I am about to start trading live but I have a few questions regarding how WL works between paper trading and live. I did read the user manual but I just want to clarify a few things before I go ahead.

1. When I bring up a stock and run my script, at times there is an open position i.e., ( an active buy or short) which occurs as a result of the business rules. In paper trading it does not make a difference but when I turn the system on live, does WL know that the open position should be closed first before opening a new position with real money? I would assume the position would be closed out first and would have no affect to my account until a new position is opened at which case my account is then affected. This seems obvious but I really want to make sure.

2. If I shutdown WL, I assume trailing stops/exits, etc, are disabled since the platform is not doing the work or is the information sent to fidelity in advance so as long as I don't change anything my exit orders will be executed as if WL was up and running? I guess the same question really relates if I get a power, internet outage, etc. Do I need to call a fidelity broker to take care of my order in that case?

3. In the event that my script puts in an order and if the in the future the arrow moves due to new information; will WL ignore the new arrow and keep the current one or will the arrow move but the position would be current? I read in the user’s manual that WL makes use of filter logic to prevent in correct orders from being executed. I am only looking to process one order at a time and using simple IsLastPositionActive loop. I also want to make sure that if the above happens WL will not open multiple orders which for me is the same position.

Thanks in advance.

QUOTE:
1. ...does WL know that the open position should be closed first before opening a new position with real money?.. This seems obvious but I really want to make sure.

No, it's actually not so obvious.

a. Your script doesn't know anything about your live Positions.
b. Scripts run in theoretical mode, i.e., it only knows about the theoretical Positions created in memory by the script.

Consequently, assume that your script trades long and you have a live long Position that you entered with a discretionary trade.

o If the script generates an entry Buy Alert, you'll add to the Position.
o If the script generates a Sell Alert, it will exit your actual live Position. The number of shares will be determined by the Sizing your currently running, or, if you enable the Trading Preference for "Exit Orders to exit the full Position..." then all shares will be sold.

2. Right. Once the orders are Active on the broker back end, it's all up to the broker. WLP is just waiting for a status until it generates the next round of Alerts.

QUOTE:
3. and if the in the future the arrow moves due to new information

What's this "arrow" thing you're talking about?

1. So the best thing I should do is cancel all positions in paper mode before going live, this way I avoid any problems. Would that work?

2. The trading arrows. When you get a buy alert and it is executed you get a arrow pointing up and when it exits you get another arrow pointing down. Touching either one draws a line between them to see how the buy/sell matches up.

Also another question relating to your answer to #1; so I can theortically have a script that only does trailing stops and if I want, open an order manually say a buy have it filled then run my trailing stops only script and it will know that there is an open order don't care by whom or by what means follow the script rules and exit the order when the rules are fullfilled? If that is true one can use any number of scripts for different buy and sell situations which can run independently. Sounds silly to do but it is possible, correct?

1. No, you really don't have to do anything. Just don't "Disable Portfolio Synch" in the Trading Options. If your script tries to sell a Position that you don't own, the alert will not make it to the Orders tool. User Guide: Orders > Portfolio Synch

Also, if you have discretionary Positions that you want the script to exit, then make sure to use the "Exit Orders" Trading option.

Edit:
I had a little memory lapse. The condition that you wanted to guard against is the making sure the script doesn't add an additional shares to the shares already owned. Assuming that we're only talking about a few symbols, it would be easy to just run in Auto-Stage (not Auto-Place) mode until the script is in synch with all the symbols owned. (And it's possible it will just start out synch'd by chance.) You could even run WLP on 2 different computers, one in Auto Place with symbols not owned, and the other in Auto-Stage for the symbols owned, again until everything is in synch.

2. Okay, these arrows indicate where theoretical trades occurred. In an ideal world (it's not always), they'll match your entries, but there are some cases for limit orders (and more rarely for stop orders) in which you can get out of synch with live Positions. User Guide: Orders > Portfolio Synch > Theoretical vs. Actual

QUOTE:
so I can theortically have a script that only does trailing stops

Right. Just keep in mind that you still have to be smart about creating a theoretical position for the script to be able exit, and again, make sure to use the "Exit Orders" Trading option.

Thanks Cone for clearing that up. One other question on this topic. If I have two panes up; one 1 minute and another 5 minute running the same script. If I want to trade only from the 1 minute just makes sure the auto place in the alert tab is turned on for the 1 minute chart but off for the 5 minute. I can even go back and forth just by changing that setting. Correct?

Correct. To exit a Position with either scale, use the "Exit Orders" Trading option.