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max daily loss
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max daily loss

  #1 (permalink)
Trading Apprentice
philadelphia PA usa
 
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max daily loss

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.

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  #2 (permalink)
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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.

Talk with your broker, some have the ability to block you from trading if you hit a daily loss limit you set with them.

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  #3 (permalink)
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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.


The best way to accomplish this is to get with your custodial institution, and have yourself limited (as the previous poster noted). For example, I trade with Citibank and if I lose 7.5% in a month (will never, ever happen btw... I wouldn't have a job if I didn't have SUPER DISCIPLINE) ... I can't trade for a month. This is mainly put in place to protect against hackers or me losing it.

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  #4 (permalink)
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philadelphia PA usa
 
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malibu View Post
The best way to accomplish this is to get with your custodial institution, and have yourself limited (as the previous poster noted). For example, I trade with Citibank and if I lose 7.5% in a month (will never, ever happen btw... I wouldn't have a job if I didn't have SUPER DISCIPLINE) ... I can't trade for a month. This is mainly put in place to protect against hackers or me losing it.


I really appreciate the responses. The problem with the broker is that they do not have any real control. They are not allowed to close any positions and if you ask them to go back in by changing the max loss amount, they have to do it. Some of us do not have the discipline that is required to make sure to never go past the max daily loss amount. It is especially difficult day trading the futures market. I realize that the best way to control this is to trade another way or not at all but there is too much invested in my trading career along with a very profitable automated strategy. The only problem with my system is me. Every couple of months I tend to have a day where I lose a lot more that I should. The problem would be fixed if I had some form of automated protection from myself. Not sure if there is anything out there that could help.

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  #5 (permalink)
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I think it's silly trading even one lot live if you cannot stick to basic rules.

Anyway, if there is so much money on the line, you could always hire someone to switch your computer off.

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  #6 (permalink)
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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.

This is not perfect but its the best we could come up with....Run it as a strat on a separate chart...selct the same account...

Profit Monitor

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  #7 (permalink)
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charlie37 View Post
The problem with the broker is that they do not have any real control. They are not allowed to close any positions and if you ask them to go back in by changing the max loss amount, they have to do it.

This is a problem? You are in a discount brokerage account right not a full service account, where you would pay through the nose in commissions? What would you do if they automatically closed down a position that you thought (rightly perhaps) was still a winner? Would you be happy to be treated that way??


charlie37 View Post
Some of us do not have the discipline that is required to make sure to never go past the max daily loss amount. It is especially difficult day trading the futures market.

Your answer is right there...develop that necessary discipline. Don't depend on a hand to hold or machine to do it all for you. You are in a business and you are the boss. If it were a real business, would you blame others because you ignored the fact you were not paying attention to your clients and you lost money because they walked away or took advantage of you?


charlie37 View Post
The only problem with my system is me. Every couple of months I tend to have a day where I lose a lot more that I should. The problem would be fixed if I had some form of automated protection from myself. Not sure if there is anything out there that could help.

Nah...that would not help. you would probably develop some way to circumvent that automated system were it available.

At least you acknowledge that your lack of discipline is your own problem. That is a start...now implement your own method to control yourself. Don't try to fob it off on someone or something else

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  #8 (permalink)
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charlie37 View Post
I really appreciate the responses. The problem with the broker is that they do not have any real control. They are not allowed to close any positions and if you ask them to go back in by changing the max loss amount, they have to do it. Some of us do not have the discipline that is required to make sure to never go past the max daily loss amount. It is especially difficult day trading the futures market. I realize that the best way to control this is to trade another way or not at all but there is too much invested in my trading career along with a very profitable automated strategy. The only problem with my system is me. Every couple of months I tend to have a day where I lose a lot more that I should. The problem would be fixed if I had some form of automated protection from myself. Not sure if there is anything out there that could help.

correct.... I only meant that it would make it a little bit harder, because you would actually have to put in a call. people will always have the freedom to throw their money away. I would say that's prob the number one rule in the universe. As one other poster suggested you could also algo trade using a strategy, but again you will always have the ability to throw the laptop in the water and shut your trading system off. I mean think about it... even if you find a broker who will NOT allow you trade after you've lost a certain amount, and you set up a contract where not even YOU can change that policy (this is impossible by the way), you can always open up another account somewhere else and keep on trading.

Here's the bad part... there are two cures for your condition.

a) You will be cured when you have no money left to trade.

b) You will be cured once you have felt enough pain (loss of money) ... this is kinda like (a)

It's a shame to say it, but this is why people don't usually trade that long.

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  #9 (permalink)
Market Wizard
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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.

I'm sorry, but I'm afraid that until you can have the mental discipline to just stop when you need to, you probably will keep at it until your account is gone.

Having working loss control in place is probably the most important thing a trader can do. And unfortunately, it really is not going to be from an external source, as many have mentioned.

Otherwise, no matter how good the profitable aspects of your trading method are, you will wash them out with these big loss days....

Now, that may not be much help in actually finding your discipline, sorry to say.... But the only real method may be just recognizing you have to do it, and finding the determination to stick to your pre-set rules. Maybe the pain of losses will be a motivation; when you are more interested in giving up the pain than in trying to make back the loss by overtrading, you may find out you can do it.

Don't mean to be lecturing you. This is hard stuff, but important. I think it has sunk many good traders. The thing is, some days you, or your system, just won't be right for the way the market is acting right then. So if you can walk away as soon as that is evident, you will be able to trade another day, when you and the market are more in sync.

Good luck with it. This is hard, but it is doable.

Bob.

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  #10 (permalink)
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bobwest View Post
I'm sorry, but I'm afraid that until you can have the mental discipline to just stop when you need to, you probably will keep at it until your account is gone.

Having working loss control in place is probably the most important thing a trader can do. And unfortunately, it really is not going to be from an external source, as many have mentioned.

Otherwise, no matter how good the profitable aspects of your trading method are, you will wash them out with these big loss days....

Now, that may not be much help in actually finding your discipline, sorry to say.... But the only real method may be just recognizing you have to do it, and finding the determination to stick to your pre-set rules. Maybe the pain of losses will be a motivation; when you are more interested in giving up the pain than in trying to make back the loss by overtrading, you may find out you can do it.

Don't mean to be lecturing you. This is hard stuff, but important. I think it has sunk many good traders. The thing is, some days you, or your system, just won't be right for the way the market is acting right then. So if you can walk away as soon as that is evident, you will be able to trade another day, when you and the market are more in sync.

Good luck with it. This is hard, but it is doable.

Bob.

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!

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