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Wrote a algo bot based on OP’s concept in this post where he made 20k+ before getting banned by Robinhood.
Basically OP just used a click bot/ keystroke script on a android emulator with the Robinhood app to submit a buy order 1 cent above the bid, canceling 100ms later if not filled and repeat till filled, once filled immediately do the same on the ask to exit. Makes you best bid and ask always without updating the NBBO.
Made a bot to do exactly the same as OP in the other post, except instead of a click bot I used Robinhood’s internal API + python script configured for speed. Making it faster and easier than OP’s to use. Also has code to limit it to 390 or less orders per day to keep it from triggering professional status with Robinhood.
Example: VXX call option, lets say the bid/ask is .16 X .21
The bot would flash a buy order at .17 every 100ms, once filled it flashes a sell order every 100ms at .20. You are providing a better price/ liquidity without the NBBO updating and paying zero commission for it.
I normally trade with Schwab, but opened an account with Robinhood just to run this bot. Used the profit from their free stock to test it out on VXX options.
Only thing you really have to lookout for is volume traded on the option. Wana go for options like VXX, GOOG, AMZN and others where the spread is wider and have volume, OP does the same with his bot.
Why this works:
A couple reasons why, first off because of zero commission, you keep all the money you make off the spread.
Second, this type of algorithmic trading is called market making or more generally providing liquidity. In principle, the apparently free money is compensation for helping the markets to be liquid. The more people do this, the tighter the spread will be and the greater liquidity will be available on each side.
tldr: Robbin the Hood, making money at Robinhood's expense with a bot and not getting banned.
Currently using it, will post future updates.
Download link : https://app.simplegoods.co/i/PRWTMIQP
Its 3 python source files and a readme, All you need it python 3.9 installed and a Robinhood acc
found this link over on EliteTrader and loved it. Very inspiring for someone like me who is building my own trading code from the ground up
what are your thoughts on this?
guy writes an algo platform from scratch in python and connects it to multiple brokers and data sources nutz
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Date : 5th March 2021. Market Update – March 5 – Jobs, Jobs, Jobs. What Fed Chair Powell did not say that shook up the markets. Wall Street turned sharply lower following Fed Chair Powell’s remarks, even though it was not what he said but what he did not mention that undermined equity sentiment. Specifically, he did not push back against the recent surge in Treasury rates. Indeed, he took attention of the spike and would be concerned by a “disorderly” move, providing tacit approval for the run-up in longer dated yields. Consequently, the stock market was dragged lower once again thanks to rising rates and expectations for more of the same as the economy and inflation pick-up further. Headlines: The Chair’s comments that he took attention of the spike and would be concerned by a “disorderly” move were not in the market’s narrative. Fed Chair Powell’s perceived benign neglect of the surge in bond yields weighed on Treasuries and extended the recent selloff back toward the highs from February 25. The US 10-year rate corrected slightly overnight but remains at 1.56%. The 10-year rate is currently down -5.3 bp at 0.079%, while yields jumped 6.0 bp and 7.5 bp in Australia and New Zealand respectively. The tech-heavy USA100 over -3% lower intraday, with spill over to the broader indexes. However, the losses were pared in late trading with closing declines of -2.11% on the USA100, -1.34% on the USA500, and-1.11% on the USA30. JPN225 and ASX were still down -0.2% and -0.7% respectively at the close. BoJ’s Kuroda sees no need to widen yield band. He said there is no need to widen the implicit band set for its long term yield target, while stressing the need to keep borrowing costs low to support the economy. Oil prices jumped higher after the OPEC+ meeting decided to maintain current output levels. The USOIL is currently trading at USD 64.60 per barrel. In Europe, key central bankers have also played down the rise in rates and signalled that the central bank won’t add additional measures next week that would reverse the rise in rates. Verbal intervention and a flexible use of PEPP purchases will likely be used to smooth an uptrend that most central bankers seem to feel is essentially justified, given the improved outlook for growth later in the year. German manufacturing orders rose 1.4% m/m in January, more than anticipated Forex Market JPY – USD rallies again – USDJPY over 108.00 EUR –dropped against a largely stronger Dollar- Currently at 1.1947 GBP – at 1.3859 AUD – dipped below 50-DMA again, at 0.7686 CAD –steadied to 1.2660 after 1.2574 bottom GOLD – breaks the $1,700 – trades on 1695 now USOil – Oil rocketed following OPEC+ agreeing to no production increase and to keeping current levels for at least April. USOil at 64.60 up from 59.20 lows on Wednesday Bitcoin – returns to 47K Today: Attention will turn to the US February employment report, hourly earnings, unemployment rate, January trade report and consumer credit is due late in the session, seen rising $10.0 bln from $9.7 bln previously. Canadian Ivey Purchasing Index in the tap as well. Biggest mover – NZDUSD (+0.45% as of 07:30 GMT) Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Similarities between trading and poker, in both, you try to make optimal decisions on the basis of incomplete information. Money management (trading) and bankroll management (poker) are very similar - both are crucial to manage risks. Because in both, you have a luck/variance factor, without the right money management even the best strategy can lead to being broke without the right money management.
Forex stands for foreign exchange and refers to the buying or selling of one currency in exchange for another. It's the most heavily traded market in the world because people, businesses, and countries all participate in it, and it's an easy market to get into without much capital.
crazyCza and crazyZdo always love a fresh new thread ... from 2013 78% losers, 19% survivors, 3% thrivers - the cusps ... Generally speaking, most people who begin to “learn” to trade quickly experience that losses and mistakes seem to have a nasty tendency to be disproportionately way more costly than wins and being right are beneficial. There are so many other endeavors where that does not seem to be the case... so they move on. Few persist in their “learning” to pass the cusp where they can turn that (accurate for some systems, inaccurate for others) enigmatic impression and their performance to neutral / surviving ... and then even fewer persist ‘again’ even more assiduously to turn wins and being right to being disproportionately more profitable than the losses and mistakes are costly... Furthermore, most people don’t believe or see the necessity to ”learn” just as much about themselves as they do about objective trading methods, etc. Most never realize that doing a ‘dual major’ in Self and Methods is required to get a good trading education and "learn" to trade. ... and, many who do realize the need still flunk out of one of the majors and never “learn” to trade. Only a few persist in and complete both ‘majors’ ...
https://pjmedia.com/columns/john-stossel/2021/03/03/mike-rowe-everyone-is-essential-n1429583 “If everything we do saves just one life, I’ll be happy.” is a little example of the narrative being on completely out of phase with reality. Cuomo, instead of saving lives, cost lives, caused needless suffering and loss. The whole plandemic is a prime example of the narrative being on completely out of phase with reality. ... just sayin'