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A tutorial guide on how to quickly and easily setup a StockHero bot
A picture is worth a thousand words. Take a look at our Quick Start pictorial below. A detailed guide is included after the pictorial.
(Quick Start Pictorial)
StockHero allows you to automate trades right from your computer or phone. No coding skills are needed. Trade popular stocks such as Tesla or Apple with bots based on technical indicators 24/7. Sign up with StockHero and get your first bot running in just 5 simple steps.
StockHero is a Software-as-a-Service platform that offers automated and algorithmic trading features to our users in a user-friendly interface. Unlike many other platforms that require you to send funds to them, StockHero does not. Instead, it trades from your existing brokerage account (e.g. TradeStation.com) using an API (Application Programming Interface) connection.
Integration with your brokerage can usually be done in a few clicks in StockHero. As you start your journey of algorithmic trading with StockHero, you will be pleased to know that so many complex features are now distilled into a simple and easy to understand User Interface.
Start by connecting a brokerage or use a simulated paper trading account. In StockHero, a paper trading brokerage named "Paper" has been created by default. All trades done within the Paper brokerage are risk free and use fake funds. Once your brokerage account has been connected, a list of available stocks will be available to you for selection.
TIPS: Many StockHero users prefer to trade on their own online brokerages and simply rely on StockHero as a signal (when to buy and sell) provider. Read this article to find out more. However, integration with our preferred brokerage partner, TradeStation, will offer you automated trading capability - you do not have to do anything!
The choice is yours.
A Long strategy requires your brokerage currency, usually in USD and a Short strategy requires you to hold the underlying stock, AAPL in the example. StockHero trades spot markets.
(Create Bot Window. Image shown above is from StockHero Web App)
StockHero will pull your balance data live from the brokerage account and determine the available balance to assign to the bot. Set the allocation of funds and how the bot handles the fund here.
(Setting up the parameters for the bot)
If you do not see your available cash balance, check with your brokerage and make sure your capital is in the Cash account.
(Setting the entry conditions)
Exit Conditions using a technical indicator is not a requirement. Users can choose to exit using Take Profit or simply using Stop-loss for a buy and hold strategy. Stop-loss and Take Profit are not considered indicators and will be prioritised ahead of any indicators set.
(Setting up the Exit Conditions)
You may now backtest your strategy across different time frames to ensure the strategy is viable. Past performance does not guarantee future results. Backtesting is only a tool to evaluate a bot based on historical data.
StockHero allows you to backtest various time windows. For example
1D = Last 24 hours
1W = Last 7 days
After you have selected the time window, simply click the Run Backtest button. Professional plan users will have the option to run custom backtest time window.
Professional plan users can set the custom backtest period.