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Server side synthetic orders (OCO, trailing stops)


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  #21 (permalink)
futurerama
Dayton + Ohio
 
Posts: 6 since Mar 2014
Thanks Given: 4
Thanks Received: 1

Wasn't sure where to post (posted on the beginner's thread)...thought this maybe an ok area...

The plan I have in mind is as under:
I plan to clear my position at the end of the day.
I have the following scenario:
Based on certain analysis, would like to do the following:
a] Long or short Emini S&P 500 (ES), Market on Open (MOO).
b] Setup a stop-loss for movement of certain points....example of this: MOO - 5 points (for long) OR MOO + 5 (for short).
c] If stop-loss not used, close with Market on Close (MOC).

This,
I plan to do on a daily basis. Can b) & c) follow automatically once a) is setup every night? (something like a server side actions as a default).

Basically I'm looking for server side orders.
What this means is that once a buy/sell order is placed MOO, a pair of
linked stop loss & MOC orders are sent to your servers.
These orders sit there until either one is hit, & as soon as one is hit, the other one is cancelled (OCO).

Appreciate if someone can provide some input.


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Last Updated on March 8, 2014


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