CL Redux

Thanks Picasso

I understand the adjusted config better as a result.

I am trying to config hot buttons and not hot keys, so I actually can get around some of booktrader`s pattent stuff, and or limitations---so that i can utilize the global configs with the touch of a button like on charttrader. i.e., click price establish order, then click button add bracket around order directly from booktrader.
 
btw... In IB there's the Bracket order feature, which allows you to set your oco entry price, each with its respective profit target and loss target. As a matter of fact, after setting these parameters, then you can enter the order modification, which automatically moves your stop target to b/e when the market moves to the designated target.

Walt
 
Quote from BlueStreek:

well I have never really used stops in my trading so this will be quite a research project.

In how to apply 5 and 7 point stops in places to find out I am wrong on various setups and save money.

For eaxmple, the market sells off to 81.50 and then retraces to 81.88, and then slowly works it way down for a retest, I get a feeling that it might hold so I put in a buy order right at 81.53, well technically, in most cases if it breaks 81.50, you don`t need 15 point stop here, a 81.49 stop will probably get the job done. (there will be probably 3 points slippage).

are all your stops market stops? And when you move it up to b/e do you move it up plus 3 cents, so when it retraces, you factor in slippage, and truly get a b/e or plus 1? Also, if you trail.....do you do this manually?
More...

The example you describe is something I've watched and then tested in my sim account as an additional trading strategy I plan to add at some point. I like the very tight stops you can get that way and also the fact that if the level holds price can really take off in your favor quickly.

When I move my stop to b/e it's usually +1 to cover commission, but I occasionally place it at exactly break even and in a few instances that's been the 1-tick difference between a b/e stop out and remaining in what turns out to be a very profitable trade. It's easy to say, Oh well if I'm stopped out b/e I can always re-enter, but often price just jumps without you after that little pullback to shake out the traders who move their stops.

I trail my stops and targets manually. Throughout the day I memorize previous S/R and price bar levels so that if I'm in a trade during a volatile move I can manage things directly off the DOM without looking back at the chart. As an example, if I'm in a short position with a price target of 15 ticks below a previous support level, I want to know each support level beyond that one as well, so if price comes in really fast to my target I can manage the trade without looking at the chart.

Thanks, Picaso, for the detailed IB info! I will play around with those settings and see what treachery I can induce. :p
 
I cannot get the hotbuttons on bt to all be on the same key as the parent order, so the best solution for me, using beta platform, config hotbuttons on the bottom of chart for bracket, another for just stop, and a couple others that i use like trades, etc, and just move booktrader slightly up, so chart buttons appear at bottom of screen, and boom perfect integration between booktrader and chart, so i can literally click a buy, confirm in booktrader, and then pop on a stop or bracket order depending upon market dynamics from the chart button configs and they all have the same key, and can be canceled as a group, this is all i need, i am good to go from here with this setup.
 
Quote from Picaso:

Behold, mortals, and repent from your losses for Doomsday is coming!*

This shows how to configure an entry stop (in this case stop-limit, as insurance against crazy slippage) with an attached target and a "trailing" stop (move to BE+1 after 20 ticks in profit). I know it's a tad more complicated than what you asked for, but simplifying it is way easier than the other way around (I'm anticipating somebody would later ask: "Yeah, that's great, but how do I get the stop-loss to move to...").

*** IMPORTANT: Markets are closed as I post this and I haven't been able to test it in real-time, so it goes without saying that you should test it in your demo account first :eek: ***

attachment.php


Note: if you're going to be trading different instruments with different tick sizes it gets a bit more complicated, you need to create orders for "Buy or sell specific product". Yes, you can change the defaults per instrument in Global configuration, but that applies to orders from the TWS window, not the BookTrader --> It's a pity that TWS is sometimes so little user-friendly, considering it's such a powerful platform :mad: They should just fucking add a "Ticks" field to booktrader (in addition to "Amount" and "%").

I recommend using:

- [Alt + Left-click] on size (bid size for buying, ask size for selling) for limit orders (at/below current price for buys); and

- [Ctrl + Left-click] on size (idem) for stop orders (above current price for buys)


*At least, according to EMG - I decline all responsibility, blah, blah, blah :D
More...

Is anything about IBs order platform easy? Everything seems so convoluted. Ive never used IB live, all my futures trades are executed through Ninja and I just use Fidelity for stock trades.
 
nt only works with the standalone platform, not an option for me.................fidelity active trader pro platform was nice, but no futures when i was there...............ib is complex, but if you can wade through some of the confusion it works fine.....and I actually like it better than tt or nt because I know how to get around its limitations, and it has certain advantages that I missed when I used other platforms---plus they keep trying to make improvements some are great, some not so great, but with trial and error i think they keep being cutting edge--they obviously have quite a staff working on these features as you can tell by the evolution of the betas each time out----like graphical price ranges, daily ranges for an instrument calculates each day, and line for your position on the chart for in the money to name a few.
 
Quote from BlueStreek:

fidelity active trader pro platform was nice, but no futures when i was there...........
More...

Still no futures with Fidelity, just use them for equities and options, I use Mirus for futures. Many times though Ive been tempted to just move everything over to IB for simplicity sake, TWS has been the only thing that has changed my mind to date. Maybe I'll keep playing around with it.
 
You must log in or register to reply here.
Back
Top