Yes, have already explained the key reasons here
Also there is no urgency to place SL-M so you can manually place it.
Yes, have already explained the key reasons here
Also there is no urgency to place SL-M so you can manually place it.
If I have 1% TP and 1% SL and IF the whole objective of TSL is to lock profit once TP has been reached, without stopping the trade to fetch more possible profit, then I need some SL factor other than 1% to take care of that. Otherwise, at exactly TP, when SL/TSL has been incremented to (-1+1) 0% (start price), the price may revert to the start price, making profit =0, actually a negative considering costs . If the code is such that price cannot fall below TP because it would exit there, you are in effect setting a 2nd TSL=TP.
But I admit I still donāt know how it works in BO. Perhaps there is no reason to worry and my concerns are not valid.
More:
Buying at 100, TP =101, SL=99 if my current price is 102, I want to exit at, say, 101.9, thus locking EXTRA profit. I know that the TSL =101 when Iām at 102. I donāt want to fall back to 101 but exit at 101.9. This I should not have to do manually.
Still More:
Ahh, I thought why not add a strong wish here?
Ideally, for the safety of traders in the manual trading environment, there should be default TSLs (with OCO) set only one time by the trader. He just buys (or shorts) and can shut down his system if he wants.
The thing is you can have any wish but when you try to interpret meaning of any standard words, like TP, SL and TSL, differently, communication gap sets in. Many may think you are not aware of certain things and they try to help you, genuinely. In reality you may be more knowledgeable and experienced too. Let me try to explain where we are getting confused.
TP in standard form means your trade is squared off so there wonāt be SL and TSL any more. But you wish that your trade should continue even after reaching TP. If this is the wish, there has to be two varient of TP - TP1 where trade squared off and TP2 where trade continue. Btw in both cases possibility of going again in loss would still be dependent on SL and TSL settings subject to broker software limitations.
Secondly, TSL means minimizing the stoploss when price moves in the TP direction. To lock the profit fully only way is to square off. If you want some more then you have to be ready to give back little bit from notional profit. There is no free lunch in this world.
Now your wish has a complex logic which in simplified form is already present in TSL. The only thing can be further modified in Kite is to enable TSL tick size equal to scrip tick size.
Hope you will find useful and donāt get offended.
P.s. I am also above 45 and getting offended easily in these ages is a common symptom
Thanks, will need to read again and get back tomorrow. I was talking from a background of an amateur Amibroker .afl coder where the nomenclatures are entirely different and intuitive. So my keywords are different but not necessarily wrong. Thereās no shame in that
But Iām not offended easily. I am 68 and have handled a wide variety of personalities in my career. I just believe rudeness has no place in this community - or for that matter - anywhere.
I think I can answer this one right away before I do your previous para. Yes, if you take care to read my penultimate para of my post about 4h back you will see I paid the price for my lunch - a good 10 p (this has to be input as % of course)
Then I donāt want TP1 at all. Please forgive me if I say that TP1 is a crazy idea. Which trader in the world will not want extra profit without throwing away the target profit that he just achieved? Letās talk about TP2 as per your nomenclature. The basic scenario is given in my post a few hours back in the More section.
Kindly donāt think of any broker or any platform like Kite at this stage. Letās think in generic terms, as if the first TSL program ever is going to be written by us, which includes the experts. But what do WE need? Iām trying to give you my piece of mind; eager to know your (and othersā) view.
Please also note that I mentioned your TP2 idea indirectly in the end of my first para as ā2nd TSLā.
Unless there is some hardware/software/data malfunction, there canāt be a loss imo. There has to be a 2nd TSL which will trail the extra profit closely, the 1st TSL having remained stationary behind, at the TP2 point.
Example
TP2=101 TSL now 101. If price crosses down, trade exits. May be at 1 tick below TSL (this simple minor issue of slip/sensitivity can be addressed later).
If price goes up, to, say 101.2, TSL2 will be created at 101.1 (user specified in %) and will always maintain this Re. 0.1 distance from price. So, you allow a profit erosion of 10 p only.
Now I understand your background thinking better. However, it is related to more to strategy than TSL theme per se where TP is also a breakout or reversal point (example pivot point/support/resistance etc). So you are thinking of a dynamic TSL where TSL settings will change once TP is achieved. As most of retail trader (including me) may still be confused about how to place TSL, the concept of this dynamic/multiple TSL is too much to ask. Btw, these type of dynamic or thematic concept can be implement through API coding, I suppose. Why donāt you try that.
Further, I am unable to get some portion of your comment. eg.
If somehow, through broker interface improvement of through API coding, 2nd TSL is created, what is the need for 1st TSL to still be there.
Kind attention: Kite and Streak managers
Thanks again for taking the time to try to understand my viewpoint and I think most of that understanding has been achieved There are only a few minor explanations that I need to offer. Iāll assume you have found the concept of TSL2 useful with reservations on how, who and where to implement. Right?
I donāt want to - or can - write an API and Iām done with trying to writing codes in Ami or else. The ulterior motive of all the discussion is to draw the attention of Zerodha so that they implement (āwhoā) the TSL2 feature in both Kite (manual trade) and Streak (semi auto or auto trade). (āwhereā) But it has to be user set prior to trade (or set to act as a default). After entry has been taken the exit will be automatic, without intervention at all.
(Why Iām getting a feeling theyāll shoot it down?)
Again Iām assuming they will agree that this feature will be extremely useful for the customers. Iām sure it doesnāt take more than a week to write the code and iron out through tests (āhowā). But Iām all ears to their point of view. Also, if they donāt want it Iād love to learn why.
You are right, the TSL1 becomes redundant.
More:
A previous broker through which I lost about Rs. 10L entirely due to my own fault was offering one FULL ATS. I asked them to provide this TSL. The higher (highest) ups agreed. The coding consultant asked from me Excel files illustrating the mechanism, which I supplied. After taking much time and without seriously trying to understand, the consultant finally said it couldnāt be coded in .NET The system has been withdrawn now in all probability. It also had other bugs a few of which I pointed out.
Have been testing @Viren_Singh 's solutions.
Works most of the time, but if the phone is on call, or in battery saver mode, then sometimes it gets stuck.
So trying to see what can be done, will keep you and everyone posted
Great try
Please keep it up
How about using an expired SIM which no longer receives calls but can be used with internet?
You mean connecting to WiFi ?.then you cannot go out of WiFi range.
Without sim and without WiFi there is no internet afaik.
Thatās right, but it solves the problem of not working during incoming calls.
Dear @Sandip_Chatterjee,
I donāt think your solution of non-working sim makes any sense.
If you canāt go away from home/office (basically away from excellent wifi range), then we can assume:
Then where is the need of a dead sim? Just wonderingā¦
What @TradeRocket is testing is to make this service available even in these two scenarios, when you are away from wifi and power connection.
Not an issue if it doesnāt make āanyā sense Someone said the app is stopped if a call comes through and thatās why I mentioned a dead SIM so no call arrives. Apparently I didnāt think far enough.
Actually, I had a personal reason, and such a solution would still be useful to me, but of course as a compromise.
But never mind! Still awaiting the complete solution eagerly.
If I have a 2nd SIM which no one knows about and DONT put phone in battery saver, then would it work?
But TR firing erratically is very worrisome. Can you please research if Screensavers have something to do with it?
Sir,
I have created my strategy in Streak. And now desperately looking for a plugin to execute the trades automatically.
It would be really helpful if u can guide me how to use it.
If u can share your no, I would like to discuss with you. If thatās ok with you.
My number is 9433071980.
Thank you very much Trade Rocket. This post is just to say thank you to you and waiting for your update
hhe TradeRocket, working perfectly fine on server.
Only 1 thing some times on server it doesnāt take trade which it take later when i enter in again into my remote session.
i have removed windw firewall and disable screensaver and logoff feature from server so far havent got the same issue hoping to continue
let me know if you know something other than above
In such Ideal text book scenarios, it will work, but it will not generalize for daily use scenarios.
This might be case when the internet gets disconnected(due to sleep mode/screensaver or any other reason) and then when it connects back, TR see lot fresh pending notifications and sends orders. I am working on a option, where you can select the time so that if the notification is older than that, it will not fire any order.