Thanks for the reply Shreddog, Is it a situation of using Visual Basic (VB) or using DDE for automation with excel and sterling? I understand that DDE has some security issues, and that Object Linking & Embedding (OLE) is the way to go. Does Sterling allow for OLE? Ultimately, I'll need some help, as I'm unable to code... I'm willing to pay ::
I am not aware of OLE in Sterling but it is not a topic I know anything about. You need to use the API to submit and manage orders, it cannot be done with excel directly. So you'd need code that in some formal programming language. The API is ActiveX based. Personally, unless you are short on capital or have some other reason to go prop I'd stick with IB, especially as a beginner.
There are so many differences between the two- Neke's biggest loss of the year (over 100K) is from an options trade, something Lescor rarely if ever does. Neke went into his "adventure" expecting a max draw down of 40%, much higher than what Lescor would expect. Neke is (was) more of a swing-style trader, while Lescor is more of an intra-day trader (although they each do both). Neke is retail while Lescor is prop (which makes a huge difference in calculating %). Neke puts way more "eggs" in his basket, while Lescor is often in dozens of positions at once. The number of trades, frequency of trades, and risk of trades isn't even close. Likewise, their styles aren't even close. Ask Lescor when was the last time he was down 37% on the year. No disrespect to Neke, but the point is, they are two different styles completely.
Would you be willing to refer me to a Sterling API coder, as I'm willing to pay? I currently trade with IB as well; however, I need the leverage from a prop firm, as my strategy demands more than $1m in daily BP. With IB, I have a bit more than $50k, which only gives me about $150k in buying power. thanks, Walter
I think what he was getting at is that they both automate their trading. Neke does some discretionary stuff but 99% of the time its all automated.
I do not know any sterling coders that work for pay, though they probably exist. Maybe post a request on sterling thread here on et? figure 10k+ to pay someone to do it. Going to eat a chunk of your equity.
I might code for pay if the price is right. It's probably more productive than napping, watching tv, and playing call of duty during RTH Here's the Sterling API Developer thread http://www.elitetrader.com/vb/showthread.php?s=&threadid=125715 This is my first post in this thread so I just wanted to say it's been great. I didn't open it until last month cause I thought it was just another noob journal. I ended up reading the entire thing one day. Awesome stuff. Keep it up lescor.
The only time that would ever happen would be where I went from trading live with 100 shares just to test things out, to something more in line with my equity. But with 'real size', no.
I should have put a smiley at the end of my comment about the Neke comparison, it was tongue in cheek. I actually have a lot of respect for him. He's dedicated, well organized, seems to persevere through tough times with a level head. I like the way he approaches trading, very analytical and business like. I just think he takes WAY too much risk relative to his account size. I consider myself fairly risk averse. I value consistency over anything else. You have been misinformed if you think I would ever view a 50% DD as an acceptable risk.