Hello,
Please recommend a third-party app that has support for Python API and can monitor my orders (preferably on their servers)?
My main goal is to be able to submit more orders than allowed on Alpaca.
If there’s insufficient buying power, the server simply doesn’t submit for execution.
Thank you.
Chan
@caotrade111 Could you expand on what you mean by “My main goal is to be able to submit more orders than allowed on Alpaca.”
There are very few limits on how many orders can be submitted. The two big ones though are having enough buying power, and not exceeding the 200 call/minute rate limit. Both of those are monitored by the Alpaca systems per account and cannot be circumvented.
With Interactive Brokers and having the same amount in my portfolio (above minimum for day trading), I could submit hundreds of orders and they sit on IB’s servers ready to execute when conditions are met. If my buying power is exhausted, new executable orders would simply be cancelled.
On Alpaca, I’m limit to about 5 orders which maybe one or two will get executed now and then. Each order lowers my buying power by that amount.
On IB, I easily reach limit of buying power within a couple of weeks (on executed orders). On Alpaca, my money just sits idle.
I’m a lazy programmer and it takes me forever to get things done. So I guess I’ll maintain a list of 200 orders offline and make a maximum 200 calls/minute to get current price.
Or if I want 600 orders offline, I can go multiple passes to cover all orders as long as I stay within 200calls/minute. I’m not a high frequency trader so fast price fluctuation is not a concern.