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TradeStation Limitation(s)
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TradeStation Limitation(s)

  #1 (permalink)
Trading Apprentice
Kuala Lumpur, Malaysia
 
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TradeStation Limitation(s)

Hi Guys,
Just started using tradestation few weeks ago, run into some limitation while doing trading with the charts, while trading Forex.

1. In the same chart symbol, if I have two different strategies having the same long (or short) contract, selling (or buy to cover) will close based in FIFO.
2. Same symbol, I'm unable to have positions that goes opposite position. Meaning no long and sellshort, either one only.


So my question to you guys, will this be the same when I start doing automation of strategies. Thats what I aim for when switching to tradestation.

And is there any other basic trading limitation that I should know off?


Regards,
Victor Yong

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  #2 (permalink)
Trading for Profit
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As far as I know, the only way you can have both a long and a short open position in the same market is by using 2 separate accounts. You could run your strategy in 2 separate charts, each set to a different account and be able to achieve that. And I am not sure if this is a limitation on just tradestation. I fail to understand how you could be long 1 contract in say CL and then be able to sell short 1 contract and still have 2 open positions in the same account. I am new, so maybe this is something I yet have to learn.

If you are planning to utilize strategy automation, there are several things you need to know that are specific to tradestation and they have been discussed at length at the tradestation forums but the most important thing probably is that if you are using bar types like renko, your back tests will be different from your actual trades since tradestation does not maintain the true high/low of such bar types historically. In fact, your backtest stats might change everytime you reload your renko charts since tradestation uses a different method of building these kinds of bars than most other platform vendors do.

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  #3 (permalink)
Trading Apprentice
Kuala Lumpur, Malaysia
 
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iNeo View Post
As far as I know, the only way you can have both a long and a short open position in the same market is by using 2 separate accounts. You could run your strategy in 2 separate charts, each set to a different account and be able to achieve that. And I am not sure if this is a limitation on just tradestation. I fail to understand how you could be long 1 contract in say CL and then be able to sell short 1 contract and still have 2 open positions in the same account. I am new, so maybe this is something I yet have to learn.

If you are planning to utilize strategy automation, there are several things you need to know that are specific to tradestation and they have been discussed at length at the tradestation forums but the most important thing probably is that if you are using bar types like renko, your back tests will be different from your actual trades since tradestation does not maintain the true high/low of such bar types historically. In fact, your backtest stats might change everytime you reload your renko charts since tradestation uses a different method of building these kinds of bars than most other platform vendors do.

Thanks for the info/suggestion. Well I'm not a purist when it comes to forex strategy, I have strategy for position, swing and day trading on a single symbol, as long as it makes good net profit and suit my goal, I'll run the strategy. The strategy is accumulating, the best way around it for me is to automate it. I chose tradestation thinking that its a superior platform, now I feel like I'm driving a ferrari without 1st & 2nd gear

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  #4 (permalink)
Trading for Profit
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you must have a separate account for each strategy if it is the same instrument.
it is not the fault of tradestation

same thing for any platform you use


mow I have run 2 strategies on one chart with the intent of 1 strategy overriding the other if it had a better entry or exit.

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  #5 (permalink)
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victoryong View Post
Hi Guys,
Just started using tradestation few weeks ago, run into some limitation while doing trading with the charts, while trading Forex.

1. In the same chart symbol, if I have two different strategies having the same long (or short) contract, selling (or buy to cover) will close based in FIFO.
2. Same symbol, I'm unable to have positions that goes opposite position. Meaning no long and sellshort, either one only.


So my question to you guys, will this be the same when I start doing automation of strategies. Thats what I aim for when switching to tradestation.

And is there any other basic trading limitation that I should know off?


Regards,
Victor Yong


I guess you traded before with a non-US broker?

The kind of hedging positions you mention are not allowed in the US as far as I know. Hence, TS does not offer this.

For instance, European spot forex brokers offer what you want (long and short position at the same time)… however, these brokers come with other disadvantages (use search function if further interested… I'm sure there are several threads on the topic).

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  #6 (permalink)
Market Wizard
Cleveland Ohio/United States
 
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I would love for someone to explain to me the logic behind being long and short the same instrument at the same time. To me, it is the same as being flat. Actually flat is better, since you won't pay a spread for the privilege, and you won't pay rollover interest (the interest you get is always less than the interest you pay, since there is a spread on rollover interest, too.)


I understand wanting it from a bookkeeping point of view (you pay a cost for this, which may be worth it to you), but some people make it sound like a magic strategy (being long and being short at same time).


Please someone enlighten me on this, because I have never understood it.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #7 (permalink)
Trading Apprentice
Kuala Lumpur, Malaysia
 
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kevinkdog View Post
I would love for someone to explain to me the logic behind being long and short the same instrument at the same time. To me, it is the same as being flat. Actually flat is better, since you won't pay a spread for the privilege, and you won't pay rollover interest (the interest you get is always less than the interest you pay, since there is a spread on rollover interest, too.)


I understand wanting it from a bookkeeping point of view (you pay a cost for this, which may be worth it to you), but some people make it sound like a magic strategy (being long and being short at same time).


Please someone enlighten me on this, because I have never understood it.

Hi Kevin, I do not trade short and long on the same timeframe, with the same length of holding period for the same symbol/instrument, that will be equavalent to 1 long + 1 short = 0 position. What I do is to trade at different timeframe, with different strategies, and with different holding period on a symbol. E.g. Doing a trending following strategy on eurusd daily while doing a day trading eurusd on 5 min. I find that it smooth out the equity curve. What would you recommend for a person that does forex only, in terms of portfolio management? Cheers.

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  #8 (permalink)
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victoryong View Post
Hi Kevin, I do not trade short and long on the same timeframe, with the same length of holding period for the same symbol/instrument, that will be equavalent to 1 long + 1 short = 0 position. What I do is to trade at different timeframe, with different strategies, and with different holding period on a symbol. E.g. Doing a trending following strategy on eurusd daily while doing a day trading eurusd on 5 min. I find that it smooth out the equity curve. What would you recommend for a person that does forex only, in terms of portfolio management? Cheers.


The way you describe makes sense, since you are using it as a bookkeeping tool. You could alternatively keep track of the positions on a piece of paper next to your desk, and then just enter the net position in your platform. It may well be worth it to you to pay an spread to help you keep track of positions, stops, etc. So I understand how you use it.

Some people claim that being long and short at the same time gives them some sort of "edge," and that is not just true, in my opinion. That's what I can't understand.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #9 (permalink)
Trading Apprentice
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karoshiman View Post
I guess you traded before with a non-US broker?

The kind of hedging positions you mention are not allowed in the US as far as I know. Hence, TS does not offer this.

For instance, European spot forex brokers offer what you want (long and short position at the same time)… however, these brokers come with other disadvantages (use search function if further interested… I'm sure there are several threads on the topic).

Thanks for the info, did a quick search in the internet verified that hedging are not allowed in US. I'm still trading with FXCM UK, while exploring TradeStation platform.

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  #10 (permalink)
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victoryong View Post
Thanks for the info, did a quick search in the internet verified that hedging are not allowed in US. I'm still trading with FXCM UK, while exploring TradeStation platform.

Maybe you should look at MultiCharts as an option. It's very similar to TradeStation and most code written for TradeStation can run in MultiCharts. I researched both before going with MultiCharts. The main advantage with MC is you get to pick your broker from a list of brokers that they partner with. One disadvantage is paying for a separate data feed but from my research a lot of people complain about TradeStation data. I went with IQFeed for data and its working great.

Since you're not in the US you could pick a non-US broker or one with overseas operations (Interactive Brokers has this) and be able to trade the long/short strategy you speak of. I definitely understand the logic behind what you're trying to accomplish. Here in the US you'd have to have 2 separate accounts to pull that off. Running a strategy like that with 2 or more accounts may not be a bad idea since you'd be able to evaluate the performance of each strategy based on the performance of each specific account (something to think about). Hope this helps a little...

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