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What Is Autotrade?
Autotrade enables your Broker to execute trades in your account immediately and automatically when recommended by BookingAlpa's Trading Services. Autotrade is a great tool for someone who is not available to enter trades throughout the day or who is weary of entering their own orders for fear of making a mistake. For example, if you are employed you can use autotrade to allow your Broker to open / adjust / close trading positions for you while you are at work.
What Does Autotrade Require?
You need 2 things to begin autotrading:
2.) A subscription to BookingAlpha for the Trading Service you wish to autotrade.
How Do I Setup Autotrade?
To begin autotrading, simply request autotrade on your Brokers website. Your Broker will then ask you to enter your Autotrading Preferences, including your capital allocations. All autotrading setup and administration will occur on your Brokers website. The links provided below offer more information about BookingAlpha's recommended capital allocations:
Upon requesting autotrade, your Broker will contact BookingAlpha to confirm you are an active subscriber using your name and email address only. BookingAlpha processes all autotrade Broker confirmation requests the same day they are received.
Is Autotrade Free?
BookingAlpha offers autotrade for FREE to all subscribers. Inquire with your specific Broker regarding any autotrade fees they may impose. For the most part, autotrade is offered at little or no cost by participating autotrade Brokers. NOTE - Interactive Brokers utilizes a third party for autotrading: GlobalAutotrade, who charges a separate fee for their providing their autotrade service. There is no affiliation between GlobalAutotrade and BookingAlpha.
Trading Allocation: Fixed $ vs. %
The links above provide insight into our recommended trading allocations; specifically, how to allocate your account capital on a per trade basis. Most autotrade brokers offer multiple methods to setup your trading allocations within your Trading Preferences, including: “% of account”, “fixed $”, “# of contracts”, and “% of buying power”.
BookingAlpha recommends using a “% of account” approach for allocating capital. However, due to fluctuating account balances while trades are open, the “%” approach will not always provide an equal dollar value for each trades. Therefore, one alternative is to use the “fixed $” method, calculated by applying the appropriate per trade weighting as detailed in the links above. Each month, as your account grows, simply recalculate the appropriate fixed $ amount per trade on your new account balance and update your fixed $ Trading Preferences.
Autotrade Responsibilities?
All autotrading setup and administration will occur on your Brokers website. The Broker is responsible for receiving BookingAlpha Trade Alerts and executing the recommended trades in your account in a timely fashion in accordance with the Autotrading Preferences you input. Most Brokers will allow you to easily and instantly alter your Autotrade Preferences by simply updating your profile on their site.
BookingAlpha is responsible for instructing the Broker exactly what trade to execute. BookingAlpha has no access or insight into a subscribers autotrade account. BookingAlpha does not know your account balance or account number. Nor can BookingAlpha inform a subscriber as to why a trade did not execute or provide any further information beyond confirming the specifics of the Trade Alert issued to the Broker. All inquires about autotrades and Autotrading Preferences should be directed to the Broker.
BookingAlpha recommends monitoring your autotrade brokerage account at least a few times per week to ensure accurate performance of trade execution.
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