Step by Step Practical Guide of my Daily Routine.
Part 1: Regular Trading Days
When you have your trading platform tested, prepared and ready for your own live trading of automated system(s), it looks like a trivia question. What to be controlled, how frequently, what to check daily, monthly… But the devil is in the detail and every mistake, wrong setting or failure could cost you the bold sum of instant cash. My clients who are trading PetronelSystems in their own live accounts in TradeStation, often ask me the same question. What to be aware of when trading automated systems everyday, month by month. Automated here doesn´t mean to switch the platform on in January and check the profit in December.
PetronelSystems are ready to trade in both TradeStation 9.1 or 9.5 versions.
I still prefer to execute automated live trades in TradeStation 9.1. My experiences are that 9.1 is more stable than 9.5 version of TS. I daily trade multiple instances of TradeStations in different VPS´s. I trade hundreds of PetronelSystems daily, combined in my own accounts and in the clients accounts. When trading the same systems (identical codes) in TS 9.1 and 9.5 versions, I have, but very seldom issues with TS 9.5. Issues with TS 9.1 are close to zero.
Here is My daily trading routine, checklist
Standard trading days:
- checking the system approx. 1 hour prior market open
- TradeStation connected
- data on (green)
- automated systems on
- TradeStation TradeManager has all fields grey, warnings fields flash pinky. Position Match field must sign “True”
- after markets opened, checking the platform status periodically, monitoring opened positions
- knowing all strategies Time Template, specially the End Time of it. It is maximally important to know, when is the latest exit time of the the strategy traded.
- Strategy End Time observing carefully, making sure all positions are closed automatically as needed
Possible problems and their solution:
THE PLATFORM COULD BE DISCONNECTED during the trading day-session. There could be different reasons, power outage, internet disconnection, computer malfunction, unidentified disconnection of TS executions routing etc.
All cases lead to disconnection of TS platform. Sometimes it can reconnect itself, sometimes is needed to enter your login credentials manually again. There is possible to set up the e-mail warning from TS when disconnected, but I prefer to control all directly when so many PetronelSystems trading daily.
For trade executions I use several VPS located in Chicago and still from time to time, maybe 2-4 times per year, I have to reconnect TS manually.
When you have opened positions prior the disconnection:
BE CAREFULL ! TradeStation often cannot adopt the position after platform reconnection, “Positions Match” field in Trade Manager shines pinky.
In that case automation will not close your positions automatically, you have to close your positions manually. I just locate it in “Positions” bookmark and close it manually by selection of right-mouse-button click.
If you cannot connect your platform back and your strategy session is close to the end, you have to locate your position via Web Trading and close your position by session end manually, via TS web platform. For those cases I have always ready spare internet connection via mobile phone.
I strongly recomend to practice all those possibilities before trading with real money, to make sure how it is working and to be able to fix possible problem manually.
When the strategy cannot open the position (due the disconnection or other techical problem):
This the less dangerous option. In worst case you will miss the winning trade.
Sometimes happen, from different reasons (disconnection, computer issue, execution issue….) that strategy did not open its position.
I always input Limit Order manually for related contract(s). I use strategy (enter) price plus 1 tick slippage in most cases. I want to buy my position manually in the price where the strategy would be entering the trade.
I NEVER chase the price buying more than 1, 2 ticks from original strategy price. sometimes the market pulls back and fill my manual order, other times I miss that trade.
When filled, I have to be carefull when strategy is closing the position. If the closing doesn ´t work automatically, strategy is closed and my position still opened (Strategy match field turns pinky) I have to close the position manually again, few seconds after.
Those are the most common situations you will probably face sooner or later when trading semi-automated.
If you are not 100% sure, you can control at least all of above described situations, I recommend to choose some fully automated solution for your trading. Striker and introducing brokers are working absolutely reliably here, they are controlling all those situations by their professional staff instead of you. For the comparison you can refer to my previous post AUTOTRADING here.
I hope my practical guide can help you some costly mistakes. In some of my next article I will describe my routine during early-closed market days, market holidays. And I will add my monthly routine – checklist.
Write me please how did you like my post.