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Outage with a live position on Ninja (yikes) what to do?
Not so simple - "trade as usual on NinjaTrader".... well, actually you don't trade at all on NinjaTrader with that solution. NinjaTrader becomes a charting package only, and all trades would have to be entered via RTrader.
If RTrader supports native OCO, then why doesn't NinjaTrader. That is the real question.
What is an Exchange Side OCO? Isn't an OCO simply not accepted on the exchanges because it is a contingent order and then it is the liability of the exchanges to cancel the orders(if one is filled), when in fact they don't want to assume such liability?
Some markets are so fast that they can trigger both.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
Native exchange OCO is a nice feature, but it is by no means a disaster preparedness plan.
Things to explore:
1. How fast is your broker able to get you flat in the event that the broker themselves are the ones experiencing the emergency?
2. What alternatives do you have to cancel your own orders in the event your PC crashes, your power goes out, or your internet goes out? These might include a laptop with a 4G connection, but take note -- even though I have about seven UPS's in my house (which means everything keeps running during a power outage), my local Time Warner crap cable company can't afford a UPS. So when power goes out, internet goes out - out of my control. There might be similar problems for you.
3. Portal software, like web customer portals to close your own positions that are more automated and faster than calling a broker who can't answer the phone because everyone else is calling too.
4. You might also consider having accounts with more than one broker, so that if a MF Global scenario happens again you will be able to hedge. Some of those guys were forced to maintain open positions for weeks or longer because they were not prepared to hedge with another broker.
I just mean a non-simulated client side OCO. The platform may call it OCO, but it is simulated for everything other than IB and TDA based on my understanding.
Maybe I am wrong, but an OCO is an OCO regardless of where it resides, so essentially they are all "simulated" if the exchange does not list them. this is my understanding...but again, I could be wrong.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
This is from my understanding on how Ninja/Zen handles OCO. I don't know about Rithmic, CQG
The OCO is about the cancel and where it resides. Here is an example
Say I want to go long the TF @795.0 , with a 20 tick profit and 5 tick stop loss, and the market is at 800.0
The first order is a limit order @795.0 (Order #1 ). This goes to the exchange. When you are filled,
Ninja sends two more orders. SELL LIMIT 797.0 (#2) and BUY STOP @794.5 (#3) You now have two
orders at the exchange.
Now the market rallies and your order #2 ( sell limit ) gets hit @797.0. There is only order #3 left in the market ( naked ).
On Ninja/Zen, your PC will send the cancel order for #3, with IB, once the order is hit, IB would cancel the remaining order even if your PC was not on at the time.
Now that would make sense. That is the diff between PC and server side solution.
now what would happen if the stop gets hit first, the PC/server cancels the target?
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
