IMO Guardian Angel is the best of the 3 you listed. I have Click Algo Ninjatrader Risk Management as well but it only provides alerts. GAT is a one-time fee compared to the subscription model of Tremper.
GAT has many, many features. You can limit contract size, set up live trailing drawdown as well as daily loss limit and max daily profit target. It even has a hot button if you need to stop trading after say a big win so you press it and it prevents you from taking any trades for the rest of the day (the yellow arrow points to this stop button that appears on the control panel). Here are some screenshots of the features.
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One additional thing I didn't add here, for those who trade funded accounts and really want to make this airtight: If you use Guardian Angel Trader (or whatever for NT8) you need to set a max loss in Rithmic as well, have Rithmic locked with Cold Turkey (see above) and not only on all your computers, but you need to download the mobile app and get an app blocker and lock it off on your phone too. That way, you cannot as a last resort escape a max loss setting on Guardian Angel Trader by opening a trade and turning off your computer so as to escape the daily loss limit shutoff on Guardian Angel Trader (say for example you see you are close to your max daily loss but you are convinced you 'got this one' and are going to go like that, with no stop in the market and turning off your computer to let it ride into profit).
Using the time settings on Guardian Angel Trader plus Cold Turkey on NT8 as well adds another layer to stop trading at times when you don't have any edge.
This may sound extreme to those who don't need this sort of stuff, but if you need it in the first place, these are just the facts on how to really enforce your risk management protocols with these tools. Short of that, I think all these things are useless. Once you make it completely impenetrable, then the monkey is put somewhat to rest and you can begin the hard work of trying to make strategies actually work and pacing yourself around actual limits, which is a whole other challenge.
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The other thing to keep in mind is that sometimes trades may close on Ninjatrader but the positions may still be open on RTraderPro, so would be good to keep the positions box open to make sure they close as well and definitely set up a max loss in RTraderPro as well so it will liquidate your positions when it hits that amount. Would definitely recommend setting up ColdTurkey as well if you feel you are tempted to open positions on RTrader so 100% in agreement with what bwolf is saying.
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I did that and it was one of the reasons I kept it open, but you can actually see what positions remain open and liquidate all positions in the control center on NT8. Apex also allows you to liquidate on the website. But in any case, the control center shows you what positions remain open in case your copier or whatever flakes out.
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I've had the issue in NT8 where it shows positions as closed on NT8 but I got popup boxes saying position wasn't closed and when I check RTraderPro they definitely weren't closed so I closed each individually on RTrader Pro. Have also had the experience of only one account closing but rest still open and NT8 showed all closed but not the case on RTrader.
Maybe you've never experienced that but I have and I was freaked out at first but it has happened a few times so it's no big deal anymore.
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Nope, I haven't had it happen yet, fingers crossed. In my experience so far in the Positions tab in NT8 the number of positions on each account shows and you can click it and close all positions. My Rithmic DLL is quite low, so that would take care of it on the rare occasion it might happen.
The only other thing I didn't mention in all of this is that I also have NT8 downloaded everywhere and blocked from 5 AM to 11:59 PM, except for the hours when I trade on that computer.
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To get all this working in the right path, first, is necessary to recognize that there is a real problem that can't be solved for yourself and that needs help. This is the first step and what will give you some commitment with the tool you want to use to get the help needed. Without that, you will not be able to use it properly, and it is possible you need extra steps to force you to do something. It is not about forcing you, it is about commitment to getting the proper help to arrive at x point.
We are not ready for this business in many ways and you can get it in the long run, but you can short this long run when you recognize that you are not ready for this business. There is no one in the professional financial industry that does not apply money risk management rules to survive. It's easy, is not about money is about being able to work every day and this is when this type of tool can be useful.
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Either you are serious about what you are doing, or you are not. If you arent serious about being a real trader, you will always lack discipline - and that will cost you.
