discretionary entries but automated exits

N

nasdorq

I was wondering if someone might have a link to software that allows for automated exits on trades.

I'm an equities trader who has been struggling with psychology for years now. I find some great trades, but once I'm in, my objective analysis goes out the window, I stare at level 2 and the P&L, and consequently dive out at the first sign of green without seeing an exit signal. Consequently I never hit a home run. I don't seem to be able to conquer this problem, so I figured automated exits would be a major major help. I've been searching around for software, found some links, but it seems most automated software would work on a continuous basis, meaning constantly generating buy/sell signals. I am looking for something to automate the exit only. Even just basic criteria, such as selling half at a target price, and the other half on a moving average cross over, while having a stop loss below, would be huge. I use Interactive Brokers, and don't have much programming experience when it comes to coding. If anyone has any leads I would be beyond appreciative as for me this would be the difference between a slighly profitable trader and a successful one. This seems like an issue many traders struggle with so perhaps something like this could benefit others as well.

cheers
 
This isn't exactly what you are asking for, but it may help until you get the programming done. Try trailing stops and let them exit your positions for you. You can tighten the stop the more it goes in your favor to protect your profits. I used to have a strategy for scalping where I would only enter the trade and the software automaticaly put in a trailing stop for every position I opened. So I would have 20 different positions at one time and not have to watch them to see where to exit. But these were thick volume stocks. But I would just keep entering trades if I saw a buy signal and wouldn't have to be bothered with watching it or exiting the position.
 
NinjaTrader is what you are looking for. Take a look at their ATM : advance trade management strategies. You can enter the trade manually then let the program take care of where you want to partial out.

Chart trader is also a great feature. I'm not related to the company, just a happy customer :)
 
For position trading to make 10% a turn use the attached.

In doing turns with streams of capital it mostly comes down to how the cycle operates.

I recommend a high beta universe of very high quality stocks for the simple reason that they all have the same money making characteristics.

You can check the attachment against your entry criteria and see if there is a fit.

I know you are focused on exits at this time but if you do consider the attached, then your goal is to compress the hold period for the express purpose of doing more turns per annum.

For stock position trading running about 100 turns @ 10% per turn is a good way to compound capital. To do 100 turns think of it as 2 1/2 day holds. You exit in the late AM and then pick up, near the close, stocks that are going to gap the next day.

In high velocity trading (making money fairly fast) the objective is to have stocks lined up in advance as a batting order. Seeing a stocks intraday advancing price peter out (slow somewhat) to less than the increasing price advance of the next stock in your batting order is when to "cross over" from what you hold to what is best to hold.

You can see by the attachment that the chart uses a leading indicator of price.
 

Attachments

[...] my objective analysis goes out the window [...]

You're putting too much importance on how much loss and gain over the course of your holding, that will amplify your feeling going astray from what really happen on the price movement itself. Why not try to just look at price movement without yet putting any cash on it.

Of course, everybody is looking the price movement of a particular stock. But in relation to what? The following two possibilities:

1. Relating to trader's account
2. Relating to Mr. Market's account

The latter seems to have a greater chance of being right than the former.
 
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