Folks .. quick question for you...
Is there a broker out there that allows me, as an individual investor, to trade using custom logic / algorithms, e.g. if stock A falls below price X then buy stock Y OR Buy stock Z as soon as it becomes one of the S&P 500, etc..
Ideally, I would like to be able to feed in my logic/expectations in the morning for some stocks I am speculating about ... then go to work and not worry about it for the rest of the day.. thoughts?
Yes, there are such brokers. quantnet.com and nuclearphynance.com are better suited to your question.
Similar questions have been posted on QuantNet and the general answer has been yes. (along with some details/research/etc.)
We have a client that does that, but in futures not equities.
QGKZ , TrialandError thanks... will check it out...
Skinnayyy ... mind sharing the name of this client?
Definitely not. I can't give out names of our clients like that haha
yeah. that was my bad.. I initially took your comment to mean that your client offers these algo trading services to individual investors. Later i realized that you meant they do so for themselves..
Not really an algorithm... Just set a price alert on one and have your OCO order (or whatever you need) ready to go so you can just hit execute.
Just use Quantopian. Fully scalable architecture with front-to-back end integration to the broker for order placing. You have to be well versed in Python though, or hire someone reliable to convert your ideas into code.
Quantopian and Quantconnect are the two best options in this space if you're looking for a full algo trading setup. If you just want a broker then there are quite a few (like Interactive Brokers) who will service algo accounts.
Also, Ernest Chan has two quasi-textbooks on the market about individual algo trading and his blog is also worth a follow.
Well thanks guys... now I am gonna be on this for the next couple of days ha
TD Ameritrade and E*Trade give API access, I use both in C# .Net (I use it for grabbing account balance daily to track performance against market indices, but I know their API's let you place orders too, and get price quotes of course).
InteractiveBrokers.com has had an API for over a decade. If you know how to code, these brokers are definitely out there.
Word to the wise- I'd start out without a margin agreement. Algo trading can get you into a lot of trouble if you fat-finger something (cc: Knight Capital) and it's smart to limit your contractual responsibility if you screw something up. As a guy with five years of financial programming/quantitative development experience, I can attest that even the professional coders screw up. It's a 1 in 10,000 prod commit event (which really means 1 in 10 over the course of the year), but it's certainly possible that a tail event happens. Be kind to yourself and limit your liability- and make sure your broker does, too!
thanks folks ... appreciate the input..
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