients for a one-time licensing fee of $650.
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rtucker
318 posts
msg #40211
- Ignore rtucker
modified |
1/12/2006 10:05:29 PM
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nikoschopen
2,824 posts
msg #40237
- Ignore nikoschopen |
1/13/2006 2:08:12 PM
rtucker,
It's rather simple to bypass or circumvent this problem. Suppose ure "wait for green" stock closed the day at 9.90, and you wish to enter when it crosses above 10.00 with a stop at 9.75 and a profit target at 10.50.
You merely need to enter the stop & the profit target orders (as OCA) at the same time as your long order. You would do the following:
1) Long entry for 10.01 using the "Market to Limit" or "Market with Protection" order to ensure that should the entire order not be executed immediately "the remainder of the order will be re-submitted as a limit order" (according to IB).
2a) Stop LIMIT entry with a trigger at or just above ure long entry, to ensure that once ure in your stop is also triggered. Hence, a trigger of 10.01 or 10.02 with a limit-order of 9.75 will comfort you in the thought that ure position will be liquidated should it come down to 9.75.
2b) Although I never much like trailing stops, due to the fact that many stocks are so volatile these days, you could use this in place of a stop limit order.
3) Profit target using stop. No explanation necessary here.
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rtucker
318 posts
msg #40254
- Ignore rtucker
modified |
1/13/2006 7:29:02 PM
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shelupinin
120 posts
msg #40570
- Ignore shelupinin |
1/21/2006 7:39:46 PM
Hi !
Could someone help me to find a "Real Time Technical Stock Screening Tool" for PRE-MARKET/AFTER-MARKET ? I mean I need a tool to scan ECN befor 9.30 a.m.
TheRumpedOne, I know that you are using TradeStation, I was unable to find tech specs on theyr website.. So does TradeStation allows to scan ECN on "pre-market"?
thanks in advance
Alex
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riggs
313 posts
msg #40571
- Ignore riggs |
1/21/2006 9:37:56 PM
"Thanks for the direction and the lesson on this thread. Once again it should be said how great this site and its members are."
Well thank you rtucker, and you're welcome! Only...I wouldn't go so far as calling me "great." Or would I....
THE MIGHTY RIGGS
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