Is this possible with IB (scalping ES)

T

tamvik

Is this possible with IB (scalping ES)

Lets say ES trading at: bid 1130 ask 1130.25

I would like to put a one protective stop (native on Globex) at 1140 if I go short
and one protective stop (native on Globex) at 1120 if I go long Then scalp at
the current price.

The idea is to place the stops ahead of time and then wait for a scalping setup
so I dont have to attach a stop limit each tine I enter a trade which takes to
much time if you are scalping.

Someone might suggest to use hot keys but a problem with hot keys if you
enter (long) and the stop is set automaticly that is fine but when you exit a
trade it adds a stop to an exited trade and then you have to cancel the stop
which is a hassle.

I hope this makes sense.

Can anybody help or IB staff thanks in advance

Tamvik
 
That works but you will need a very high winning %
to make up for the trades that get stopped and
also the commission you will be generating scalping.
 
check out buttontrader.. i use it and like it.. the problem with scalping against an "always on" stop is that if you are out of the market and it tanks 20pts you are getting long on the way down.. not likely to happen on something so thick as the ES but then again people do like to fly planes into buildings these days..

-qwik
 
Hi, thanks for a quick reply

My question was not a system or a strategy related but a TWS platform use.
The protective stops that far away just an emergency (like a lost connection etc..)
I am planning to use appropriate mental stops while scalping.

I tried to set a buy stop limit 10-12 points away first from current price before
I start scallping then clicked transmit and the whole line (or order) disappears.

If I set a buy stop limit only 4 points away then the order is sent to Globex.
But 4 points does not give me enough room to wait for my setup.
So my question is how can I setup buy/sell stop limit 10 - 12 points away
from current price before I start executing trades,

Thanks Tamvik
 
Quote from tamvik:

qwiktrade

Re buttontrader does it send the stops to Globex or do they stay at IB servers?

Thanks Tamvik
More...

This can be decided by the user: configure (pick) an order type which suits your needs best. Globex offers native stop limit orders, so you might want to use them.

regards

Bernd Kuerbs
 
Quote from tamvik:

Is this possible with IB (scalping ES)

Lets say ES trading at: bid 1130 ask 1130.25

I would like to put a one protective stop (native on Globex) at 1140 if I go short
and one protective stop (native on Globex) at 1120 if I go long Then scalp at
the current price.

The idea is to place the stops ahead of time and then wait for a scalping setup
so I dont have to attach a stop limit each tine I enter a trade which takes to
much time if you are scalping.

Someone might suggest to use hot keys but a problem with hot keys if you
enter (long) and the stop is set automaticly that is fine but when you exit a
trade it adds a stop to an exited trade and then you have to cancel the stop
which is a hassle.

I hope this makes sense.

Can anybody help or IB staff thanks in advance

Tamvik
More...

Cover with buying options. Your maximum loss is limited. Effectiveness depends on how many trades you do in a day.

:cool:
 
Bali survivor

Thanks for the suggestion but could you elaborate a little bit
more please.

I am planing to make 10 to 20 trades a day on ES
I will be trading one contract at first.

Thanks Tamvik
 
Quote from tamvik:

Bali survivor

Thanks for the suggestion but could you elaborate a little bit
more please.

I am planing to make 10 to 20 trades a day on ES
I will be trading one contract at first.

Thanks Tamvik
More...

Basically you do not want a stop in the market. It is a sitting duck for market orders. The number of times I have been hit on a stop and the price then nicely turned around. And the number of times my profit (limit) order was not hit and the price retraced.....

So you buy the nearest options, one for each side, for the price that you do not think that will get hit. (The is your "disaster" or "crash" protection, lets say 10 or 15% away from the market). And every month you roll them over. You will have to do the sums yourself to see if it is viable or not.
 
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