I'm looking for trading software that can automatically move up a stop limit order with the rise in the stock price? This is for day trading. As an Example: Say you buy a stock at $100 near the Open. When the stock goes to $100.50 you want the software to automatically put in a stop limit sell order (with a stop at 100.40 and limit 100.38). If the stock doesn't fall but continues up higher to $100.60 then the software will automatically change the stop limit order to a new stop of 100.50 and limit 100.48. If the stock continues higher the software will automatically move the stop limit sell order up again (therefore it's tracking the stock up). I preferably would like software that has this function built in rather than software where I have to code it myself if possible. It would be a plus if the software interfaced with Etrade so it could run using my Etrade Account.
This is called a trailing stop. This is our Lightspeed Trader software. You can create a hot key, then hot button for this. https://www.lightspeed.com/trading-platforms/lightspeed-trader/platform-features/ You would have to open an account with us at Lightspeed Trading.
This is Sterling Trader Pro. https://www.sterlingtradingtech.com/support-files/RoboHelp/Sterling_Trader_Pro.htm You would have to open an account with us at Lightspeed Trading. T-STP is the trailing Stop.
This would be a trailing order. Etrade Pro has this option. However, it maybe time consuming because you have to enter it all manually. There probably is a API script that could be integrated with Etrade to do it a lot quicker.
To Robert Morse at Lightspeed: Hi Robert - on Lightspeed Trader is there an option to make a hot key or hot button for buying 1,000 shares long at a limit price and when the order it is filled it automatically triggers a stop loss (or a trailing stop loss) of 10 cents below the average fill price
Hi to clarify-as of right now conditional orders are only available on Real Tick (and not Sterling or Lightspeed Trader) is that correct? What is the ballpark time frame for adding conditional orders to Lightspeed Trader platform? Are conditional orders available on both Real Tick Pro as well as Real Tick Express? In the current version of Lightspeed Trader - if I set a trailing stop (or a regular stop) on the 1,000 shares I am long if I sell 50% of my position for taking some profit and want to scale out of the remaining shares as the stock moves up more does your system automatically adjust the stop (or trailing stop) from 1,000 shares to the remaining amount of shares or do you have to cancel the stop and manually replace with new adjusted size. Same question for Real Tick -------------------------------------------------------- Also some additional conditional order question Buy 1,000 shares at limit price of "X" and upon fill it automatically triggers these additional orders (a) set a stop for 10 cents below avg fill price on the 1,000 shares (b) set a take profit limit order to sell 500 shares at 50 cents above (c) if take profit order is hit then move then automatically adjust stop loss from 1,000 shares to the remaining position size of 500 shares and move stop loss to break even If (a) the initial stop loss on all 1,000 shares at 10 cents is hit first then it cancels all others
Sterling only has OCO I have no ETA on conditional order on LST RT Express has conditional orders Order modify for the sell order. -Our system will protect you from sell long when you need to sell short. If you are long 1000 shares. Enter a limit above the market, sell stop or trailing stop for the full amount, it will adjust if you go out and sell stock, as that order is tagged Sell to close, not sell short. If you have a position of 10,000 shares and enter a limit, stop or trailing stop for 1000, then sell stock, the first order will not adjust, as the order left is tagged correctly.
For those of you that read my post on LS Trader and aggregate orders, I was asked to take it down. An aggregate order is designed to route to multiple routes at once and control what those routes are. It works well that way and has been well tested. Entering an aggregate order with multiple hot heys where there are orders on both sides of the market or when there are meant to be conditional on each other, is not what it is tended to do and has not been well tested for that. We hope to add conditional orders this year but for now, only Realtick offers that. Sterling has only OCO. Bob
Thank you for the quick reply. Just so I am clear on this- if I understand you correctly if I place a stop (trailing or regular) for 100% of my position nether real tick, nor LS Trader or Sterling will automatically adjust the position size of the stop as I scale out of a trade--and as I scale out I would need to manually adjust the stop as I scale out or manually cancel and replace with a new stop--is that correct?
The will both if it is 100% of a Long position. It will not to cover a short position or anytime you are liquidating part of a long position.