AutoTrader FAQ

Frequent Asked questions

A: The AutoTrader is essentially a live account being controlled by the team here at Simba Stocks. You deposit funds into your own account then create an account on our autotrading site that controls and copies our trades to your own account. As of now it isn’t algorithm controlled but may be in the future.

A: We have chosen www.interactivebrokers.com as our preferred broker for the autotrader. We are working on getting another soon, but for now please make an account using them. Also you can try EOption or AutoShares if for some reason you can’t do IB.

A: Each strategy has a recommended amount to start, which you see when you pick your strategy. $10,000 is the smallest amount you can start with. We may create lower minimums in the future. See the below example:

Each strategy has its own fee which you can view here and then purchase on our website. Also the autotrader itself has a $49 monthly fee or $390 annual fee, that we don’t keep at all, which you can view below. This is built in to our pricing, so if you see a strategy that costs $350 for instance we factor in that you have to pay $49 a month so really it’s $400.

A: Orders are placed within half a second of the ones that we place.

A: AutoTrading permissions are based solely off the trader’s experience, trading style, and the level of risk he is willing to take. We cannot advise on which settings are best for any trader. However, we CAN explain what each feature within the AutoTrade setup wizard does.

Details below in depth

You will be presented with the following fields in the AutoTrade configuration wizard:

1- Trade Management

1.1 AutoTrade 

This (important): The instruments that the strategy trades: Check off the AutoTrade This box for the instruments you want to trade. 1.2  Max Trade Size (optional): Enter the max amount of contracts/lots/$ amount. The max amount is applied per symbol, per position for the strategy. 2- Stop Loss (optional): Automatically have the same stop loss $ amount applied to every position for this particular strategy.

3- AutoTrading

Scaling (defaults to 100%, maximum=500%): Enter a percentage for how closely you want to follow the strategy.

With scaling set at 100%, you will follow the exact quantity of the strategy. For example, if the scaling is set to 100% and the strategy opens a position of 2 contracts of $SHOP, we will send a signal to open a position for 2 contracts of $SHOP in your account. If you set the scaling to 50%, that will mean that we send 50% of each position to your brokerage account and so on (more examples below). We don’t look at how much you have in your brokerage account, we simply send the corresponding signal to your brokerage account based off the strategy and your scaling (and other AutoTrading configurations) 

  • Example: scaling is set at 50% and the strategy enters a trade for 7 contracts, we would send a trade signal to your brokerage account for 3 contracts. We do not round up because that would exceed your configurations.
  • Example: scaling is set at 50% and the strategy enters a trade for 1 contract, we would NOT send a trade signal to your brokerage account. We do not round up because that would exceed your configurations.
  •  

  4- Join Trades in Progress 

You can decide whether or not you want to join positions that the strategy had previously opened.

Confirm your choices and click the Turn on AutoTrade button. More questions will be answered soon. Please dm Brett on Slack with them or email us at info@simbastocks.io if you have any questions !!!!