Let's talk about some components of a good ATS. I think we can each contribute something without divulging our edge. Im not trying to sell anything, just trying to share and learn. Well, here goes my contributions. Based on my lmited experience, I think a good ATS should: - Be stable (software, power supply, internet connection, connection to broker's API, all relatively bug free) - Be fast as necessary for your trading style (this may involve running it on a server) - Record and store market data - Be thoroughly backtested, without peeking into the future, and on a constant position size (increasing position size over time could be misleading) - Have good risk control (how much capital is at risk for each trade) - Have good money management (pyramiding, stops, position sizing) -Manage orders without losing them (during normal trading, heavy trading, and loss of connection) - Have blackout periods tied to specific times (scheduled news events, periods of low volume and lquidity, etc.) - Have multiple exit strategies (I am finding that stop, limit, and exit signal all working together works well) - Have a maximum daily loss that shuts everything down in case of a market crash or black swan event - Pauses program during loss of feed and resumes when feed begins again - Reconnect to broker if feed/connection is lost - Limited capital in account being traded (hold the rest of capital in another account not subject to risk) - Have emergency plans (hotkey for cancelling and closing all orders in case something goes wrong, brokers phone number & account number handy) - Multiple brokers? I'm sure Im only scratching the surface. What else?