I am currently long a forex position which has a stop and profit target attached. I wish to reverse my position if stopped out. I am directed to a page explaining that I must add a conditional order by ticking a box in a column marked OCA in the trade blotter.
My first question is: where is this box? My trade blotter looks very different from the one shown.
Secondly, how can this possible work in the real world? If a stop is hit, surely the market has moved through the stop price; so it would be impossible place a new stop order and get the same fill.
I have traded on many different platforms and never come against this restriction to what is a very common trading style. What would happen for example if I sent signals directly from a software product such as Tradestation? Would the orders be rejected? How could a conditional order even be coded?
Lastly, while Iâve been writing this, I have been continually disconnected âConnectivity to CS lost. Please log in again! No orders will be acceptedâ. This problem seems to be getting worse.
Let’s for example say you went short, and you have a stop set. You could set a stop buy order above the stop price to get you long which would occur if and only if you were stopped out.
I use NT to trade, and while I manually enter orders into C2, I don’t see why this would confuse you so much since its a standard way to create a conditional trade.
I assume if you are directly connected to C2 from either Tradestation or NT, the front end system on your computer would control logic of the orders.
So for example, let’s say in NT, you programmed your order to reverse if you are stopped out. Once you are stopped out of say a short, NT would instantly send for example a market buy order to C2. You would not need to worry about the coding since the coding is done in your front end software itself like NT or Tradestation. All C2 would see would be a standard buy order. You only need to worry about manually playing around with C2’s settings if you don’t want to automate your connection from Tradestation to C2 in that you want to manually recreate the order like I do which takes more time. It would probably be faster and better for me to link NT to C2 however, the problem for me is C2 is unable or refuses to support many popular brokers that provide better commission and margins to their clients like the one I use. I don’t want to spend more money to trade due to C2’s failures since I trade with real money.
If you are long, and want to reverse the position when a certain price is hit, here’s what you do.
Next to the position that is open on your trade screen, you’ll see a button that says “REVERSE.” Click it.
It will ask you: "Reverse from long to short now at the market price? Or when a different price is reached?"
Choose your price.
Hit Submit.
I think that will do what you want.
As for your other questions, yes C2 will handle all the different situations from TradeStation or NinjaTrader correctly.
Iâve tried your suggestion, but it really doesnât solve the problem.
Firstly: it creates a market order; activated after a stop is hit â the subscriber would unnecessarily pay twice the slippage or spread.
Secondly: Iâm unable to change the size of the new order to reflect current volatility and correctly balance risk.
But most importantly: unless Iâm watching the screen 24 hours a day â subscribers face having a naked open position with no protective stop.
I donât see how this is clear or logical or sensible. Strangely this restriction does not seem to apply if both orders are placed while not in the market.
Today my system gave me orders to buy and to sell the USD/JYP on a small breakout in either direction â which sometimes happens. I was able place an order to open a trade: buy on stop â with a protective sell stop and a profit target. At the same time I placed an order enter a short trade: sell on a stop â plus protective buy stop and profit target.
I was filled on the long side with a protective stop and target; when the market reversed the position was exited and a new short trade was initiated and my target was hit. All very clear and logical, (if long winded in the telling), and safe; and not requiring my constant monitoring or intervention.
So is it possible to re-consider this restriction, as until my neighbourhood is hooked up to faster broadband and I can automate the system; it is almost impossible for me to implement my system properly and safely? And when I do automate it appears I can circumvent this restriction â so whatâs the point of it?
