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Discipline Enforcement Tool in NinjaTrader
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Discipline Enforcement Tool in NinjaTrader

  #1 (permalink)
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Discipline Enforcement Tool in NinjaTrader

Hey Guys,

I just wrote an email to NinjaTrader and figured out this might be an interest to fellow Ninja users. I have been trading currency using Price Action for about two years. My average winning rate is about 70% but I am not making the more money that I am supposed to make. One of the biggest reason for that is I am not following my rules especially on risk management. For example, my rule says "No more trades for the day upon two losses a day!". However, once I lose a couple trades (especially the one that I just increased trade size), I have a tendency to break my rule easily. Thus either I make a losing trades several times consecutively (fighting bloody hard against trend) or increase stoploss so that I end up getting several times bigger loss than normal. This may sound familiar to some fellow traders, I guess.

Yesterday (Oct 20, 2011), when EURUSD gained more than 300 pips, I made that mistake and fed up with my self. I contacted Ninja and asked for whether there is any tool which can enforce our disciplines. For example, we can set a certain dollar amount of loss or a certain numbers of losing trades. Upon the criteria filled, Ninja automatically limits the next trade displaying alert message. Users have to manually modify the criteria before resuming trading. Upon an alert message, users get a chance to enforce their disciplines more effectively. Ninja said they don't have this function installed yet but it is sitting on future consideration list. I asked the customer support to forward my email to upper management so that they know there is at least one more Ninja user who want it badly.

Somehow if any of you want this function to be installed asap, would you send email to Ninja so that they place higher priority upon this matter? If you know there is any platform which has this function, please let me know also. Thanks for reading!

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  #2 (permalink)
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wangwang View Post
Hey Guys,

I just wrote an email to NinjaTrader and figured out this might be an interest to fellow Ninja users. I have been trading currency using Price Action for about two years. My average winning rate is about 70% but I am not making the more money that I am supposed to make. One of the biggest reason for that is I am not following my rules especially on risk management. For example, my rule says "No more trades for the day upon two losses a day!". However, once I lose a couple trades (especially the one that I just increased trade size), I have a tendency to break my rule easily. Thus either I make a losing trades several times consecutively (fighting bloody hard against trend) or increase stoploss so that I end up getting several times bigger loss than normal. This may sound familiar to some fellow traders, I guess.

Yesterday (Oct 20, 2011), when EURUSD gained more than 300 pips, I made that mistake and fed up with my self. I contacted Ninja and asked for whether there is any tool which can enforce our disciplines. For example, we can set a certain dollar amount of loss or a certain numbers of losing trades. Upon the criteria filled, Ninja automatically limits the next trade displaying alert message. Users have to manually modify the criteria before resuming trading. Upon an alert message, users get a chance to enforce their disciplines more effectively. Ninja said they don't have this function installed yet but it is sitting on future consideration list. I asked the customer support to forward my email to upper management so that they know there is at least one more Ninja user who want it badly.

Somehow if any of you want this function to be installed asap, would you send email to Ninja so that they place higher priority upon this matter? If you know there is any platform which has this function, please let me know also. Thanks for reading!

If you use a weapon and kill somebody, you cannot blame the manufacturer of the weapon. If you drive a car without a driving licence and cause an accident, you cannot blame the manufacturer of the car.

Discipline is not something that can be built into a weapon, a car or a trading software, but you have to learn it yourself and take responsibility for your decisions.

I hope you do not mind my response.


Last edited by Fat Tails; October 29th, 2011 at 06:02 AM.
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  #3 (permalink)
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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.

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  #4 (permalink)
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in Ninja you can surely build an indicator which can alteast alert you/write on the charts etc that your days max loss has been reached etc and you should stop trading etc.

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  #5 (permalink)
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Hey Bukkan,

Do you happen to know there is any existing indicator doing that? Since I am not good at coding, it might be pretty hard for me to come up with my own indicator realistically. Any idea?


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  #6 (permalink)
Elite Member
Califonia, USA
 
Futures Experience: Intermediate
Platform: NinjaTrader, Multicharts, TOS
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wangwang's Avatar
 
Posts: 18 since Feb 2011
Thanks: 65 given, 1 received


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

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!


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  #7 (permalink)
Elite Member
Califonia, USA
 
Futures Experience: Intermediate
Platform: NinjaTrader, Multicharts, TOS
Broker/Data: IB, MB Trading, TOS, TD
Favorite Futures: Equities, Currency
 
wangwang's Avatar
 
Posts: 18 since Feb 2011
Thanks: 65 given, 1 received

Discipline is so slippery....

Fat Tails, I understand your point. It will take time and efforts to have the discipline that we need to succeed as trader. However my rationale for this request is that I believe this tool may help the process (for non-advanced trader to have the right discipline) a little more easier, at least. I know this tool doesn't guarantee anything but I hope it will remind of our discipline one more time, before we make stupid mistakes again. At this moment for me, risk management is one of the most important issue, if not the most. If there is anyway to limit the loss, I know it will greatly help my trading. Since it is said, can I ask what kind of rules do you have regarding the risk management, if you don't mind? Thanks always!


Fat Tails View Post
If you use a weapon and kill somebody, you cannot blame the manufacturer of the weapon. If you drive a car without a driving licence and cause an accident, you cannot blame the manufacturer of the car.

Discipline is not something that can be built into a weapon, a car or a trading software, but you have to learn it yourself and take responsibility for your decisions.

I hope you do not mind my response.


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  #8 (permalink)
Elite Member
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Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
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Thanks: 4,226 given, 25,601 received
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wangwang View Post
Fat Tails, I understand your point. It will take time and efforts to have the discipline that we need to succeed as trader. However my rationale for this request is that I believe this tool may help the process (for non-advanced trader to have the right discipline) a little more easier, at least. I know this tool doesn't guarantee anything but I hope it will remind of our discipline one more time, before we make stupid mistakes again. At this moment for me, risk management is one of the most important issue, if not the most. If there is anyway to limit the loss, I know it will greatly help my trading. Since it is said, can I ask what kind of rules do you have regarding the risk management, if you don't mind? Thanks always!

(1) I always enter positions with a bracket order for half of the position and a simple stop loss for the other half via the Automated Traded Management. The stop loss is a money management stop. Depending on the setup I move that stop closer to my entry price.

(2) I quit trading for the day after three losing trades. This puts the maximum risk at three times the money management stop.

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  #9 (permalink)
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wangwang View Post
Hey Bukkan,

Do you happen to know there is any existing indicator doing that? Since I am not good at coding, it might be pretty hard for me to come up with my own indicator realistically. Any idea?


sadly i dont have any readymade code.

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  #10 (permalink)
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