Spot On - AutoTrade Software

[JonnyT]

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]

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?

 

[ChowClown]

JT,

I would be interested. Give us an idea of price when you're ready.

 

[JonnyT]

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]

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?

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

 

[cj12]

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]

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]

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]

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]

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]

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]

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

 

[LevII]

Me too.

 

[TheBramble]

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.

 

[FetteredChinos]

JT im sorry to hear about 4)

puts things into perspective doesnt it



not too sure about 15) though lol

 

[darrenf]

Just for the record, I think what JT is proposing is perfectly acceptable.

He has already provided the system itself for free, plus back testing. It has also been live traded manually by a number of t2w members.

What he is now offering (at the request of t2w members by the sound of it), is to provide actual software which will allow full auto trading of the system.

This I'm sure in itself will take a considerable amount of time on JT's part and he is quite justified in charging a fee for this service and use of his IT skills for those who wish to take advantage of the offer. Why shouldn't he make money for doing this.

Not that anyone has had a real go at him yet, but this is the sort of thread where all sorts of accusations can start flying about.

Just thought I'd put my support of JT in first!

 

[FetteredChinos]

well darren, any criticism of JT is entirely justifiable in that he is a Notts County fan lol

still, even considering doing the coding is admirable

the man is Top Banana.

FC

 

[Rognvald]

JT
One of the disadvantages of the internet as a means of communication is that people can very easily get the wrong impression of someone as all they see of them is their written postings. They know very little of the person behind them and even less of their personal circumstances and life.

It would be a great pity if you decided to withdraw. There is a great difference between someone who responds to requests and says in effect - "look I need to make this worthwhile for my time" and someone who says - "look I can make money by selling what I can do". It is unrealistic to expect 2/3 peeps to pay for 40+ hrs programming just as it is to expect u to do it for £0.

 

[spgslege]

Hi Jonny T

This is my first post on the boards; first of all I would like to thank you for posting your system, this was a very generous thing to do.

I’m new to (Real) trading, although I spread bet stocks. You have inspired my to learn more on the long road to trading for profit And the forex platform looks pretty grown up to me, not for the faint hearted.

I’m sure I speak for many of us newbie’s, you and a lot of people have gone out of their way to help others so I just thought I'd show my appreciation. As knowlege and encouragement has helped all of us in this arena.

I for one would be willing to pay for any software that speeds up the leaning curve and gives a more structured approach to trading for us ruckies.

Good luck

SG

 

[neil]

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

Couple = Two

Ok - hold out your hand