max daily loss - NinjaTrader | futures io social day trading
futures io futures trading


max daily loss
Updated: Views / Replies:2,681 / 12
Created: by charlie37 Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

max daily loss

  #11 (permalink)
Membership Temporarily Revoked
Birmingham, AL
 
Futures Experience: Advanced
Platform: Sierra
Broker/Data: several
Favorite Futures: several
 
Posts: 1,065 since Apr 2012
Thanks: 713 given, 2,758 received


charlie37 View Post
I day trade through ninja and I sometimes have catastrophic days where I blow past the max daily loss that I set for myself and then I continue to overtrade after it is reached. Is there any kind of software out there that can protect me from my own mental glitches? If you ever struggle with similar issues any kind of feedback would be appreciated.

Charlie, I'd rather give you actual help in terms of your question that just posture and tell you to change like others are doing here. Some of us are like alcoholics when it comes to risk taking. We may even have stretches of really great periods, but then blow an account again.

I've been through so much with what you're talking about. I THINK I have overcome it, but only time will truly tell. At this point in my trading I "don't trust myself", and really, when you think about it, maybe that is a good thing. For so long I worked and worked and failed and failed, but continued to say you can do it. I had to get to the point where I saw myself as a monster that couldn't control himself, I was disguisted with it, and then I had to go even deeper and beyond that and through more pain. Eventually, you come out letting yourself down so many times that you dont' trust yourself anymore, and it's at that point where you learn to trust the rules more than your "smart" self.

ONE GOOD IDEA FOR YOU THAT I EVEN USE MYSELF NOW:

Some people such as @Underexposed say you will find a way to circumvent the system you put in place to protect yourself. This person does not fully understand the issue. The issue is in the moment, not the following day, or two days from the point you lose control. It's purely the moment. So, yes, in the moment, you would indeed circumvent the system, but if you put a system that takes you out of the market for 24 or 48 hours after a bad event triggers your system, it's an effective one.

For me I simply only fund my brokerage account with enough capital for margin plus two daily loss limits. This accomplishes several things for me: It A) Keeps me from depleting vast amounts of capital no matter how on tilt I get in the session, B) forces a mandatory break period to wire in more money if I suffer 2 daily loss limits in a row, C) It prevents catastrophe in the form of a brokerage going under (several have happened in past few years), granted your money is sitting SOMEWHERE at risk in SOME way, but your Wells Fargo account is FDIC insured. D) Did I mention you can only blow up two daily loss limits?

I hope this has been helpful coming from a guy that's been there man.

Reply With Quote
The following 7 users say Thank You to indextrader7 for this post:
 
  #12 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES
 
Posts: 3,635 since Jan 2013
Thanks: 26,755 given, 11,114 received
Forum Reputation: Legendary


xiaosi View Post
why do you guys think prop shops have risk managers?

they know their traders are human, some people may have a bad day and revenge trade, try and make up the loss, cannot walk away...

the risk manager shuts them down!

You're right, of course.

The problem is that an individual trader, not working for a firm, is human too, but isn't going to have that external risk manager to shut them down.

There's nothing wrong with him asking if there is something like that available, and if so, to use it. Anything that gets the job done is a good thing. To my knowledge, there is no comparable external resource for the lone individual (because who is in a position to say, "No more trading for you today," and make it stick?), so he needs to develop the internal discipline for it. I do not think it is easy; just necessary.

I did follow the link you provided to your Profit Monitor strategy, and I think it looks like a good idea -- something besides you saying "you're exceeding your limits here", a wake-up call that may jolt the trader awake. I did download it and will look at it. Anything that can make someone pause in self-destructive action is good.

Bob.

Reply With Quote
The following 2 users say Thank You to bobwest for this post:
 
  #13 (permalink)
Elite Member
Brisbane, Queensland, Australia
 
Futures Experience: Advanced
Platform: NT8/JIGSAW
Broker/Data: MacQuarie Futures/AMP Clearing/CQG
Favorite Futures: ZB/FGBL/GC/CL/HG/6J/6M/6B/FDAX/NQ
 
xiaosi's Avatar
 
Posts: 483 since Feb 2012
Thanks: 381 given, 440 received



bobwest View Post
You're right, of course.

The problem is that an individual trader, not working for a firm, is human too, but isn't going to have that external risk manager to shut them down.

There's nothing wrong with him asking if there is something like that available, and if so, to use it. Anything that gets the job done is a good thing. To my knowledge, there is no comparable external resource for the lone individual (because who is in a position to say, "No more trading for you today," and make it stick?), so he needs to develop the internal discipline for it. I do not think it is easy; just necessary.

I did follow the link you provided to your Profit Monitor strategy, and I think it looks like a good idea -- something besides you saying "you're exceeding your limits here", a wake-up call that may jolt the trader awake. I did download it and will look at it. Anything that can make someone pause in self-destructive action is good.

Bob.

Actually now that i think about it, a prop firm would likely just kick you out if you were always too much risk to manage...

Yeah with the strat, just make sure to run it on another chart. Someone suggested the market analyser as well which i thought was a good idea, not near my trading PC for a while so i can't try it...

Reply With Quote

Reply



futures io > > > > max daily loss

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Daily Loss Limit togier NinjaTrader Programming 11 February 4th, 2017 08:24 PM
EasyLanguage Daily Profit and Daily Loss limit in strategy Big Mike EasyLanguage Programming 11 May 12th, 2016 02:50 PM
Profit and Loss daily limit jsd45 Psychology and Money Management 20 December 15th, 2014 06:32 AM
Daily Loss Limit sleepy Reviews of Brokers and Data Feeds 18 August 20th, 2014 03:53 PM
Daily Profit / daily loss question bdd069 Elite EasyLanguage Automated Trading 4 February 16th, 2012 12:36 PM


All times are GMT -4. The time now is 04:33 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-15 in 0.10 seconds with 19 queries on phoenix via your IP 54.234.255.29