Hi Eugene, Imagine that your strategy establishes a long position. As you have had good results in the previous weeks you opted to trade 5 contracts instead of one this day. Soon after that, your internet connection goes down along with your home phone (same provider) and it happens that you misplaced your portable phone or you cannot find IB's phone number. Now after desastrous news coming in by a ticker ES falls like a rock.
This can cost you several month's cumulated profits in a matter of seconds. The IB API offers methods to avoid this: Along with your MARKET order, you can place a second order that will become active as soon as your initial order has been filled. The only thing you have to do is to place a STOP LOSS (child) order and supply the order ID of your initial (parent) order in your order object of the STOP order. order.m_parentId = order ID of initial order The stop price for this STOP order depends on the maximum of points you are willing to risk in such averse situations. I think it would be best to define it within your strategy base (per instrument) with an overwriting capability within the individual strategy. It should be very easy to implement. What do you think about this? -- You received this message because you are subscribed to the Google Groups "JBookTrader" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/jbooktrader?hl=en.
