Avoiding Brokerage Cancellation Fees
I would like to address an issue that I hope can be solved via NinjaTrader or coding. Any suggestions would be helpful.
I enter several "bracketed" Limit orders every morning, based on Support / Resistance lines, Trendlines, etc. There are usually perhaps 30 trades entered, above and below the opening price of a single future symbol. Each trade has several contracts and I treat the trade in 3 parts (Legs) to scale out in thirds. Stops are automatically adjusted as each Leg's target is hit. The trade is initiated as an "all in" entry.
Then throughout the day, I will remove or adjust some of these pre-planned trades, based on some things going on (e.g. avoiding lunch time trades, avoiding entering or hold trades during scheduled news events, like Crude Inventory, Housing Starts, Pres. Bush has a surprise news conference, etc.)
So, I have quite a list of orders that are never even close to being actually used. Entering them into NinjaTrader will set them as executed orders, awaiting to be filled once the price is triggered. My Brokerage (IB) will charge a Cancellation / Modify Order Fee. These can add up with so many trades that will end up being unused.
When I trade without NinjaTrader, I jot all of the trades down, pre-enter those close to where the market price is trading. Then I "transmit" (make the order live on the IB server) them as the market price gets closer to my trade. This is what I'd like to automate in my C# code.
So I would like to find a way to have all of these orders set up in NinjaTrader (as I do now), but NOT to be transmitted to IB as an official order, until the market price is pretty close. Perhaps there would only be 2 or 3 trades transmitted to the broker at any time. The rest are all pre-entered and will automatically be transmitted only once the market trading price is closer.
I see that NinjaTrader has settings to keep stops on local computer, instead of on the brokerage servers. But it seems to be per connection, and my vision here goes well deeper than that. How might I accomplish this?
Perhaps this would be a useful feature for NinjaTrader to have built into it.
Thanks,
Brian
I enter several "bracketed" Limit orders every morning, based on Support / Resistance lines, Trendlines, etc. There are usually perhaps 30 trades entered, above and below the opening price of a single future symbol. Each trade has several contracts and I treat the trade in 3 parts (Legs) to scale out in thirds. Stops are automatically adjusted as each Leg's target is hit. The trade is initiated as an "all in" entry.
Then throughout the day, I will remove or adjust some of these pre-planned trades, based on some things going on (e.g. avoiding lunch time trades, avoiding entering or hold trades during scheduled news events, like Crude Inventory, Housing Starts, Pres. Bush has a surprise news conference, etc.)
So, I have quite a list of orders that are never even close to being actually used. Entering them into NinjaTrader will set them as executed orders, awaiting to be filled once the price is triggered. My Brokerage (IB) will charge a Cancellation / Modify Order Fee. These can add up with so many trades that will end up being unused.
When I trade without NinjaTrader, I jot all of the trades down, pre-enter those close to where the market price is trading. Then I "transmit" (make the order live on the IB server) them as the market price gets closer to my trade. This is what I'd like to automate in my C# code.
So I would like to find a way to have all of these orders set up in NinjaTrader (as I do now), but NOT to be transmitted to IB as an official order, until the market price is pretty close. Perhaps there would only be 2 or 3 trades transmitted to the broker at any time. The rest are all pre-entered and will automatically be transmitted only once the market trading price is closer.
I see that NinjaTrader has settings to keep stops on local computer, instead of on the brokerage servers. But it seems to be per connection, and my vision here goes well deeper than that. How might I accomplish this?
Perhaps this would be a useful feature for NinjaTrader to have built into it.
Thanks,
Brian
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