garryp
39 posts
msg #46014
- Ignore garryp |
7/21/2006 9:05:57 AM
I use cybertrade and they have GTC TSL's. The problem is that they re-initialize each day's open with a new TSL value, not carrying forward yesterday's value, which makes the GTC TSL a "Daily Trailing From Open Stop Loss Order".
Are there any electronic trade platforms that DO NOT reset the stop price of a GTC TSL order at each market open?
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nikoschopen
2,824 posts
msg #46016
- Ignore nikoschopen |
7/21/2006 11:17:00 AM
With the exception of a very few that are still in the dark age, every bucket shop out there provides some form of trailing stop-loss orders. By definition, a trailing stop-loss order is one that fluctuates in tandem with the price and is adjusted accordingly.
According to the information provided by CyberTrader "CyberTrader Pro’s Trailing Stop Loss feature is a dynamic safety net for your trades. By establishing a server held Trailing Stop Loss, the exit price will actually move with your position, readjusting the exit point based on your set parameters. This means you can protect your profits without having to continuously modify your stop price." (http://www.questrade.com/platforms/ct_pro/trailing_stop_loss.html)
In addition to TSL, they also provide Alerts and Conditional Orders, Multi-leg Options, Strategy Matrix, Strategy Tester, Strategy Ticker, Basket Orders Tool, CyberTrader Pro Stock Screener, & Scan Ticker among many others. That's a hell lot better than what I got when I used their service. :D
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nikoschopen
2,824 posts
msg #46017
- Ignore nikoschopen |
7/21/2006 11:45:19 AM
By the way, what's a "GTC TSL" order? As far as I know, ther's a separate order for "good-'til-cancelled" and "trailing stop-loss" but not the combination of the two -- unless the elected broker provides a conditional order that allows you to mix and match a various type of orders under one ticket. I believe Interactive Brokers currently offer such a garden-variety order.
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garryp
39 posts
msg #46022
- Ignore garryp |
7/21/2006 1:32:11 PM
GTC TSL = good till cancelled trailing stop limit order.
I think their order is a trading stop at market, not limit.
But when I asked them, they said that a good till cancelled trailing stop is re-initialized each day at market open, so a 10% gtc stop limit could bleed one to death at 9% loss per day if the stop is reinitialized every day.
The problem is that their info window never gives you a hint as to what the currently active stop is. So it hard as heck to know what is going on.
Not to mention that I soimetimes get incorrect info from their support.
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garryp
39 posts
msg #46023
- Ignore garryp |
7/21/2006 1:46:29 PM
I got a definitive answer from CT.
A GTC trail stop is completely reinitialized each day, not carried forward, so a 10% trail could bleed one to death and never stop out.
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nikoschopen
2,824 posts
msg #46024
- Ignore nikoschopen |
7/21/2006 2:48:56 PM
Technically, stops shouldn't be reset on a daily basis by the broker. Unless otherwise stated in writing their motive for doing this, I don't think they even have such right. In that case, take it to the SEC if you feel you were wrongly misinformed or just dump the MOFO for other reputable DAT providers like TradeStation, Interactive Brokers, & MB Trading. BTW, aren't trailing stop orders GTC by default?
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garryp
39 posts
msg #46051
- Ignore garryp |
7/24/2006 8:42:03 AM
"TradeStation, Interactive Brokers, & MB Trading. BTW, aren't trailing stop orders GTC by default?"
As stated above, not on Cybertrader.
Of TradeStation, Interactive Brokers, & MB Trading, which one has the best automation and trading platform?
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nikoschopen
2,824 posts
msg #46052
- Ignore nikoschopen |
7/24/2006 9:39:14 AM
I can't speak for MB, but TS by far has the best automated trading feature IMO.
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guru_trader
485 posts
msg #46057
- Ignore guru_trader |
7/24/2006 9:04:11 PM
Ya, too bad TRO's been exempted from TS service, though.
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