I am going to give it a go....but heck, it's going to be a ton of coding....with all of these rules that I can "see" right now. My experience with autotrading intraday is the profits are tiny and the trade frequency is high. I built a system with a "straight-up" equity curve. When I applied commissions it was "straight down". So this is an arena only for big boys who have no commission costs and a small exchange fee. Right now, I'm at $2.09 all-in at IB...I can't compete on an automated level. I'd have to get that down to $0.50 and that ain't gonna happen unless I join the CME.
Sorry to disagree.....Oh yes it is. He who hesitates in this game loses.....money. Don't you know your order mechanics ? If I'm long at 2345 and the market is at 2346 and I put in a limit sell order at 2340, I'm out immediately. You must have a sell stop order for the 2340. Yeah, I can put a limit order above the market when long, but not below. Note: I rarely use a limit order to get out.....mostly market. Same with getting in....market most of the time.
I am ready for you at any time. Yes, Rithmic would place orders on the exchange, and as far as I know, the RithmicAPI + can place the entire bracket server side on the exchange. Also, we do support Multicharts along with their team in the event we do not know a variable. All the best, and I hope you get where you wish.
Bottom Ticked....omigosh can that rattle you. Happens to me all too frequently as well as does it's brother Top Ticked. I think the algos are responsible....as they "know" where the maximum move is going to be.
Of course I know order execution mechanics. I don't know the specifics of the trade set up you are talking about or what time frames you are implementing, as well as indicators so I can't really speak on why you would get out at that price. Why not work with limit orders? So much better. But following objective stop losses and averaging your entry price closer to your objective stop loss through limit orders will turn your losses into $40 instead of $400, everytime ... which your account can sustain over time. I'd love to chat more man. I love this stuff
Because I don't get filled all of the time....and then I see the market rip in my intended direction... and I'm not "in". Oh, does that suck. You bet...same here. Trading the Eminis is much more complex than one would think. There is this guy with a handle of MBAGearHead.....he posts his results on the web. http://mbagearhead.blogspot.com/ Look at his equity curve for 2018, 2017....and he is barely up in 2019. I don't know how he continues to live with all of the losses. I mean he must a rich dude to withstand the constant drawdowns.
if you post a chart that includes your entries, bar type and type frame then I can add my trailing stop indicator to it to see if it help. edit 1: MBA said he has other rental income to live on. edit 2: "Why not work with limit orders? So much better.""Because I don't get filled all of the time....and then I see the market rip in my intended direction... and I'm not "in". Oh, does that suck." I think the "not filled" problem is only in ES due to the long queue, NQ is way better at filling your order.
When I first started, I was hungry for that hard / aggressive market entry, until I learned limit orders. Now I use them religiously with TradeStation, its made my life more easy. I don't know about that dudes trading strategy, so I'd have to look into it. I just know that in any condition, I can go win 70% of my trades, and when I'm wrong, I take a smaller loss and move to the next set up and limit orders have helped me so much, along with objective trading and no emotional trading And the above scenario is only possible because I follow OBJECTIVE stops and targets, and I manipulate my break even and scale in / out of trades. Zero emotion.
I personally don't know anybody that's trading in the 70% win ratio more power to you we got all learn something from that
Same here. When I hit 60% I am thrilled. I can even make money down to 40%....but the profits are usually meager. Anything below 40% and I am losing big-time.