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Managing Forex Positions with Interactive Brokers
Started:June 13th, 2014 (07:59 AM) by JGSmith Views / Replies:329 / 1
Last Reply:June 13th, 2014 (07:59 AM) Attachments:0

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Managing Forex Positions with Interactive Brokers

Old June 13th, 2014, 07:59 AM   #1 (permalink)
Elite Member
Duisburg, Germany
Futures Experience: Intermediate
Platform: TWS, NinjaTrader, MT4
Broker/Data: FXCM, Interactive Brokers, Oanda
Favorite Futures: Forex
Posts: 129 since Aug 2013
Thanks: 55 given, 44 received

Managing Forex Positions with Interactive Brokers

A bit tough to know which forum to post this in as it is about MultiCharts & about NinjaTrader.

In one sense, this is yet another question about software comparison that are around the internet everywhere, and the other is about a support question.

Forex Automation Opinions
First of all, The primary reason for me potentially purchasing one or the other is for Forex Automation. I do not see too much out there as far as people using either one of these programs for FX automation. Could some people please share with me their experiences - especially if you have your account through Interactive Brokers.

Alternative Coding Possibility
Secondly, I brought this topic up on the NinjaTrader forums and on the MultiCharts forums and I am simply wanting to get some more thoughts from people. The threads can be found at:
MultiCharts: Trading Software for Automated Trading and Backtesting ? View topic - Forex Position Management with Interactive Brokers
Forex Position Management with Interactive Brokers - NinjaTrader Support Forum (definitely the most detailed information)

(I genuinely hope that I am not breaking any rules by posting this here also - and if so, I apologize...just really wanting to know the best ways to move forward)

Can anybody here speak to the topic and give some insight? It seems to be clear that I would need to have an unmanaged approach for coding exactly what I would like and so that is not my current question. But, can anyone let me know if there would be a way that I could say, "NinjaTrader, please only place the Bracket Order to go Long and the Bracket Order to go short. Then, if one of the trades are triggered, cancel the other orders. After those orders are placed, do NOTHING more to them. The rest will be all handled manually."

At this point, it looks like I can only use an ATM template. (If I am understanding things correctly). The problem with this is that the range that I use for the breakout is different every single day and, from what I understand, an ATM template needs to have the stop distance and target distance predefined - which would be impossible to predefine it.

Am I understanding the ATM correctly and, is it possible to do this without the need of ATM?

Financial Advisor Settings
I just discovered that I have to submit a separate order for every sub account that I have using NinjaTrader. This is not required using MultiCharts. Does anybody find any adverse issues with this limitation in NinjaTrader?

Okay, that is all for now. Thank you very much for your help!

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Old June 13th, 2014, 07:59 AM   #2 (permalink)
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