Can I attach Wealth-Lab Developer to a Fidelity account for trading?
Author: quinnhammel
Creation Date: 8/5/2020 7:26 PM
profile picture

quinnhammel

#1
Hello,
I found out yesterday that a free trial is not available for Wealth Lab Developer, and that I would have to purchase a license for $399.
I am still interested in purchasing the license, but since I cannot test it out currently, I have a few basic details that I need explicit answers to before I will buy it.

If I purchase a license will I be able to

1. attach it to a Fidelity account to do the actual trading (and presumably pay the same commissions as the Fidelity account would).

2. automate trading with C# using WealthScripts

3. use market data in those algorithms (eg, only buy X stock if its bid is below Y, or its ask is above Z).

I have checked through the site, and while I think that all these features are available, I would appreciate some explicit confirmation before I proceed with purchasing the software.
Thank you for your time,
Quinn
profile picture

Eugene

#2
Hi,

Thank you for your interest in Wealth-Lab.

QUOTE:
1. attach it to a Fidelity account to do the actual trading (and presumably pay the same commissions as the Fidelity account would).

No, it's not possible and not planned. The good news is that there is a turnkey solution for getting data from Interactive Brokers and automated order placement via IB created by a 3rd party. You might want to check out the website at http://www.ib-automated-trading.com (free trial available).

QUOTE:
2. automate trading with C# using WealthScripts

Yes, of course.

QUOTE:
3. use market data in those algorithms (eg, only buy X stock if its bid is below Y, or its ask is above Z).

Bid/ask data is not used by algorithms (i.e. WealthScript Strategies) and is not required in our model. Here's how the process works in WL:

FAQ > Is it necessary to have access to intra-bar tick data to daytrade with Wealth-Lab?

Let me know if you have more questions.
profile picture

quinnhammel

#3
Really, you cannot attach a Fidelity account? It was my understanding--especially since Fidelity actually markets Wealth Lab Pro on their site
https://www.fidelity.com/learning-center/tools-demos/research-tools/wealth-lab-pro-introduction-video
that this software would work with Fidelity.
Considering that Wealth Lab Developer is a successor to the now deprecated WLP (explicitly advertised on Fidelity's site), how is it not at all associated with Fidelity?
Thanks for your help, I really appreciate it.
profile picture

pestocat2

#4
Fidelity stopped supporting WLP at the end of July, last Friday.
profile picture

Eugene

#5
QUOTE:
Considering that Wealth Lab Developer is a successor to the now deprecated WLP (explicitly advertised on Fidelity's site), how is it not at all associated with Fidelity?

Yes, now it's not associated with Fidelity at all. No Fidelity data and no trading with Fidelity via IB.

QUOTE:
It was my understanding--especially since Fidelity actually markets Wealth Lab Pro on their site
that this software would work with Fidelity.

"Marketed" is perhaps the right word but it's a matter of time when they take those pages down.
This website uses cookies to improve your experience. We'll assume you're ok with that, but you can opt-out if you wish (Read more).