Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

jpennybags

Server Side OCO Orders and Connection Failure

Recommended Posts

My brokerage is getting out of the retail business, so once again I'm faced with choosing another futures broker (I like self directed change… not so much when brought by circumstance). From what I've read recently, consolidation in the business may be a trend that will continue. Some of this has been prompted by Dodd-Frank regulations, and some balance of this trend is due to the economy of scale. I don't really have an opinion one-way-or-another if this is a good thing. I do think that it may eventually limit choices for small retail traders. That's not what this thread is about, and I only offer it up as an opinion of what may happen going forward (part of my thought process).

 

I have experienced power failures, and internet connection disruptions in the past. I haven't kept records on these occurrences, but in a general sense, my recollection would be 3 - 5 times per year (If a tree falls in the forest, does it make a noise?). A little backfill is necessary… hang with me.

 

I use Sierra Chart, and really, really like placing (entering) trades from the chart. When I first discovered this functionality, I wanted to throw rocks at my old trading platform. I also like using attached OCO orders for stop and target. My trading style is such that my average "time in trade" is < 120 seconds. In a typical trading day < 35 minutes with money at risk. For anyone who places these type of bracket orders, please understand that if the server that you route through does not support OCO orders, then these orders will be managed locally at your trading platform. So, if you lose connection for any reason you have no stop loss or target in the order que.

 

To date, I have never had a connection disruption of any kind while in a trade. I'm not bright enough to come up with a risk profile that would actually put a number on the odds of my eventually getting pinched in a trade, but I think the odds are that it will happen eventually. How scary is that number? From a business perspective, I could get pinched once a year for $5K and it wouldn't hurt. It would be a pisser, but I could write it off (mentally) as the price of doing business. Trading the TF with (3) contracts per trade, price would have to move against me 150 ticks before I would approach that number. Could that happen? Yes… yes it could… possibly worse. Hopefully, I could get through to the order desk and get it shut down before too much damage is done.

 

There are brokerages that route through servers that accept server side OCO orders, but your choices become limited… I like choice.

 

I would be curious to hear thoughts or possible solutions to the problem. Honestly, I could go back to doing business without attached OCO orders, but I like them. I don't know that I would want to give up trade entry from the chart though.

 

Thanks.

Share this post


Link to post
Share on other sites

Last i heard sierra supports the OEC (0pen ecry) platform and oec also has OCO capability. OEC was recently obtained by Gain capitol. You might wantto check them out since you like sierra and oco orders. If you do so let us know what you find out about them.

Share this post


Link to post
Share on other sites
Last i heard sierra supports the OEC (0pen ecry) platform and oec also has OCO capability. OEC was recently obtained by Gain capitol. You might wantto check them out since you like sierra and oco orders. If you do so let us know what you find out about them.

 

Certainly, if I find a solution that works for me, I would be more than happy to share my findings... and explain why I made the move.

 

Certainly, there are brokers that are able to offer server side OCO's... you are limited though.

 

In part, the problem that I've seen (gathered from my research... incomplete as it is) is that if you have a Rhithmic feed, Rhithmic has a solution, but it doesn't support third party software. R/Trader will support server side OCO orders, and R/Trader Pro will support trading from the chart, but it only supports time based charts. I place trades from a 40T chart on SC. If R/Trader Pro supported a larger variety of charting types, I could see myself making the move. As it is, it doesn't work for me.

 

From what I've gathered from viewing the Sierra Chart forum (also to include Ninja Trader forums) there has been a plethora of requests for server side OCO capability. Both parties lay this off on Rhithmic and others. It seems to me that if Rhithmic is trying to sell their own software, server side OCO's would be a selling point (to some extent) and why give that up to third parties. I don't have a problem with that from a business perspective, but it's no help to me and what I want.

Share this post


Link to post
Share on other sites

As an update:

 

I communicated through the support board at Sierra Chart about a work around for OCO orders. They offered up an idea, that they may eventually implement as an option. Instead of server side OCO's: If the parent order fills, a regular stop order would be sent to the server, but the target order would reside locally. If the target order is triggered, the platform would then send a cancel order for the stop residing on the server side. In this way, you would still have the stop order on the server, in case a connectivity issue arises. The target order is lost but the stop is in the queue on the server side. No word on a time line.

Share this post


Link to post
Share on other sites
As an update:

 

I communicated through the support board at Sierra Chart about a work around for OCO orders. They offered up an idea, that they may eventually implement as an option. Instead of server side OCO's: If the parent order fills, a regular stop order would be sent to the server, but the target order would reside locally. If the target order is triggered, the platform would then send a cancel order for the stop residing on the server side. In this way, you would still have the stop order on the server, in case a connectivity issue arises. The target order is lost but the stop is in the queue on the server side. No word on a time line.

 

As an update: Sierra Chart has begun work on the project... should roll out shortly.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Agreed since some of the new traders usually lose money in start and some loses more while chasing their lost money and eventually ends up blaming to their brokers part.
    • The crypto market are also in phase of maturing like the forex and other trading assets so we can do much more accurate analysis than before since early days it was purely a luck if the investments in crypto bears results because most of the coins or tokens never come to fruition. Some early birds were also able to make profits on these tokens or coins. e,g., like turtle coin starts with 1 satoshi and go up to 7 sathoshis, quite good rewards. another token lmgx now hovering at 10 started from 1, 
    • How's about other crypto exchanges? Are all they banned in your country or only Binance?
    • Be careful who you blame.   I can tell you one thing for sure.   Effective traders don’t blame others when things start to go wrong.   You can hang onto your tendency to play the victim, or the martyr… but if you want to achieve in trading, you have to be prepared to take responsibility.   People assign reasons to outcomes, whether based on internal or external factors.   When traders face losses, it's common for them to blame bad luck, poor advice, or other external factors, rather than reflecting on their own personal attributes like arrogance, fear, or greed.   This is a challenging lesson to grasp in your trading journey, but one that holds immense value.   This is called attribution theory. Taking responsibility for your actions is the key to improving your trading skills. Pause and ask yourself - What role did I play in my financial decisions?   After all, you were the one who listened to that source, and decided to act on that trade based on the rumour. Attributing results solely to external circumstances is what is known as having an ‘external locus of control’.   It's a concept coined by psychologist Julian Rotter in 1954. A trader with an external locus of control might say, "I made a profit because the markets are currently favourable."   Instead, strive to develop an "internal locus of control" and take ownership of your actions.   Assume that all trading results are within your realm of responsibility and actively seek ways to improve your own behaviour.   This is the fastest route to enhancing your trading abilities. A trader with an internal locus of control might proudly state, "My equity curve is rising because I am a disciplined trader who faithfully follows my trading plan." Author: Louise Bedford Source: https://www.tradinggame.com.au/
    • SELF IMPROVEMENT.   The whole self-help industry began when Dale Carnegie published How to Win Friends and Influence People in 1936. Then came other classics like Think And Grow Rich by Napoleon Hill, Awaken the Giant Within by Tony Robbins toward the end of the century.   Today, teaching people how to improve themselves is a business. A pure ruthless business where some people sell utter bullshit.   There are broke Instagrammers and YouTubers with literally no solid background teaching men how to be attractive to women, how to begin a start-up, how to become successful — most of these guys speaking nothing more than hollow motivational words and cliche stuff. They waste your time. Some of these people who present themselves as hugely successful also give talks and write books.   There are so many books on financial advice, self-improvement, love, etc and some people actually try to read them. They are a waste of time, mostly.   When you start reading a dozen books on finance you realize that they all say the same stuff.   You are not going to live forever in the learning phase. Don't procrastinate by reading bull-shit or the same good knowledge in 10 books. What we ought to do is choose wisely.   Yes. A good book can change your life, given you do what it asks you to do.   All the books I have named up to now are worthy of reading. Tim Ferriss, Simon Sinek, Robert Greene — these guys are worthy of reading. These guys teach what others don't. Their books are unique and actually, come from relevant and successful people.   When Richard Branson writes a book about entrepreneurship, go read it. Every line in that book is said by one of the greatest entrepreneurs of our time.   When a Chinese millionaire( he claims to be) Youtuber who releases a video titled “Why reading books keeps you broke” and a year later another one “My recommendation of books for grand success” you should be wise to tell him to jump from Victoria Falls.   These self-improvement gurus sell you delusions.   They say they have those little tricks that only they know that if you use, everything in your life will be perfect. Those little tricks. We are just “making of a to-do-list before sleeping” away from becoming the next Bill Gates.   There are no little tricks.   There is no success-mantra.   Self-improvement is a trap for 99% of the people. You can't do that unless you are very, very strong.   If you are looking for easy ways, you will only keep wasting your time forgetting that your time on this planet is limited, as alive humans that is.   Also, I feel that people who claim to read like a book a day or promote it are idiots. You retain nothing. When you do read a good book, you read slow, sometimes a whole paragraph, again and again, dwelling on it, trying to internalize its knowledge. You try to understand. You think. It takes time.   It's better to read a good book 10 times than 1000 stupid ones.   So be choosy. Read from the guys who actually know something, not some wannabe ‘influencers’.   Edit: Think And Grow Rich was written as a result of a project assigned to Napoleon Hill by Andrew Carnegie(the 2nd richest man in recent history). He was asked to study the most successful people on the planet and document which characteristics made them great. He did extensive work in studying hundreds of the most successful people of that time. The result was that little book.   Nowadays some people just study Instagram algorithms and think of themselves as a Dale Carnegie or Anthony Robbins. By Nupur Nishant, Quora Profits from free accurate cryptos signals: https://www.predictmag.com/    
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.