I am new to NinjaTrader and preparing to code / implement a strategy that I am already trading and wanted to check that NT8 can provide the functionality I need before going too far. Apologies for the newbie questions!
I am using Amibroker for backtesting and Interactive Brokers to place trades in a cash (not margin) account. I have a system that enters long trades when todays price sells off X % below yesterdays low and then places a stop based on the fill price. Exits are managed manually. As I live in Australia and getting a margin account with IB requires setting up a company which I don't want to do for tax reasons.
I would like to set up a strategy in Ninjatrader that does the following:
- Reads from a text file a list of potential stocks to trade including the position size for each stock, stocks will only be traded in the session if entry conditions are met;
- Reads the maximum number of positions the system is allowed to open in the session across all stocks from a text file (each stock only opens 1 position);
- If a stock in the list drops X % below yesterdays daily low, Ninja Trader enters long for the position size allocated and also places a stop Y% below the fill price (due to the account being non-margin, I cannot place all the orders at the start of the session as the total order values is more than the cash available);
- Once the maximum number of trades is reached in the session (e.g. 5 stocks trigger entries and there are only 5 positions allowed), the strategy stops entering new positions;
- Exits are managed manually (not within the strategy as they may be a few days later);
The strategy would be started each day and the list of stocks refreshed in the text file each day.
I wanted to know the following:
- Can all of the above be achieved in managed mode in NT8 (I just started learning C# and am not a programmer so my programming skills are not up to scratch to program in unmanaged mode)?
- Are there any limitations that you are aware of in achieving the above in NT8 that I should know?
- Can you provide some links on how to handle counting of the number of positions entered across the multiple instruments?
Many thanks!
Numbo
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