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Joined Sep 2005
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Status: pip my ride
|507 Posts
Does anyone know of any brokers that will automatically execute orders based on technical indicators I specify, and then repeat the order again continuously after each order is closed? For anyone that trades this way, is it safe to trade this way?
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Joined Sep 2005
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Status: Passionate About Forex
|39 Posts
Quoting mmills4x
Disliked
Does anyone know of any brokers that will automatically execute orders based on technical indicators I specify, and then repeat the order again continuously after each order is closed? For anyone that trades this way, is it safe to trade this way?
Ignored
Yes, you could try fxengines.com as they integrate thier systems that you specify into the brober server of FXCM. I think it is great but not suitable for mini traders like me.
Does anyone know of any brokers that will automatically execute orders based on technical indicators I specify, and then repeat the order again continuously after each order is closed? For anyone that trades this way, is it safe to trade this way?
Ignored
At the risk of sounding like an ad for Oanda, this can be done through their API. Your can choose java or C++.
Some users link through Tradestation. Most just write a non - GUI frontend to access the API.
The API is not free, it costs $600 for the first 2 months & $600/mth thereafter. But this is offset by a rebate of $50/1 mio in trade value. Both sides of the trade are counted so in effect 6 X 1mio trades gives you the API for free.
I am using Top Forex Trader, which is an IB for CMS. They include a free system when you sign up with them. I haven't done any live trading with it yet, but it looks like it has potential and is cool for someone like me that doesn't have a lot of experience yet. Anyhow, once you are signed up you can post requests for new auto trading systems based on the indicators you choose, which sounds more like what you are seeking. You just need to be specific with how the system should trade so it will be coded how you want. Check 'em out if you want at www.topforextrader.com
I am totally with you ElectricSavant. No automated system will work in all markets or can be left unmonitored. I think it is essential though to have a trading system so you eliminate much of the indecision and greatly increase the probability of entering a successful trade. Notice that I said "probability," because no system no matter how good it is will be right 100% of the time. That is why a good trading system must still be combined with sharp skills and common sense.
