[Reaver]

Okey doke,

I am taking the Cisco futures course, and as ant and a few others who have taken the course know, one of the main strategies is a breakout strategy for swing trading.....Since I work during the day between about 11am-8pm, What I'm looking for is a broker that will allow me to set a stop or limit order at the breakout price, and if that order gets executed, a stop loss will automatically be set. I don't want to enter a limit order (or stop order) and then have to place my stop loss order, and then leave for work since I cannot actively manage my trades, because of course, if the stop loss order is hit, and the breakout price order is not touch , I'll be going the wrong direction, which could become a sticky situation....I have seen mb trading offer this (unfortunately they do not offer the contracts I am looking for) and Button Trader is EXACTLY what I'd be looking for, the only drawback is that Button Trader does not hold orders overnight, so that would rule out being able to use it for swing trade. According to the programmer I contacted, he states open positions are automatically closed at End of Day. Other than that, Button Trader would be what I'm looking for. Does anyone have any alternatives? I can't wait until I'm able to actively manage my trades, but until then.......

If my question didn't make enough sense, please let me know and I'll clarify....Thanks in advance!

[TinGull]

So basically having 2 "1st triggers other" orders, right? Bracketing the trade and having one trigger at the breakout, triggering a stop order to go into working...but have 2 of those. What contracts are you looking to swing on?

[Reaver]

Tin, exactly. As a matter of fact, I spoke with the programmer of button trader, and the live program holds overnight, just not the sim, so that's pretty much what I needed....but as far as what contracts, I'm not totally sure yet, as I am following the Cisco course, but mb trading doesn't carry many of the contracts the Cisco data covers....so that's what made me say that. Thanks again for the help though man. Of course, I am always open to suggestions and new ideas, so if you did have anything that would fit the bill I'd love to hear! Thanks again

[TinGull]

No prob. If you were just going to do index futures or gold/silver futs, then I'd say thinkorswim is awesome for that. I used to set up trades like that all the time.

[Reaver]

Tin,
Good point, I have heard alot of good things about thinkorswim...I may end up giving them a shot at some point...right now my main concern is being able to follow contracts the course data I am using allows me to follow, but I am going to check ToS out. Thanks again

[sudha78]

Please check the bracket order type of interectivebrokers.com

[syswizard]

Originally Posted by Reaver »

Tin,
Good point, I have heard alot of good things about thinkorswim...I may end up giving them a shot at some point...right now my main concern is being able to follow contracts the course data I am using allows me to follow, but I am going to check ToS out. Thanks again

Currently with thinkorswim trading eRL futures. They support cascading, first-triggers-all, first-triggers-OCO. The latter works as a bracketed order....once filled, the stop loss and profit target become "working" orders. The platform performs flawlessly (until the exchange goes down like the CBOT did recently). The thinkorswim complex orders will persist overnight. Keep in mind, you'll be paying-up commission-wise compared to IB.

[TinGull]

And... Infinity is fast as all heck. Really intuitive to use.