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Discipline Enforcement Tool in NinjaTrader
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Discipline Enforcement Tool in NinjaTrader

  #11 (permalink)
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Berlin, Europe
 
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Dear Fat Tails,
I take the occasion to Congratulate and Thank You for your contribution .....
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  #13 (permalink)
Big game hunter
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Big Mike View Post
A lot of brokers can do this for you, call your broker and ask them to set a maximum daily loss limit of 'x' at which point you won't be allowed to initiate any further trades. As to whether or not it will close open trades is something you can discuss with your broker.

Mike


wangwang , in the past Ive used the strategy trader DOM and you can configure it very easily to shut down for the day if you meet a specific drawdown . It was available from global futures but I assume its available from most brokers and its a pretty good platform to boot .

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  #14 (permalink)
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wangwang View Post
I did talk with Interactive Broker but the agent said they don't have function like that but I will call again and double check. Thanks for your tip, Mike!


Interesting. If this is very important to you, you may have to switch brokers. There are others that can definitely do it, you might try Velocity Futures, Optimus Futures, Mirus Futures, and etc.

Mike

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  #15 (permalink)
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Fat Tails View Post
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LOL, is it really "forgot"? Or how about "Kept moving my stop loss" or "I averaged down".

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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6)
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  #16 (permalink)
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Big Mike View Post
Interesting. If this is very important to you, you may have to switch brokers. There are others that can definitely do it, you might try Velocity Futures, Optimus Futures, Mirus Futures, and etc.

Mike

Velocity is very ornery about this type of service - Dale (their risk manager) says its possible but he doesn't like to do it. He gave me the impression that he would only be able to catch a trader going past their equity stop "most" of the time - not all of the time. I talked to a sales rep at Mirus and was told it wasn't possible there - perhaps he had bad info or it has changed in the last couple months. I do know that Infinity Futures is very supportive of offering this service - if this is very important to you, you might talk to them.

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
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And please @wangwang, never mind the n'er do wells @Big Mike and @Fat Tails. They apparently mistook your difficult experiences and sincere request for help as an opportunity to have some fun at your expense.

surly

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  #18 (permalink)
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Big Mike View Post
Interesting. If this is very important to you, you may have to switch brokers. There are others that can definitely do it, you might try Velocity Futures, Optimus Futures, Mirus Futures, and etc.

Mike

Any broker that uses TransAct has this feature. Your introducing broker sets it for you. If you exceed your preset limit, the system closes out your position and you can not trade until the next day, unless you call your broker. If you used Open E Cry, their platform has a feature that lets you set a daily loss limit, and it will give you a warning, close out the position, or both depending on your setup. Others may have this feature, but I only have experience with TransAct and Open E Cry.....hope this helps....

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
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  #19 (permalink)
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Please E-mail to support@ninjatrader.com

Thanks a lot for your kind efforts! For advanced traders, this might not be a big issue but I still firmly believe this function will help traders who are like my level not to make a big loss which wipes out all the small profits. I will contact Forex brokers who are doing this and publish on this site. Also please remember that this is not an unknown issue to Ninja developer. They had requests from their clients about this function and they place it on their future consideration list. We can just send email to them and expedite the installation. Anyone who think this new feature could help, please email to support@NinjaTrader.com and remind of Discipline Enforcement Tool. Thanks!

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  #20 (permalink)
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wangwang's Avatar
 
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Your disciplines are also regarding risk management. I totally agree with you.


papa15 View Post
Any broker that uses TransAct has this feature. Your introducing broker sets it for you. If you exceed your preset limit, the system closes out your position and you can not trade until the next day, unless you call your broker. If you used Open E Cry, their platform has a feature that lets you set a daily loss limit, and it will give you a warning, close out the position, or both depending on your setup. Others may have this feature, but I only have experience with TransAct and Open E Cry.....hope this helps....


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