In case of DAS or internet down

[[email protected] 0]

If we are in a trade (long or short) and DAS goes down or we lose internet connection, what is the best way to control loss. DAS suggested adding a stop loss order to every hotkey. Is that a wise idea? Could lose a lot of money by the time we called I.B. to cancel order by phone. Seldom enter an order on the montage as there is not enough time during market open trading.

[Robert H 455]

DAS froze on Andrew a few months back during a trade on #TRIP. He exited the position using IB's platform Trader Workstation (TWS). If you're with IB, it's best to have both installed on your trading station.

 

I have multiple disaster scenarios and mitigation plans:

1. Internet outage => tether WiFi to mobile device DAS Trader mobile app

2. DAS outage => exit in TWS

3. Trading station unrecoverable crash => exit position on laptop (DAS and TWS both installed) DAS Trader mobile app

4. Power outage => tether WiFi to mobile and exit position on laptop DAS Trader mobile app

5. Natural disaster causing power, internet, and mobile outages => open position is least of my worries

 

I'm probably missing some other plausible outages but this will do for now. Check out this informative post regarding backup plans.

[[email protected] 0]

Very helpful, Robert. Thank-you very much.

[[email protected] 0]

Is there a way to pre-set a maximum loss in either DAS or I.B.? Independent of hotkey stop loss on each trade.

Seems like I remember that was mentioned in chat one time or maybe Matthew from DAS mentioned it one time.

[Robert H 455]

Abiel posted about the DAS Risk Control page here. That is platform level. IB may have additional brokerage level thresholds. Wouldn't hurt to ask. Cheers.

[Mike F 0]

FYI, there is a DAS Trader app (I use an iPhone, not sure about Android). You will need your broker's firm ID, Order IP, and Order Port to configure it initially. I would not actively trade from it, but it is fairly quick and easy to log on and exit open positions at the market in case of some sort of systems failure (I have tested it a few times in SIM, I hope to never have to test it live...). This will obviously not work if there is a DAS outage, but should prove to be a reasonably fast way to pull the rip cord in case of a workstation failure, power failure, or WIFI outage.

[Abiel 475]

I have the ios / android apps in my iphone / tablet just in case....

[Robert H 455]

Looks like the DAS Trader mobile app will replace my laptop in the above scenarios. Thanks for the tip, Joe and Abiel.