I am a discretionary trader but am trying to automate as much as practically possible a small part of my trading, namely the execution – entry/exit.
I am not sure how much of it can be automated, so probably best if I start small and then add additional layers as time passes. Therefore, looking to work with someone over time depending how well they are able to do the basics, but for now probably good to get started with a basic attempt.
At a very basic level here is my execution for a long (opposite for a short):
a) I buy the market manually. I use an ATM strategy for SL/TP etc.
b) I have a pre-determined level (x) where if we close below it I exit my trade (flatten everything). I want to automate this part.
c) If we then rally and close back above (x), I buy the market again (using ATM for SL/TP). I want to automate this part.
And so on until I decide the thesis is no longer valid. I.e. this may mean 2/3/4 re-entries/exits at that same level (x) etc.
I am open to suggestion as to how best to do this, but I thought one way to do this was to have a horizontal line on the chart at level (x)? In “buy mode” any close below this line (x) will flatten all positions. Any close above the line (x) will initiate a position according to my ATM, obviously this is only if the market was below the level (x) before it closed above it. This will keep happening until I remove the horizontal line. Maybe there is a better way to do it?
I am not sure if buttons can be added easily to chart trader but this would be ideal; I press a button (eg “buy x”), this automatically places a horizontal line say 20 ticks above the current price. I can then move the line myself to level (x). Obviously if I am not in a position already I will move it above price, if I am already in a position I will move it below price. Vice versa for sell. NT8 would then flatten everything on a close below it (assuming close (-1) started above it) and execute new positions on close above it (assuming close (-1) started below it) etc etc as above. It would also be helpful to have a button that removes all existing horizontal lines to avoid me forgetting to take any off.
If doing the button or a more complicated (but easier for me to use) method takes more time it is fine just bid accordingly. I prefer something that is user-friendly for me so I can focus on my trading and not worry about my execution orders so much.
There will be modifications further down the line but this would be a great start! Any questions just ask!