I am new to automated trading but would like to automate my strategies and order execution. I have read as much as I can in the forums but still don't have a good aggregate understanding of whether a third party such as Buttontrader, Ninjatrader, etc would be better for me, or to have a front-end program Excel, C++, etc. do it for me. What are the pros and cons of developed third party vs. write your own? I am a IB trader trading e-mini's usually exiting during the day. Thank you for any help and replies.
First, you've got to be real careful out there....it's very confusing. For instance, Buttontrader, which is an excellent DOM EXECUTION platform, has an automation "feature". However, when you look into it further, it is not really "programmable". Secondly, you do not want to attempt to build your own automation platform unless you are a top-notch programmer. Even then, it could take years before you have a stable piece of software. Finally, chose an automation trading platform based on your trading style and your desired broker. You will find some platforms, like Tradestation, really require you to subscribe to THEIR brokerage services to use their automation "feature". Also, if you have a scalping system, then you'll want something with very high performance and reliability....Tradestation may not be appropriate in this case. Good luck !
Thanks Syswizard for the information. I was previously considering ButtonTrader, but have recently decided to look for an established programmer. I am looking seriously at Centuris Group. They specialize in automated platforms. We are having some discussion about which language to choose. Any ideas? Thanks again, I feel a lot better after reading your reply. snail
Does IB have a gui or a demo piece of software to interact with their servers? We used Genesis and they had an example using their API and it greatly decreased development time. It only took our programmer about 3 months to get something up and running (not bug free of course, but able to make trades and deal with many situations - ie partial fills). If you are already a programmer, look into it.
You should read everything in this thread....some good platforms are compared and scrutinized: http://www.elitetrader.com/vb/showthread.php?s=&threadid=82568&perpage=6&pagenumber=1
IB has pretty flexible API. Any decent C++ programmer should be able to use it. http://www.interactivebrokers.com/en/control/apicontrol.php?ib_entity=llc