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Daily Loss Limit
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Daily Loss Limit

  #11 (permalink)
Elite Member
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miscommunication

@RM99 - your post is a bit antagonistic with the all caps "call your broker"... We're not beginners here - of course I have asked my broker. In fact I've talked to several brokerage firms - again, the only one I know of is Infinity. The point of this thread is to exchange information about which brokers have this feature.

I still think you may be confusing the liquidation limit that all brokers have when an account falls below a certain limit with the feature we're asking about - the feature we're asking about is an artificial daily stop loss - for instance $500. Again, all the brokers I've called except Infinity do not have this feature.

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  #12 (permalink)
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I can't speak for other brokers, but I just checked with mine - Velocity Futures - just to make sure I got this right before I posted (I don't use this feature personally).

A user can request their own personal daily loss limit with Velocity (ie: $500 or whatever) and VF will close a position when it reaches this, and prevent new positions from being opened. This works with any platform VF supports, which is NinjaTrader, MultiCharts, CQG, X_Trader, Sierra, and more.

A user is able to set their own limit -- without calling or emailing the broker -- if using Strategy Runner. Otherwise, they just need to contact the broker to get their own personalized daily loss limit setup.

Mike

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  #13 (permalink)
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Thanks Mike - you are correct. I just called Velocity to confirm because for the last year they have told me on several occasions that this service was not available. Its a bit upsetting actually - during my learning phase it would have been better for me to have such a daily loss limit in place. Better late than never I guess!

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
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  #14 (permalink)
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@FuturesTrader71 said in his webinar here that Interactive Brokers and ThinkOrSwim are two brokers who do not have a facility of a loss limit.

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  #15 (permalink)
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i didn't know that this kind of thing (daily loss limit) exists...
nice to know.

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  #16 (permalink)
 Vendor: www.cannontrading.com 
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Daily loss limits are great for helping traders with risk management in their account. Even if you do not have that feature on your platform, you should have an idea of how much you would like to risk daily in your account to help prevent the loss of a large sum in your account. Daily loss limits helps traders stay discipline and can help prevent large losses in your account.


327trader View Post
i didn't know that this kind of thing (daily loss limit) exists...
nice to know.


PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
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  #17 (permalink)
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delhi, delhi, india
 
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Most brokers do not have this kind of daily risk limit in which you are interested.
I would be interested as well in knowing about brokers who implement this feature.
It seems strange to me that such a simple feature is not implemented by most brokers.

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  #18 (permalink)
 Vendor: www.cannontrading.com 
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We offer the TransAct platform and this platform does have the daily risk feature automatically on it.


nemeis45 View Post
Most brokers do not have this kind of daily risk limit in which you are interested.
I would be interested as well in knowing about brokers who implement this feature.
It seems strange to me that such a simple feature is not implemented by most brokers.


PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
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  #19 (permalink)
 Vendor: www.futurestrader71.com 
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I'm surprised that Daily Loss Limits are a new concept to many. It is a key part of your risk plan. How do you know when to stop on a trend day, otherwise?

As you all know, I use the S5 Trader for execution. Built into it is a Risk Monitor which you can set to autoliquidate, alert or put you on liquidate only. This is far superior to what others offer as no risk control at all or an auto-liquidate feature on some brokers.

Ultimately, discipline with risk control is what improves are longevity in this business, in my opinion. Everyone must have a daily loss limit regardless of what they trade or how.

Cheers,
FT71

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