Try this: Basic strategy: morning breakout 1. Use a 5 min bar chart 2. Ignore first 10 minutes 3. At 10:00 mark the high and low of the last 4 bars 4. Buy on stop at high + 0.05, sell short on stop at low - 0.05 5. One entry per day, in one direction, whichever comes first 6. Immediately after entry put a stop loss at 1% and a profit target at 3% 7. No entry after 15:30 8. Exit at 15:50 if no stop loss or profit target hit Stock selection: 1. Each week trade 6 stocks, and alocate your intra-day buying power equally between them - it will determine how many shares of each you will trade. 2. At the beginning of each week, pick a list of as many stocks as you want - I use 500 - with a decent volume, at list 200,000 a day on average for the last month, and at list $30 in price. Backtest them with the above strategy for the last two weeks, and pick the first 6 performers. These are the once you will trade the following week. I've been doing this for almost a year with an automated system in TradeStation, with consistent results - up 40% after comm, with a nice uptrending P/L. I trade a small account though, and didn't compound profits. Slippage can be a problem because I use stop market orders, so I get a fill when the entry is triggered, otherwise I would have to keep an eye on the system all day long. Hope this helps.
The strategy itself is well known, but what is more important is the stock selection, the money management, and beeing consistent in applying it.
I have 5 different systems that I run completely automated in TradeStation. I often leave it unattended during the day. I have had a small amount of lost profit due to issues but it has not been that bad. I am considering writing my own system (or perhaps using an open source solution) and changing to a different broker. I think this could resolve all the problems I have seen at this point.
I decided against Tradestation because a strategy can get out of synch with the account. There needs to be tighter feedback.
http://www.fxcm.com/forex-system-selector.jsp Have a look at this for automated forex systems. Lets you look at the performance of a lot of forex systems out there that provide signals.
I'm kind of new to the trading game, & am using IB. Anyone know how to get it on auto-pilot for trading?
I'm kind of new to the trading game, & am using IB. Anyone know how to get it on auto-pilot for trading?
I had this problem with limit orders not beeing executed in the account, but filled in strategy, and you do get a lot of warnings. My question is, if there are systems that automatically get back in synch, how do they do it?