Yeah, that’s
a good way of freeing yourself up. I use the .wav file alert function for when
I’m loafing around the house trying to recover some sanity…
What SMS/email
service do you use?
From:
Metastockusers@yahoogroups.com
[mailto:Metastockusers@yahoogroups.com]
On Behalf Of Kevin
Sent: Saturday, April 16, 2005
11:23 AM
To: Metastockusers@yahoogroups.com
Subject: RE: [Metastockusers] Automatic order execution
Hello,
Thanks for your input on this. Like everything else, it all depends upon the
timeframe that you wish to trade and what you are trying to achieve.
I am based in the UK
myself and trade only reversals on a five-minute chart during European hours and
there is no way that I would hand that strategy over to an automatic trade
execution system. However, a friend of mine trades the Cable very successfully
using a modified MA crossover system on hourly bars. That strategy is far too
long-term for my personal taste but he is looking to ride trends that last
several days and ignores the 'noise' upon which I thrive.
Of course, in order to trade a strategy such as that there are certainly times
that you do not want to be in the market such as 12.30 GMT when the major US economic
reports are usually released. These potential periods of high volatility are
known well in advance and, by using MS formula builder in conjunction with an
auto-execution system such as Dynaorder, such a strategy can be tuned
accordingly and, IMO, could possibly be traded successfully. It's horses for
courses.
For anybody who's interested, in order to free myself from The Screen, I use a
'halfway house' solution. I have MS generate an email alert when my potential
trade signal is generated which is immediately sent to a third-party service
that converts it to an SMS message and transmits it to my mobile phone. It
happens within seconds. I then saunter over to The Screen, appraise the overall
situation and decide whether or not to place my bet.
I'm neither condoning nor condemning auto-execution but I do think that it's an
interesting topic for discussion.
Regards,
Kevin
At 13:51 15/04/2005 +0100, you wrote:
I presume you are in the US? In that
case overnight for you means something slightly different to me in the UK&but
please bear the following in mind before you hit the self-destruct button and
let MS trade away your account for you.
Forex on Asian trading hours have different volatility characteristics to
European hours, which are again different from US open hours. This is because the
size of the market participants generally gets progressively bigger from East
to West as you might expect, and also because the US dollar is still the
reserve currency and therefore the primary driver (so traders tend to watch the
US stats and listen to Greenspan before suddenly, and often spectacularly,
driving the market in the direction it wanted to go anyway).
For my own trading I actually filter out the data from trading between the hours
7pm and 7am GMT. Apart from the fact that the data is irrelevant to me because
I m either alseep or enjoying myself (or both), it turns out that, wonderfully,
the very few resultant gaps in the data are generally in the direction of the
prevailing trend anyway&i.e. I still capture all the important turning
points. Now why do you think that is? Hell, it doesn t even seem to make much
difference for the Yen/USD. The resultant intraday charts are now much smoother
and make a lot more sense, both visually and from the way they affect
indicators.
If you want to see some stats for yourself then just get an intraday file,
stick it in Excel, create a new column by subtracting the high from the low and
then use a pivot table to plot a chart of time versus the average high-low
range.
So, putting the for/against arguments of purely mechanical trading aside for
one second& do yourself a favour, ignore Equis lunatic advice. And ignore
any forex buy/sell signals you get from Asian trade hours. Depending on the time
frame you are trading you might also like to treat the European signals with a
degree of skepticism also.
In any case, the forex markets are especially big, nasty and wild and they need
your full attention. Yes, it s tough watching a screen all day &but not as
tough as watching your hard-earned money disappear.
From: Metastockusers@yahoogroups.com
[mailto:Metastockusers@xxxxxxxxxxxxxxx]
On Behalf Of Kevin
Sent: Friday, April 15, 2005 9:39
AM
To: Metastockusers@yahoogroups.com
Subject: Re: [Metastockusers] Automatic order execution
Hello,
FWIW, I have been using eSignal for quite a while and have found the FOREX feed
to be (almost) faultless. If you are using MS RT, you won't need their fancy
charting certainly so the basic package will be fine for you and MS has a
built-in eSignal interface. The extra cost for the FOREX feed is $50 a month;
you can't just select one pair, you get the whole piggy-bank. If you do get a
winning trade on in the middle of the night that you would otherwise have
missed then your data feed will be paid for, right?
I'm certainly interested to know how you get on with Dynaorder - it's tough
watching a screen all day.
Regards,
Kevin
At 12:26 14/04/2005 -0500, you wrote:
Well
although it sounds like not many people seem to be interested in this issue,
I just
found another service provider other than tradebolt. Dynaorder takes a 1-year
price of $200-250 and takes order from metastock to yourdealer realtime.
Now I need a cheap and trustable real time data provider, just for FXcash
market, infact just for euro-dollar. My broker company is refcoFX.
As iam being very specific and request info. About only one specific pair it
should drive the costs down.
I will use this real time data feed on metastock pro to initiate signals and
signals to be routed by dynaorder to my broker refcoFX.
If anyone has comments and information about a convenient real time data
provider pls reply.
Regards
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