kmcintyre Elite    Posts: 890 Joined: 10/11/2012 Location: Portland, OR  User Profile | I was ignoring this thread because I thought it was IB centric... Ed wants simple solutions that can be implemented in a reasonable amount of time. I'm with Jim on wanting the TP to be "intelligent" enough to not do "stupid" things, and to trade as I would. (only better...) Overnight gaps, slippage, unscrupulous brokers, sundry market conditions beyond my control. To me, it all comes down to this - can I buy the stock at the entry target my strategy made it's recommendation based on, or not? If I can't get the stock at the target entry, I want TP to forget the trade and move on to a more favorable trade. OV can generate MANY more trade opportunities than I can afford to take. OV doesn't know what market conditions will be tomorrow, and hence can't really make intelligent decisions about what trades should be taken. Trade selection needs to be a "late binding" affair (borrowing from computer science vernacular). TP should have a long list of potential trades, look at the market (bid prices), and take the most favorable entries. IMO that means limit fill-or-kill orders taken after the market opens. What does late-binding buy? Too many people wanting the same stock? TP will look for a better deal. (So the demand is spread out by TP real-time.) Overnight gaps? TP will pass on the trade since the stock can't be bought at the target entry price. Internet outages? Broker not available? TP will look at the market once service is restored and decide if any favorable entries exist. Add MOC exits and TP would be a KILLER product for EOD traders. (And process closing orders prior to new entries to free up buying power.) I love to call it Intelligent Order Processing - (IOP). And if Nirvana doesn't do it, I might write it myself. :-) Simple, elegant, implementable, applicable to real-time trading... Cheers Keith | |
