This guide will help you set up a TradeStation account, connect it to Options Auto Trader, and create your first trading bot. Please note that TradeStation supports only stock and index options, and you must create a margin account for optimal use with the auto trader.
Step 1: Create a TradeStation Account
To begin using Options Auto Trader with TradeStation, you’ll first need to create a TradeStation margin account. Follow these steps:
How to Create a TradeStation Account:
Visit the TradeStation website.
Click on Open An Account in the top-right corner of the page.
Complete the registration form by providing your personal and financial details.
During the account setup, select the Margin Account option to ensure that your account is fully compatible with Options Auto Trader.
Submit your application and complete any necessary verification steps required by TradeStation.
Important Note:
Make sure you select a margin account during the setup process, as this account type is essential for using the Options Auto Trader platform effectively. Cash-only accounts are not supported for automated options trading.
Step 2: Connect Your TradeStation Account to Options Auto Trader
Once your TradeStation account is set up and approved, you can connect it to Options Auto Trader to automate your trading.
How to Connect Your TradeStation Account:
Log into your Options Auto Trader account.
Click on your profile image in the top-right corner of the page.
From the dropdown menu, select Connect My Broker.
Find TradeStation in the list of supported brokers and click the Create Connection button next to it.
You will be redirected to TradeStation’s secure login page. Enter your TradeStation credentials to authorize the connection.
Once the connection is authorized, you will be redirected back to Options Auto Trader, where your TradeStation account will now be connected.
Troubleshooting Connection Issues:
Double-check that your TradeStation account is fully verified and that you’ve selected a margin account.
If you experience connection issues, ensure that your login credentials are correct, or contact our support team for assistance.
Step 3: Create Your First Trading Bot
After successfully connecting your TradeStation account to Options Auto Trader, you can create and customize your first automated trading bot.
How to Create Your First Bot:
Navigate to the Auto Trader page in your account.
Click Create New Auto Trader to start the setup process.
Choose the strategy you want to automate. You can select from various strategies such as credit spreads, covered calls, or iron condors. Keep in mind that TradeStation only supports stock and index options.
Customize your bot’s settings, including:
Strike Selection: Decide how your bot will select option strikes (e.g., delta, $ OTM, % OTM).
Entry Times: Set specific times for your bot to enter trades (morning, lunch, afternoon, or custom times).
Buying Power Allocation: Set the amount of buying power your bot can use for its trades.
Exit Rules: Configure your take profit, stop loss, and other exit rules to manage risk and secure profits.
Once all settings are configured to your liking, click Save to activate your bot.
Monitoring and Adjusting Your Bot:
After your bot is up and running, you can monitor its performance in the Dashboard. Make adjustments as needed by editing the bot’s settings, depending on market conditions or strategy adjustments.
Conclusion
Setting up a TradeStation account and connecting it to Options Auto Trader is simple and allows you to automate your options trading with customizable bots. Just be sure to create a margin account, as TradeStation only supports stock and index options with margin-enabled accounts.
If you encounter any issues during setup or have questions about creating your first bot, feel free to contact our support team for assistance.
TERMS OF SERVICE: Please be aware that continued use of the Options Auto Trader is subject to our Terms Of Service. If you have any questions or wish to review these terms, feel free to visit the website.