i've been incorporating big mike's methodology into my strategy that i am testing on tradestation. i've been trying to get my head around the following problem for the past few hours but couldn't find any solution to it:
whereas the system enters a long/short position ok, it wouldn't take into account any of the limits placed (for both stop and take profit) but would close the position at the entry price on the bar where the trade was entered.as a result the strategy is not generating any profit or loss (ignoring comms). (for additional info i'm backtesting on FGBL futures and i am using a 1min chart).
Trying to code a simple scale-out logic in Multicharts, using a kind of different order placing mechanism.
My code looks for arrows on the chart, and whenever one is found, it enters a position according to arrow orientation and the number present within the arrow text attribute. I also need to scale out. Let's say, I enter with 3 contracts long, and I need to have 3 levels with 3 separate sell orders.
Essentially, this helps me manually place trades on history data on a chart - kind of a playback (done just by scrolling the chart to the right bar by bar) with the option of placing trades as well, and get a performance report on these "manually" entered trades.
What doesn't work:
Let's say, a long position opened on bar number 3 with code:
buy ("myOrder") 3 contracts this bar at close;
At bar 5 I sell 2 of those contracts:
sell ("myOrder") 2 contracts this bar at close;
At bar 7 I want to sell the last contract as well, basically, closing the "myOrder" position entirely:
sell ("myOrder") 1 contracts this bar at close;
However, I get the following error message in Multicharts:
"error in stuy ... "myOrder" name has already been used for the other order".
If I don't specify an order name at all, even though I sell 3 contracts across two consecutive sell orders, at the last bar, I still have MarketPosition = 1 which means position is not entirely closed, which can be seen on the graph as well (I can see the first sell order for 2 contracts, but no the second sell order for 1 contract).
Is there a workaround to this, or something I miss
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Broker/Data: Tradestation/Tradestation, NinjaTrader, FXCM and Tallinex
Favorite Futures: ES, CL, EUR/USD, TF
Posts: 171 since Aug 2009
Thanks: 99 given,
Live trading versus Historical
thanks for this video and also for the Ninja one as they both helped me learn.
The one thing that is a little confusing for me is how different Easy Language is from Ninja in terms of setting stops and targets.
With Ninja, you just set it at the beginning. With Easy Language, it seems like you have to set them at the beginning, then again after target1 is hit, then again after target2 is hit.
So my question is will this strategy work Live? Does Easy Language automatically cancel all orders after something is filled?
Does Tradestation/Multicharts have order states like Ninja does