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Omni Pilot Discussion
Avoiding Pattern Day trading with OP
Last Activity 2/14/2018 1:28 PM
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Awindy

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Joined: 2/10/2010
Location: Racine, Wisconsin

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Subject : Avoiding Pattern Day trading with OP
Posted : 5/17/2013 8:19 AM
Post #21885

Hello all and particularly Barry,

Can you help me out with a script for OP that would restrict it to trading not more than 3 day trades within a five day period?

Could it also include a stipulation not to apply the above rule once the account equity is over $30,000?

Thank you,

Roger Boye.

[Edited by Awindy on 5/17/2013 8:20 AM]

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Jim Dean

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Subject : RE: Avoiding Pattern Day trading with OP
Posted : 5/17/2013 8:23 AM
Post #21886 - In reply to #21885

EXCELLENT REQUEST!

I personally don't know how to do this but it would be INCREDIBLY USEFUL for a large number of OT customers ... in fact, I'd guess that it would encourage people who heretofore have avoided using OP to dive in.

Nirvana, please consider this one carefully.

(Also, once you get to RT trading in OVest, this will definitely be needed there as an option).

Thanks!
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Awindy

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Subject : RE: Avoiding Pattern Day trading with OP
Posted : 5/17/2013 10:12 AM
Post #21887 - In reply to #21885

Thanks for your Support Jim!

Roger Boye.
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Buffalo

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Subject : RE: Avoiding Pattern Day trading with OP
Posted : 5/19/2013 12:55 PM
Post #21899 - In reply to #21885

Excellent idea

For people who don't get why this would be useful it is designed to avoid problems when you have a non-margin/cash only trading account. This can help you avoid a margin call as well

MB trading simply won't let you violate the 3 day clearing rule - the requested trade will go unfilled.

But this idea needs to be included in Port Sim as well - so you can get a feel for how the 3-day clearing rule effects your results.

Even better, allow (in OP and Port Sim) a way to control how many longs vs shorts are entered each day, or how many you have open at any time, or how many trades/day you will enter, etc. If you have a cash acct you may want to spread your trading out and not be completely allocated all in one day, for example

And we should not have to wait for a new module or a version of omnivest's trade processor - these are not complex adjustments that could be implemented into OP/PS.

Last BASH Ed said we would see a huge improvement in Port Sim in 2013 - wonder when that update will hit the streets?
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