Anybody coded an open trade manager?

• 05/21/2022 at 3:27 PM #193603
  GraHal

  PeterSt wrote:

  I am sure you like this. Am I right

  Yes and I think this is partly why we have persisted on this Topic …. with us both being big manual traders, we can see the attraction of having trade management after execution.

  But we both know it’s unlikely to work consistently (maybe with determined effort?) but it would be good to try!? 🙂

  John must be setting up the conditions to open the trade when not driving (maybe at night / not in work) and so these conditions can easily be coded into a normal working strategy (which runs when he is driving) and gets restarted each evening with tomorrows perceived execution point etc .

  It is possible that – as John is not a coder – he may not understand what can be done in a coded System?

  

  GraHal

  Participant

  Topics: 204

  Replies: 8422

  Been thanked: 2045 times
  05/22/2022 at 6:38 AM #193617
  robertogozzi

  Any automatic strategy  has no way to deal with trades opened manually or by other strategies.

   

  

  robertogozzi

  Moderator

  Topics: 69

  Replies: 16477

  Been thanked: 3643 times
  05/22/2022 at 8:19 AM #193619
  Berwick

  Peter, yes I can see what you are saying but it does seem to be an awkward way of accomplishing what I want to do, it would really be a one trade autotrader not a trade manager. I am going to suggest to PRT that they consider making something available.

   

   

  

  Berwick

  Participant

  Topics: 5

  Replies: 36

  Been thanked: 6 times
  05/22/2022 at 8:24 AM #193620
  PeterSt

  But can you try to explain to me where you would be that trade manager ?
  (I don’t see it ?)

  

  PeterSt

  Participant

  Topics: 71

  Replies: 2316

  Been thanked: 699 times
  05/22/2022 at 8:39 AM #193621
  Berwick

  GraHal,

  “It is possible that – as John is not a coder – he may not understand what can be done in a coded System?”    Yes, definitely true!

  “But we both know it’s unlikely to work consistently”   I’m not sure what you mean by this, if you mean that it will not be consistently profitable, then yes I agree but profitability is not really applicable to a Trade Manager. If you mean that it is unlikely to consistently carry out the instructions as programmed by the user, then this would be a huge worry.

  I look at the charts early morning and decide on price levels that I want to open a long or short position (or both) at for that day. I then enter pending orders on my platform at these levels, if one of these orders triggers while I am out, the Trade Manager takes over and manages the order. This is currently being done using the MT4 platform and the Visual Trading Console Trade Manager. The VTC controls everything using an Expert Adviser which must be constantly running on the MT4 platform.

  

  Berwick

  Participant

  Topics: 5

  Replies: 36

  Been thanked: 6 times
  05/22/2022 at 8:43 AM #193622
  Berwick

  Morning Peter, I think that the bottom paragraph in my answer to GraHal above may explain this more clearly.

  

  Berwick

  Participant

  Topics: 5

  Replies: 36

  Been thanked: 6 times
  05/22/2022 at 8:58 AM #193623
  Berwick

  Here is a link to VTC

  https://www.az-invest.eu/visual-trading-console-multi-terminal-trade-manager-for-metatrader

  This software offers a huge number of trade management options but it does not open any trades itself and it only works on MT4. A similar piece of software written for PRT would I think be of interest to a lot of traders.

  

  Berwick

  Participant

  Topics: 5

  Replies: 36

  Been thanked: 6 times
  05/22/2022 at 9:26 AM #193627
  GraHal

  Berwick wrote:

  I then enter pending orders on my platform at these levels, if one of these orders triggers while I am out, the Trade Manager takes over and manages the order.

  Above can be achieved using a ‘one-shot’ coded System … you would enter the pending order levels in the System and then set it running. The trade would execute when the pending order levels are hit (=1 in code speak) then the System would Quit.

  One-shot trade management would be achieved using conditions in the code, If these conditions are the same for all your trades (20 pips gain, 20 pips loss etc)  then  coding and use of the trade mangement side of the  System is easier.  If trademanagement conditions change for every trade then that could be sorted also.

  

  GraHal

  Participant

  Topics: 204

  Replies: 8422

  Been thanked: 2045 times
  05/22/2022 at 9:31 AM #193629
  GraHal

  Berwick wrote:

  will not be consistently profitable, then yes I agree but profitability is not really applicable to a Trade Manager

  Yes I was referring to above scenario, but as you say … profitability is largely influenced by the entry being a good entry point?

  

  GraHal

  Participant

  Topics: 204

  Replies: 8422

  Been thanked: 2045 times
  05/22/2022 at 9:36 AM #193630
  GraHal

  GraHal wrote:

  then the System would Quit.

  Above should have read …

  After trade exit (following coded trade management conditions) then the (one-shot) System would Quit.

  

  GraHal

  Participant

  Topics: 204

  Replies: 8422

  Been thanked: 2045 times
  05/22/2022 at 9:40 AM #193631
  Berwick

  GraHal,

  “Above can be achieved using a ‘one-shot’ coded System … you would enter the pending order levels in the System and then set it running. The trade would execute when the pending order levels are hit (=1 in code speak) then the System would Quit.”      That would be good providing it could cope with there sometimes being a short and a long trade on the same instrument on the same day, (whichever triggers first then quit).

  “If trade management conditions change for every trade”    They do not change for each trade but they do differ between different instruments, in any case all pip values should be made a user input.

  

  Berwick

  Participant

  Topics: 5

  Replies: 36

  Been thanked: 6 times
  05/22/2022 at 9:50 AM #193632
  Berwick

  “Yes I was referring to above scenario, but as you say … profitability is largely influenced by the entry being a good entry point?”

  Yes, that is what I meant, but I did not put it vert clearly!

  

  Berwick

  Participant

  Topics: 5

  Replies: 36

  Been thanked: 6 times
  05/22/2022 at 9:54 AM #193633
  Berwick

  I should perhaps have said that a major advantage of VTC is the huge number of management options available which gives great flexibility, these are all listed and explained in the link that I have previously posted.

  

  Berwick

  Participant

  Topics: 5

  Replies: 36

  Been thanked: 6 times
  05/22/2022 at 10:30 AM #193639
  PeterSt

  Berwick wrote:

  Morning Peter, I think that the bottom paragraph in my answer to GraHal above may explain this more clearly.

  Hi John – What I propose does exactly that. So what you might do is ask me specific questions (to check me). I don’t see where my outlays go off, but it has to be somewhere. In any event :

  I would set the entry point at whatever time in the morning, start the Autotrading System at the same time (1 minute after because I didn’t have my coffee yet) and come back in the evening and all would have been done by the autotrading system.
  The Autotrading System was never touched by me, but I started it with the Entry point.

  Look below; Suppose I would like to set that right now (markets still closed). I graphically drag the SellShort Limit to “a position” (not a price), but the price which comes from it is 11840.9. This is what I visually see.
  Now I start the trading system and give the 11840.9 to it (see my earlier screenshots from red PRT forms). Then I go to bed, make coffee or leave.
  When I come back I lost some, or gained some, depending on the quality of my Strategy. Or nothing happened because the price I set was never touched.
  Mind you, I set this all with markets closed. This is not even possible manually.

  ??

  

  PeterSt

  Participant

  Topics: 71

  Replies: 2316

  Been thanked: 699 times
  05/22/2022 at 11:35 AM #193651
  Berwick

  Yes Peter that would do the job.

  The VTC has many management options but I only use a few, below I list a typical trade management plan,

  Set initial sl at 20 pips and initial tp at 100 pips

  At 10 pips in profit move stop to -10 and close 50% of the trade

  At 60 lips in profit move stop to +16 and close 25% of the trade

  At 70 pips in profit start trailing stop at 30 pips

  Do you think that you would be able to do this with Prorealcode?

  I have also suggested this to PRT referencing this tnread.

  

  Berwick

  Participant

  Topics: 5

  Replies: 36

  Been thanked: 6 times
• Author
  Posts