Is it possible to automate the exit only?

Discussion in 'Automated Trading' started by Old School, Dec 16, 2006.

  1. I am not a programmer, so I was hoping someone here might be able to help.
    I've seen some apps like ButtonTrader that does some of these things but all.

    - manual entry*
    - auto exit - variables determined by user. ie: trailing stop, gap exits, absolute targets, scaling out, etc.
    - products traded: equities.

    *why the asterisk?
    I want to...

    1 - enter the trade (some limits, some stop limits) and simultaneously enter an exit order (from several types I created) if opening order gets filled. I'd like to be able to assign multiple exit strategies to any one open position.
    Long 1,000 IBM @ 100.
    Exit :"scale out 1": Sell 1/3 @101
    Exit :"scale out 2" Sell 1/3 @ 105
    Exit :"scale out 3" Sell 1/3 - Trailing stop - user defined
    Exit "stopped out" Sell 1000 ibm @mkt

    2 - create several exit strategies based on type of setup. ie: "nice and steady", "fast mover", "gaps", etc...

    3- Once an exit is excuted I need the software to check my positions and adjust any remaining open order quantities. If it's a simple "close position order", the software must treat all open orders like an OCO (or OCA in this case, "one cancels all") order in the futures mkts and cancel any open orders. This is a must.

    4- So in the above example, if I get stopped out, all "scale out" orders need to cancelled simultaneously.

    5- Also, if I hit my "scale out 1" target, then the quantity of the "stopped out" exit needs to change and move up with the mkt. That's another user defined variable. This is will continue until position is completely closed. There will always be a "take profit" exit along with a "stopped out" exit under it.

    Hopefully my ignorant post makes some kind of sense to someone.

    Anyway, I am interested in knowing:

    1- Is there a front-end app like this already out there that is compatible with most firms' execution software? Something that works with retail and/or equity prop firms?
    2- Are there any prop firms who can do this for their traders?
    3- Are there any partners that do this sort of thing? Perhaps a brokerage house along with a third party vendor?
    4- If answers are "NO" to 1-3, then are we talking a shit of money (thousands $) or are there firms that might be able to code this for a reasonable fee (hundreds $)?
    5- Finally, do I have any other options?

    Sorry for interrupting your Saturday and thanks a bunch for any help...
  2. Ninjatrader
  3. Thanks Jango,

    I'll do a search on previous discussions.