These are some noob questions for any of you experienced traders that might chime in.

I am slowly making my way into FOREX and was going to use NinjaTrader or AmiBroker, but TradeStation just seems sweet with its EasyLanguage.


(1) With TradeStation, can I place opposing limit/stop orders for hedging strategy? For example:

-Enter a sell limit order (short) 10 pips above the current Bid price
-Enter a buy limit order (long) 10 pips below the current Ask price

I want to be able to take profits if the price whipsaws through both orders. With Ninja Trader it kills the 2nd limit order as soon as the first one gets filled.

(2) Can I create an automated strategy that makes use of multiple time frames, like the 3 Ducks method? It's a simple strategy that compares the SMA on three charts (4 hour, 1 hour, 5 minute) and makes entry decisions based on those three charts. The other platforms I looked at do not support multi timeframes for strategy building

(3) How robust are the backtesting functions and historical data of TradeStation 8.3? I understand that Metatrader is crap for backtesting but AmiBroker is pretty good. How does TradeStation compare? Would I still need to get a backtesting software like TradeSim or will TradeStation suffice?

(4) Can I use TradeStation with other brokers like IB? Or will I be limited to TradeStation Securities/GAIN?

Thanks for any input!