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I have been using a product called autoXecutor from www.efloortrade.com for
about 8 weeks now. I have been very happy with it so far, but the code I am
trading only uses market orders, so it was easy to setup. AutoX is
basically a PATS API interface. To place orders from TS, you insert
something like PATS_BUY("ACCOUNT","CME/SPMINI500/JUN02",0,0,1) into your
code where you want the buy. Ditto for sells. AutoX sends your order to
the PATS server and reports back with the fill info. ES fills come back
within 3 seconds of the close of the signal bar.
While I am happy with autoX, it is still beta software, regardless of what
the broker might tell you. I had some teething problems, which were
resolved successfully. But they point to some of the auto trading pitfalls.
For example, in my code, I had
If X = Y then begin
Buy ("JunkLong");
PATS_BUY(blah, blah);
end;
So I should only send a buy order out to PATS when TS shows a buy on my
chart...or so I thought. You EL gurus probably already see the problem. TS
doesn't just call the PATS_BUY when a new trade happens. It also calls it
anytime the chart refreshes (I should mention that I'm using TS2k). TS of
course goes through the entire chart, calling all the PATS functions as it
goes. Oops. Fortunately, this did not result in 500 orders getting placed
at once. But it did cause random orders to be placed at the close of the
day (3:00pmCST on my charts) which sometimes got me pointed in the wrong
direction. The solution is simple enough: If LastBarOnChart then
PATS_BUY(blah,blah). But this simple solution was not documented in the
autoX manual (ahem....beta!)
Long story short, once the initial problems were resolved, I have been very
happy with the auto trading. Your mileage may vary of course. We're only
talking about 6 weeks of trouble-free trading.
I know of another list member who has been experimenting with an API for
Interactive Brokers. He has a funny story that me might be willing to share
:-)
-Jeff
----- Original Message -----
From: "Mark Brown" <markbrown@xxxxxxxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Friday, May 17, 2002 10:01 AM
Subject: Auto Trading
> Hello omega-list,
>
> Using the Pat system for order entry, what would be some pitfalls that
> anyone see's in letting t2k auto trade. Besides data issues, such as
> bad ticks and all that. What would some desired features be and what
> safe guards would you want to see on an auto trade software product.
>
> My thoughts are that you could have a couple of choices. One would be
> to let the system place the trade and then notify you what it has
> done. The other scenario would be to have a pop up box asking if
> indeed you wanted to make the trade. Maybe someone who is using ts6
> can comment on how they do it and what pitfalls ts6 order entry system
> has that needs to be fixed or improved upon.
>
> --
> Best regards,
> Mark mailto:markbrown@xxxxxxxxxxxxx
>
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