Daily stop loss limit set mechanical with AMP futures, help.
Right now I have AMP futures as my broker. What I want to do is set a daily stop loss limit on my account that is mechanical and does not require me to stop on my own. Does anyone know of a way to do this with AMP.
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Good question, I recently had the same question for my AMP broker. Basically I was told there are 4 things they can do, which is 80% drawdown auto liquidation over the course of 1 trading session, higher margins for free, limit my account to only trading a maximum of 1 contract on any instrument at one time, or manually disabling my account if I request so. But that is not what I want. I wanted custom daily loss limits, which they said their trade desk doesn't provide. I do not understand how this is the case when they already provide it at 80%... why can't I choose my own daily loss limit level? In my opinion, this is an extra insurance policy I would like to have, even if it means paying for it (I believe NinjaTraderBrokerage offers this service for free). Anyone here on the forum have anything else they were told on this from AMP customer support? Perhaps someone was able to get their own loss limit implemented for them?
Moscow I'm glad that I am not the only one who asks this question. I know that we should have discipline on our own but such an easy feature makes it easier on us while we are trading. Anything that helps us would be beneficial. I got the same info that you got but you ask a great question. If they already have a daily limit stop loss I don't see why we can't control it ourselves and it be governed to not go over 80%. Such a simple feature at least to someone who codes this type of programing. I used to be with Infinity but I have better rates at AMP and at Infinity all you would do is call them up and let them know that you want to modify your daily stop loss. Then it would close your positions and not let you trade anymore. The great thing with them is that you could actually call them back up and ask them to reset it. Oh well we could only wish that vendors would listen to their customers but I guess it is what it is. After all it is up to us to determine what vendor to use and stay or leave but it would be nice to have this feature.