Spot On - AutoTrade Software

JonnyT

Senior member
2,560 22
Hi folks,

I've had a request today to provide software for AutoTrading the Spot On system.

I'm considering writting a Java App to interface to www.interactivebrokers.com to do just this.

The question is if I do this how many will be interested?

Or more to the point what would you be prepared to pay for this software application?

JonnyT
 

Rognvald

Established member
916 15
JT
It may be that, like myself, some have not been following the material on spot on and so perhaps this would be a good opportunity to say a little about it and what the software would and could be asked to do?
 

JonnyT

Senior member
2,560 22
Spot On is a breakout system used to trade Currency Futures, specifically the EUR/USD (it can do others if required) contract on Globlex.

The system rules are:

1) Trade the first breakout of the 07:00 to 10:00 bar UK time
2) Enter a stop of 35 pips
3) Close out the trade at 21:00 UK time

The software will allow you to autotrade the above system but will allow the parameters to be customised.

For example:

You might want to trade the 07:00 to 08:00 bar.
You might not want to enter a trade until the breakout has moved a number of pips
You might want to alter the time a running trade is closed
You might want a defined profit target
You might want to trade a different instrument

JonnyT
 

mutantcar

Active member
123 0
JonnyT,

First of all, many thanks for sharing your knowledge, much appreciated.

I would be interested to hear your proposition, but not sure how much I would be willing to pay. I'm working on something similar myself, but am a fair way behind you!

I know you've provided various information on previous posts, but could you give a short summary of what costs are involved, minimum recommended account to trade with, commision costs, likely profits etc. I've got an IB account, but not yet trading, just using it to collect data and develop a system so far.

Do you intend to code the parameters in, or would they be user-definable?

How about a fee based on commission? :D

Oh, looks like you've just read my mind!
 

cj12

Established member
597 6
Jonny

I hope you not going down the road and selling software, That tells my somthing.Maybe you not making enough money, from the market.

CJ
 

schoe

Well-known member
343 3
hope you not going down the road and selling software, That tells my somthing.Maybe you not making enough money, from the market.

I don't understand this viewpoint if this was the case wouldn't Bill Gates have retired and gone to live in the sun by now with all the other billionaires who have made more than enough money but their passion for something they are good at and enjoy doing motivates them to continue?
 

ilia king

Well-known member
327 0
It wouldn't be fair if Jonny if had to come with the system tell us about, programed it for us, and then given it to us for free, more money wouldn't hurt, schoe completely agree maybe money is adictive
 

JonnyT

Senior member
2,560 22
Hi cj12,

A couple of facts:

1) I still work 9-5 to support a family with two young kids
2) I autotrade with my own apps during working hours
3) I am fairly well paid, being an higher rate tax payer
4) I have a child on the Autistic Spectrum who is very difficult
5) Eventually I want to trade full time
6) I have a mortgage 3 times my salary
7) I have been trading futures for 3 years. I'm currently a few hundred $ in profit after a huge drawdown
8) My forex systems have returned 50%+ since January risking less than 1% per day
9) It has taken a long time but I now think I'm on the right road to trade fulltime
10) I gave you all a few free systems that have made you decent money since I published.
11) One person on this board has bought me a bottle of Champagne as a thank you, which was very appreciated.
12) Most people here are like me, wanabe full time traders.
13) If I have to put 40 hours + work in to write and test an autotrading application for others why shouldn't I be rewarded?
14) I try to offer constructive help to anyone interested in Forex system trading.
15) I'm just a regular guy.
16) We are talking about less than one good trade to autotrade for you. It would take hundreds of people to subscribe for me to make anything worthwhile.
17) I'm only offering to do this as three people have emailed/PMed me this week
18) I wouldn't have published Spot On or the other systems if I was only in it for the money.

Perhaps I should withdrawl my offer and discontinue posting here.

JonnyT
 

axthree

Active member
185 0
Don't withdraw.
Similar things were said about Johny Dankworth when he stopped playing Jazz in the cellars and started cutting records but most of his fans bought the records. ;)
 

cj12

Established member
597 6
Hi Jonny

Don't take my remarks personal. I apologies Keep up the good work. I didt know you also worked full time.You want go far wrong with you style of trading, cutting you losses and letting profits run.

Newbi traders don't like loses, You can have far more loses than winning trades and still come out 100% in the black. I would say embrace loses but keep them small it will keep you alive in this hard game of knocks

CJ
 

ianp

Active member
179 7
Hi Jonny,

I think a fully programmable interface for IB would be very useful,

you could use it to trade breakouts in any future.

I dont think that many people on here trade FX with IB so it
would not be much use to them..

I would be interested though.

Ian
 

TheBramble

Legendary member
8,395 1,170
JT - I have only recently started following your system (on paper).

I don't yet trade FX, but am picking up on it as a potential additional line to my existing trading pantheon.

I don't use IB, but likely will switch soon.

So potentially I would be interested in your software.

Would I pay for a system which was (a) consistently profitable and (b) fully automated?

Of course I would!

I don't think anyone was questioning your motives or integrity.
 
 
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