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A broker with margin controls
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A broker with margin controls

  #1 (permalink)
Trading Apprentice
Hoboken, New Jersey USA
 
Futures Experience: Intermediate
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A broker with margin controls

Hello everyone,

I have a question about a brokers control to set daily loss limits that you impose on yourself. I can not seem to find any that have the capabilities to do that or they just don't want the hassle. Also, I'm looking for a broker that would be willing to allow me to set a contract limit allowed per trade. I have asked around and most tell me they don't have that capability.

I learned to be discipline, build up my account, but it only takes one bad day to trade a 20 lot because of frustration and ruin months of hard work. I know discipline is part of the game, but TST and MES Capital have those controls and it would make sense to have those on my account. Just looking for brokers that would entertain those ideas. Thanks.

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  #2 (permalink)
Market Wizard
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bluedolphin View Post
Hello everyone,

I have a question about a brokers control to set daily loss limits that you impose on yourself. I can not seem to find any that have the capabilities to do that or they just don't want the hassle. Also, I'm looking for a broker that would be willing to allow me to set a contract limit allowed per trade. I have asked around and most tell me they don't have that capability.

I learned to be discipline, build up my account, but it only takes one bad day to trade a 20 lot because of frustration and ruin months of hard work. I know discipline is part of the game, but TST and MES Capital have those controls and it would make sense to have those on my account. Just looking for brokers that would entertain those ideas. Thanks.

hi bluedolphin

While I can't advise from experience as I've always been with only one broker, my take is, when you are risking your own money no broker (or perhaps extremely few) will bother to agree to daily/lot limits that you impose on yourself. If there ever are, they may have some automated system in order to do so but, again, I doubt it. They have no incentive to stop you from trading, as you can imagine.

The reason TST and MES do it is because you are trading their own money, so they need some risk management in place to avoid going under, but when you play with your own capital things are different.


I understand the discipline issue you are talking about. If you can't find a solution my advice for a workaround would be to deposit only a small amount of money each time, and once you go under the margin you can't trade anymore and you're forced to reload money into your account. Many brokers do not charge to post more margin into an existing account so this should not be an issue. Also, by limiting the amount of money, you effectively prevent yourself from trading more than a set amount of contracts.

Hope this helps.

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  #3 (permalink)
Market Wizard
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bluedolphin View Post

I learned to be discipline, build up my account, but it only takes one bad day to trade a 20 lot because of frustration and ruin months of hard work.

if your concern is picking up a large number of contracts we can simply increase your margin so you can not trade more than a certain number of contracts, and if you have a "weak" moment than you would be limited to a certain number of contracts. This may not stop you from over trading, but it will stop you from creating unnecessary leverage.

Matt Z
Optimus Futures

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

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.

Last edited by mattz; September 29th, 2016 at 03:19 AM.
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  #4 (permalink)
Market Wizard
Boca Raton
 
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Broker/Data: Optimus Futures, LLC
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xplorer View Post
hiThey have no incentive to stop you from trading, as you can imagine.

Yes, we do have an incentive. We want to help the customers protect their funds in a way they see appropriate.
The implementation of loss limits, auto liquidations, etc. are one's that are problematic as they rely on quotes.
Imagine there is a miss quote for a half a second, and the entire risk mechanism liquidates it based on the wrong loss and net liquidation value. Yet, nothing has happened in reality.

As I suggested before, a trader can increase margins, and/or just become more disciplined which is way better.
Mental strength helps you not only with risk management but patience while waiting for your set up.

Matt Z
Optimus Futures

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

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.

Last edited by mattz; September 29th, 2016 at 03:20 AM.
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  #5 (permalink)
Market Wizard
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mattz View Post
The implementation of loss limits, auto liquidations, etc. are one's that are problematic as they rely on quotes.
Imagine there is a miss quote for a half a second, and the entire risk mechanism liquidates it based on the wrong loss and net liquidation value. Yet, nothing has happened in reality.

As I suggested before, a trader can increase margins, and/or just become more disciplined which is way better.
Mental strength helps you not only with risk management but patience while waiting for your set up.

Ok, thanks for the insight Matt.

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  #6 (permalink)
Market student
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My Ninjabroker can just set limit of position size in contracts and daily loss limit. But no autoliquidation because of reasons pointed out by Mr. Matt. If i breach my daily loss by closing losing position i will not be able to open more. But if i have a position with current loss higher than my daily loss it's my responsibility to close it manually. Actually i must confess that i experienced bad streak last couple of weeks and only thanking that fact that i have loss limit on the broker side i didn't blown out my account. So to request either your broker or to shift to such a broker with built-in riskmanagement capabities is extremely healthy idea for any trader. Even disciplined one.

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