RediPlus - Not the best platform I've ever used, but its what I'm using now. Does anyone know how to adjust the positions window so it doesn't keep cumilative P/L? Example - Buy and then sell KO for a profit of $100. Later in the day I purchase KO again, and the minute the trade is executed it shows me up $100. This is the first software I've ever used where it does something like this, and if your trading a specific style with stop losses, this makes it difficult to gauge the status of the trade. Anyone found a solution to this problem? By the way, does anyone know the e-mail address of Redi's development department? Dave
Does anyone know how to adjust the positions window so it doesn't keep cumilative P/L? Example - Buy and then sell KO for a profit of $100. Later in the day I purchase KO again, and the minute the trade is executed it shows me up $100. This is the first software I've ever used where it does something like this, and if your trading a specific style with stop losses, this makes it difficult to gauge the status of the trade. Anyone found a solution to this problem? DaytraderDave, Direct access software is suposed to keep a cumulative P & L. The software sounds like its working OK to me. I Buy 100 XYZ @56 and I sell 100 XYZ @ 57. I have 100 profit. XYZ is trading later in the day at 59. I Buy 100 @ 59, I will show 100 profit ,while the stock trades at 59. If the stock goes to 58.5, my profit shows +$50.00 in XYZ, if I close out the trade at 58.5, My P & L monitor will show a $50.00 profit for the day realized. REDI+ can also be set to reflect a set commission rate in the postion monitor or just gross P & L(no commission added). Why wouldn't you want your position monitor to keep a cumulative P & L? That is the way most professional software works. REDI+ will also keep a cumulative P & L in all products combined(futures, Options & stocks). Gene Weissman Lieber & Weissman Sec., L.L.C. gweissman@stocktrade.net
The reason you wouldn't want it to be cumulative if you are. A) Scalper - When you need to know your P/L for that specific trade and you could be making dozens of trades in the same stock throughout the day. B) If you enter into a large number of positions at the same time. Example, I have at times been in over 30 stocks at one time or another, and I look at the P/L in the position window to see where I am at with each position. C) Its confusing. Yes, for certain trading styles RediPlus works fine, in my case, would prefer something that isn't cumulative. On another note does anyone know why the charts don't update sometimes. It is quite annoying to constantly check to make sure the chart is actually updating as people have previously posted. I've used GreyBox, TradeCast, and CyberTrader, and from what I remember it individually tracked P/L based on specific trades. Some did have options to see cumulative P/L. I can't remember if RealTick does cumulative or individual.
Gene, I seen you mentioned the ability to have Redi display your gross or net p/l. I was wondering how this can be done. Right now I can only see my gross p/l, but I would like to be able to input my commission rate and see my net p/l. If you could explain how I can get my redi position monitor to display my net p/l, it would be greatly appreciated. Thanks Mike
You could do something using the RediPlus API, but it would involve some programming. I don't know how you could do it in the RediPlus native app.
DaytraderDave, I see what you mean. If you open a position Window, REDI+ will give you a seperate P & L for each stock, not for each trade. As Cash mentioned, you could create a program in VB or C++, that could give you a separate P & L for each trade, non-realized & realized P& L etc .The programming may not be worth the expense. I'm not a programmer and I would have to check wiith our programmer for the cost of creating this app. Our scalpers have never asked for a seperate P & L for each trade. You can of course filter in your message monitor many ways -by time, price ,stock, exchange,ECN, MM, trade size etc . and review your trades . I agree with you that REDI+ charts are not really up to par. We use AT Financial or Bridgestation for charting & REDI+ charts as a backup. Cash, I believe Bright uses First Alert with REDI+ for charting & filtering. If you call REDI+ support, you can have your user # set at gross P & L or set for any commision rate you are using. Speak to your introducing broker and have them set your postion monitor for the net P & L if that is what you want. Gene Weissman Lieber & Weissman Sec., L.L.C. gweissman@stocktrade.net
You could use the Equity Doneaway feature, but your compliance officer might not like that too much. Or you could use a simple Excel spreadsheet which can be directly linked to RediPlus and track it that way.
Thanks for the information all. I'm sure that REDI is constantly working on updating their software, does anyone know where I can e-mail suggestions? I know the tech support line (I've got to admit they are very helpful) but figure something in writing would be better. Thanks.
There are different phone#'s for First Options or SLK customers. If you want tech support e-mail to : reditech@slk.com or call 212-433-7235 and ask for tech. support. It would of course be up to REDI if they wanted to include this feature in the software. If you want to have a custom app written, send me an e-mail and I will put you in touch with our programmer. The REDI Help Desk at 212-433-6230 . Gene Weissman Lieber & Weissman Sec., L.L.C. gweissman@stocktrade.net