- 16 Jul 2022
- Updated on 16 Jul 2022
Whispertrades is a configurable and fully-automated trading platform designed for options traders. You control everything via the Whispertrades website, and it requires no software or technical knowledge from you. This is a pay-as-you go platform, so you'll only pay for the autotrading bot(s) that you set up. You can stop and pause payment at any time.
Whispertrades is not a registered brokerage firm or investment/financial advisor. Whispertrades does not manage or hold your money, and we do not make or advise financial decisions on your behalf. We simply provide a platform to connect to your existing brokerage account, after which you define trading strategies for Whispertrades to execute for you.
How it Works
Whispertrades allows TD Ameritrade customers the ability to configure a bot, or multiple bots, to automatically execute their trading strategy on their behalf.
After creating your Whispertrades account, you can connect your Whispertrades account to your existing TD Ameritrade account using a TD Ameritrade login form. Your credentials are verified by TD Ameritrade and not seen or stored by Whispertrades. Once TD Ameritrade verifies your login, a connection is established between TD Ameritrade and Whispertrades that allows Whispertrades to execute trades through your TD Ameritrade account, but only as you define.
You can set up a Whispertrades bot, or multiple bots, to run during market hours. The bot(s) will monitor option chains and positions for you and put trades on and off based on your criteria. This is a hands-off approach for you, but you'll also have full visibility of what the bot is doing along the way.
How Bots Run
Whispertrades bots run throughout the day to monitor new and closed positions. While a bot is enabled, it will enter, manage, and exit positions as outlined by the bot settings. When that position closes, the bot will enter a new position unless the bot has been configured by the user to "disable on close" or is outside of enter and exit time windows as defined by entry and exit conditions.
When a bot is assigned a profit target, it will submit and maintain a working order in your brokerage account. Do not modify or cancel any orders from your brokerage account that were submitted by a Whispertrades bot. Likewise, when it is time for a new position, the bot will submit a new opening order, and this order may be canceled and replaced automatically a few times until it fills.
If you ever need to make changes to these positions or orders, you should always do so from your Whispertrades account. Manually adjusting orders from your brokerage account can have undesireable side effects.