MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trading Methodologies » Tools of the Trade

[ian]

Hi All,
I've been looking through the various threads in this forum (there's a lot!) but haven't been able to find an answer to my question. I'd be most grateful if anyone can help.

I have a fairly simple trading system developed in TradeStation (2000i) that works with 2 min bars. It buys and sells at limits and exits on limits and stops. It's basically pattern based (the close>last bar's high sort of thing) and uses an EMA.

Once in the market it may generate a new order on every bar (2 mins) or every other bar, mainly to adjust the stop but now and again it will stop and reverse. It may make 30+ trade in a 24 hour period and the average trade lasts about 40-50 minutes.

It's not impossible to trade but it requires a lot of concentration so automatic would seem to be the way to go.

So, can anyone please tell me if there is any software that can do this? It doesn't have to run via TS as long as the software can be programmed with the necessary conditions. A friend looked at VT but said it couldn't handle this (doesn't do limit orders?) and it can be flakey although he reckons he has the latest version.

I'd like to test it on a demo account and trade a mini account. Hope someone can point me in the right direction.

Many thanks.

Ian

[fxsystemtrader]

It can be done in Metatrader. I can program it for you if you want

[elmagd2000]

I think you need 2 system components:

1- Charting software like tradestation, metastock or metatrader to program your system on.

2- Auto executinon facility to give orders to broker's server and here you have many alternatives:
- plugin to work with charting software like dynaorder
- trading your system directly at broker's front desk for some fees
- Programming a software using C or any other language
- some type of programmable engines which work even you are offline for some fees like fxengines.

Each one has its pros and cons in terms of fees, control and risk.

Hope that helps

Hani

[fxsystemtrader]

Why bother with 2? Metatrader does it as well, with many brokers to choose from. Automatic, real and free!

[twalker]

Interesting thread because I am finding the same frustration. I spend my day scalping interest rates and runs systems for other markets on TS2000i. When things are busy in the IR's I miss some signals on TS as I am having to concentrate on other stuff.
Here is what I have looked at so far.

If you are using TS2000i you may want to check out TS8 which allows automatic routing and execution through the Tradestation brokerage, you need to open an account with them to do this but i know somebody who uses them without complaint for over a year now.

Also check out
www.dynaorder.com
There are some options there.

For me priority is to keep system running on TS platform whether 2000i or 8, reason I did not take the 8 option yet is because TS do not supply data for EU markets so I would have to give up my FTSE and DAX system trading which I want to avoid. For FX however and all US markets there is no problem.

[twalker]

Forgot to include this also
http://www.investlabs.com/tradebolt_screenshots.htm

The settings they allow for order placement regarding Limit and Stop to market if missed seem to favour it.

[ian]

Thanks guys. I shall take a close look at MetaTrader. TS 8 is expensive unless you trade (:-) and I'd really like to test the system and software before getting into too much expense. Not sure about DynaOrder... It seems a little intricate and the site doesn't give enough info. Probably just me... Is anyone using DynaOrder successfully?

TradeBolt is very interesting, particularly for TS users, but it can be quite expensive at $1 a shot(!) if you're scalping although if you scalp a lot this comes down. But how do you backtest it?

I asked TB about forex brokers and this is the reply I received from Marcus:

"No broker currently offers FX, but the electronic futures contracts for the majors traded on globex are now very liquid.

Further info on the contracts can be found from the cme website www.cme.com

Cost of trading with TradeBolt is from USD 1 down to USD 10 cents per contract depending on your monthly volume."

I think this puts TB out of the equation for now.

Ian

[elmagd2000]

Fxsystem trader

Does Metatrader can handle 100% mechanical trading with a broker like Refco or FXCM? Interested to get more about that

Thanks
Hani

[fxsystemtrader]

Not Refco or fxcm, see their list of brokers at metaquotes . net

[ian]

Originally posted by fxsystemtrader
Not Refco or fxcm, see their list of brokers at metaquotes . net

Which forex brokers would you recommend for use with MetaTrader?

Ian

[fxsystemtrader]

I use Alpari, great experience so far

[ian]

Originally posted by fxsystemtrader
I use Alpari, great experience so far

Very average spreads plus $3 commission on mini lots. Takes the edge off scalping trades.

Ian

[fxsystemtrader]

there is no comission on minis, that's a mistake on their web site + I don't scalp

[ian]

Originally posted by fxsystemtrader
there is no comission on minis, that's a mistake on their web site + I don't scalp

If you don't scalp, that's fine, but the average trade of my system is a small number of pips.

And if a company can't get the info on its website right, what else is it getting wrong...?

Ian

[elmagd2000]

Fxsystemtrader,

Didn't get it clear...
Does MT can handle 100% mechanical trading with Alpari or anyother broker?

Thanks in advance for clarification

Hani