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Although Internet connection or power failure etc may be relatively rare these days (but here in Brisbane power interruptions are annoyingly common with summer storms), we may all eventually experience the drama of losing connection with a trade in progress.
I am evolving Big Mike's Hurley automated strategy that sets profit targets and a stoploss then moves the stoploss using "GetCurrentAsk" or "GetCurrentBid" with the trade when price hits a defined profit target.
I recall somewhere that NT places automated orders as OCO orders, therefore during a trade the profit targets and stoplosses should be resident on the server side not just my client side. Is this correct? If so, does this also apply when the stoploss is moved using GetCurrentAsk or GetCurrentBid?
What happens with discretionary NT trades if you don't enter with OCO orders?
Nano
Can you help answer these questions from other members on NexusFi?
if an OCO is sended out of NT -then its physicaly as hard orders at the exchange + NT cancels one if the other is filled.
if NT / inet is down - both orders stay physicaly as hard orders at the exchange
there is no server who holds this OCO - funcion. its only on YOUR PC.
in case of loosing NT / inet - you have to call your broker + cancel the open orders manualy.
this is the same with ATMs in discrtionary trading - the orders are physicaly as hard orders at the exchange + stay there
if you lose connection and if the Long-profit target is filled there is still your stopLoss resting as a Short Order then.
same here : - you have to call your broker + cancel the open orders manualy.
there is no server solution with NT + zenfire.
i think IB has some things sitting on servers like the OCOs
Zen-Fire
Orders in a state "Accepted" or "Working" are at the exchange. If the exchange does not support a specific order type, the order will be active on the Zen-Fire servers. OCO (One Cancels Other) functionality is simulated on your local PC.
Vision Financial Markets
Orders in a state "Accepted" or "Working" are at the exchange. If the exchange does not support a specific order type, the order will be active on the Vision Financial servers.
OCO (One Cancels Other) functionality is simulated on your local PC.
Interactive Brokers
Orders in a state "Accepted" or "Working" are at the exchange or on IB's servers in situations where the exchange does not have native support for an order type.
OCO (One Cancels Other) functionality is natively supported on their servers.
Patsystems
Orders in a state "Working" are at the exchange.
Orders in a state "Accepted" are locally simulated on your PC.
OCO (One Cancels Other) functionality is simulated on your local PC.
PFGBEST.com
Orders in a state "Accepted" or "Working" are at the exchange or on their servers
OCO (One Cancels Other) functionality is simulated on your local PC.
Trading Technologies
Orders in a state "Accepted" or "Working" are at the exchange. If the exchange does not support a specific order type, the order will be active on the FCM's Trading Technology servers.
OCO (One Cancels Other) functionality is simulated on your local PC.
MB Trading
Orders in a state "Accepted" or "Working" are at the exchange or on MBT's servers in situations where the exchange does not have native support for an order type.
OCO (One Cancels Other) functionality is simulated on your local PC.
GAIN Capital/Forex.com
Orders in a state "Accepted" or "Working" are on GAIN Capital/Forex.com servers.
OCO (One Cancels Other) functionality is simulated on your local PC.
TD Ameritrade
Orders in a state "Accepted" or "Working" are either at the exchange or on TDA servers.
OCO (One Cancels Other) functionality is natively supported on their servers.
FuturesBetting
Orders in a state "Accepted" or "Working" are at the exchange. If the exchange does not support a specific order type, the order will be active on their servers.
OCO (One Cancels Other) functionality is simulated on your local PC.
With Zen Fire, if you have an open position with both a profit target and a stop loss order, and then you lose internet/power, etc etc...
Here is what can happen, worst case:
a) Your profit target _or_ your stop loss gets hit.
b) Instead of your OCO order for the other side (stop or profit target, opposite of (a) respectively) being cancelled, it remains!
c) Market moves down, and you get filled into a NEW position from (b).
d) You now have a new open position with NO stop and NO target whatsoever.
There are some posts here somewhere from Mike on dual-homed routers for using multiple ISPs.
That's up there with a good UPS across EVERYTHING you need to close positions (computers, monitors, modems, routers, etc) yourself, and a phone or two to call your broker for help if needed (or confirm you are flat and have no open orders).
Be prepared. And test.
Boring trading day? Shut off your power while you have a low risk open position on, call your broker and ask him to flatten everything and cancel all open orders.
If you plan and prepare for those kinds of failures it helps. Consider it another aspect of risk management.
There is an alternative, which is what I do at the moment: do NOT TRADE FROM HOME SImple.
I have a couple of servers in a data center and I run a virtual machine on one of them only for trading. The risk is a lot less when you sit on the end of redundant connections in the range of 7x Gbit and behind batteries supporting you half an hour and threee diesel generators, on top of dual power supplies coming in with 120kvolt on two sides of the building
SImple.