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Daily Loss Limit supervised by Broker/Software


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Daily Loss Limit supervised by Broker/Software

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  #1 (permalink)
Cologne/Germany
 
Experience: Intermediate
Platform: MetaTrader 4
Trading: YM, FDAX
 
Posts: 6 since Jun 2017
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Hi everybody,

itīs been almost 3 years since I started out with trading. At the beginning I struggled a lot with my Money and Risk Management and had a lot of devestating days due to overtrading and especially "emotional Trading" or "downshifting". So I was forced to trade small and used CFDīs and the MetaTrader 4 for trading (I only trade DAX and DOW). Now overtime I became more and more consistent in my approach and would call myself a profitable Trader on an intermediate skill level. Now I feel confident and want to increase my size and switch to trade Futures.

So Long Story short here is my Question. Those devestating days due to "emotional trading" are still present in my mind and I want to avoid those expereince under all circumstances when trading a larger account. So for me the only solution is, that someone else is protecting me from myself. Either the broker or the Software.

Can anybody recommend a broker or Software where I can implement a Daily Stop Loss. The Stop Loss must be set in Stone, so that I am not able to circle navigate the stop loss and continue tading for the day.

Additional features I would like to have is to set a Trailing Daily Stop Loss and also a maximum Number of Contracts to trade at the same time.


Thanks a lot for your help in Advance!


Cheers Schebbi

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  #2 (permalink)
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Sarasota FL
 
Experience: Intermediate
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Schebbi View Post
So for me the only solution is, that someone else is protecting me from myself. Either the broker or the Software.

Can anybody recommend a broker or Software where I can implement a Daily Stop Loss. The Stop Loss must be set in Stone, so that I am not able to circle navigate the stop loss and continue tading for the day.

Well, Sierra Chart lets you put in a daily loss limit and it closes any open positions if you hit it. I imagine there are other platforms that have something similar.

However, since it's your computer, you get to change it if you don't want to follow it.

I also believe that most or all brokers will let you specify a daily loss limit. I have never used this, but others have posted about it from time to time.

However, since it's your money, you can just call them up and tell them to change it. It's your account, after all, and you're the one who is in charge. I don't see how they could legally refuse to follow your instructions.

You can see the problem. It's that you are always in charge.

I am not unsympathetic. We all have exactly the same issues, sometimes in different forms but basically the same. I have used the Sierra Chart loss limit, and it works, up until I decide to override it -- which I really have been tempted to do, but somehow didn't, thankfully. There's the wake-up question of "Do I really want to do this" that can break the chain of reaction and impulse and restore a little bit more awareness of what you're doing, which may be enough.

I think it can be a good idea to put these barriers in place to make it harder for you to act on the impulse of the moment, and you may be better off if you do. But learning to control your impulses is a part of learning to trade. You won't be able to ever get yourself out of the equation.

I'm not scolding you for not having self-control or something. It's a real trader's issue, and it does have to be addressed and solved, one way or another. For me, realizing that there is always another day, the market will always be there, and I can just stop has been the thing that has helped the most. Others may offer other suggestions.

And good luck.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #3 (permalink)
Cologne/Germany
 
Experience: Intermediate
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Trading: YM, FDAX
 
Posts: 6 since Jun 2017
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bobwest View Post

I also believe that most or all brokers will let you specify a daily loss limit. I have never used this, but others have posted about it from time to time.

Hi Bob, appreciate your answer really much. And of course you are right. The Problem should be solved with in me.

Over the last year I started with Meditation on a almost daily Basis and this habbit created a lot of self awareness(Improved my life in a lot of ways not only in trading). Days when I get tilt and start to fight the market became really rare, but nevertheless I canīt trust myself a 100%. What I Need is something to distract me from the market in those Situation for some minutes so that the rational mind can take back Control.

I think a combination of Sierra Chart and a broker which sets Limitation on my account is enough time to calm down.

Unfortunatelly my CFD Broker told me they arent able to set a Daily Stop Loss for my account. From my Point of view is a bit strange, because they also Profit from a Long Lasting existing trading account. The longer my account exist, the more commission I am going to pay. But thats what they said and so I am Looking for a broker, which can offer me the Limitation.

I know I can lift all restrictions with enough effort, but I hope I wounīt do that. Those limitations shall be a safety net for my account.

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  #4 (permalink)
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Ninjatrader brokerage allows daily loss limit, as well asspecifying which instruments and quantities you want to trade.

But you got to go with their software then, which is something to consider. (I used it ever since I moved to futures but since they got their own brokerage they have been shutting platform access for other brokers down, pretty much.)

Otherwise check out Optimusfutures. You can find them here on FIO and have a chat with @mattz.

I am not a client but have only ever heard good things and perceive them as very forthcoming.

Hope that helps.

P.S.: go for brokerside stoploss, picking up the phone normally won't happen. Going into software setting certainly will

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  #5 (permalink)
Cologne/Germany
 
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Scalpingtrader View Post
P.S.: go for brokerside stoploss, picking up the phone normally won't happen. Going into software setting certainly will

Thanks for the answer. Will have a look into Optimus. This smiley described the whole thread

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  #6 (permalink)
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Schebbi View Post
Thanks for the answer. Will have a look into Optimus. This smiley described the whole thread

Oh I've been there, done that. And more times than I care to count^^

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  #7 (permalink)
Market Wizard
Boca Raton
 
Experience: Advanced
Platform: Optimus Flow
Broker: We are a Broker.Optimus Futures, LLC
Trading: Futures
 
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Scalpingtrader View Post
Otherwise check out Optimusfutures. You can find them here on FIO and have a chat with @mattz.

I am not a client but have only ever heard good things and perceive them as very forthcoming.

Hope that helps.

P.S.: go for brokerside stoploss, picking up the phone normally won't happen. Going into software setting certainly will


Thank you for the mention. I'd gladly help anyone explore software that supports the required functionalities.
As someone mentioned, Sierrachart could be the right solution for such risk management solutions.
On our software "Optimus Flow," I am working on a solution that would alert the trader to a specific loss encountered and whether the traders want to Flatten their positions and open orders. I would love to have such solutions to be serverside, but that would be challenging. Regardless, these solutions are not "set it and forget it," I would encourage anyone to observe such a solution when executed. These are not native orders and execution to the exchange, so you need to watch the execution took place.

Thanks,
Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
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  #8 (permalink)
Toronto Canada
 
 
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bobwest View Post
I also believe that most or all brokers will let you specify a daily loss limit. I have never used this, but others have posted about it from time to time.

Bob.

Thanks for pointing me to this thread. It still doesn't seem like there is much support for this concept, which surprises me!

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  #9 (permalink)
Market Wizard
Boca Raton
 
Experience: Advanced
Platform: Optimus Flow
Broker: We are a Broker.Optimus Futures, LLC
Trading: Futures
 
mattz's Avatar
 
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mattz View Post
On our software "Optimus Flow," I am working on a solution that would alert the trader to a specific loss encountered and whether the traders want to Flatten their positions and open orders. I would love to have such solutions to be serverside, but that would be challenging. Regardless, these solutions are not "set it and forget it," I would encourage anyone to observe such a solution when executed. These are not native orders and execution to the exchange, so you need to watch the execution took place.


(pasted screenshot)


I wanted to update that we added the feature. This is an example.

Thanks,
Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
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  #10 (permalink)
Langley
 
Experience: Intermediate
Platform: IB
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RT777 View Post
Thanks for pointing me to this thread. It still doesn't seem like there is much support for this concept, which surprises me!

Unfortunately brokers are out to make profits not save traders from themselves. So this is why I think they are less likely to pursue this more. If even a quarter of the active traders used a daily stop that might make quite an impact on revenue. But Im surprised as well to the extent.

Sent using the futures.io mobile app

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May 31, 2020


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