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Awesome New Chart
Updated: Views / Replies:8,910 / 61
Created: by Big Mike Attachments:2

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Awesome New Chart

  #41 (permalink)
Elite Member
Palm Beach County
 
Futures Experience: Advanced
Platform: OEC about to change to Ninja
Favorite Futures: ES ,EUR/USD
 
Posts: 179 since Feb 2011
Thanks: 66 given, 89 received


Big Mike View Post
And I've also seen a huge focus on "how much money I can make" but basically zero focus on "how much money can I lose?". You look at a large number of spreadsheets and it's all about compounding returns and all kinds of stuff for when to add new contracts, but hardly any focus on what to do when you start losing money.

Mike

Spreadsheets...what spreadsheets...?

All I know is every trade I make is a loser until proven otherwise

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  #42 (permalink)
Elite Member
Bala, PA, USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Mirus, IB
Favorite Futures: SPY, Oil, Euro
 
monpere's Avatar
 
Posts: 1,858 since Jul 2010
Thanks: 300 given, 3,276 received

Given that 95% of traders fail, In reality, it would be very likely that both of those traders are not profitable, no matter how much superior one thinks his approach is over the other one.

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  #43 (permalink)
Elite Member
Chicago Illinois USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,069 since Aug 2011
Thanks: 967 given, 2,624 received

Oh Mike...


if it was not for your eating habits, that video could have been the start of a bromance. Favorite line...a custom indicator simulator...or three tick better renko. Laughed so hard that I've spotted my drawers.

But to go contra your video game analogy, I am certain that Wii bass fishing has helped me catch bigger fish.

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  #44 (permalink)
 Vendor: www.traderwerks.com 
Taipei Taiwan
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Optimus
Favorite Futures: TW
 
Posts: 693 since Jun 2009
Thanks: 440 given, 440 received


mattz View Post

I have lost and will continue losing business because I don't extend unrealistic leverage.
Although I advocate realistic use of leverage, some traders come back with "just in case I need it".

I think it is really hard for people who want to use un realistic leverage because they do not understand that it is un realistic. For me, I have a lower margin broker because I think it is hard for a broker to set risk per client , per contract.

I have my own standards based on my style per contract. For the TF, I keep it at 30% of overnight for day trading. For other things like the Bobl or Euro , I use 50% of overnight and for the Yen , I use 25%. That is based on live, not SIM trading with my style of trading.

There is no way I would expect a broker to put in tons of different risk parameters just for me.


TW

Math. A gateway drug to reality.
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  #45 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,220 received


traderwerks View Post
There is no way I would expect a broker to put in tons of different risk parameters just for me.

I would like to see the customer portal have the capability to set custom risk parameters per contract, as well as daily loss limits (something people are asking for more and more often). It seems this is not something that should be too difficult to automate and allow the client to setup.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #46 (permalink)
Trading Apprentice
New York, NY
 
Futures Experience: Intermediate
Platform: Mult . .
Favorite Futures: Futures
 
Posts: 47 since Oct 2011
Thanks: 49 given, 65 received


Big Mike View Post
. . custom risk parameters per contract, as well as daily loss limits . . .

These kinds of limits are not just available, but required at Crossland (whether you want them or not).

I think everyone knows about the daily loss limits, but there are a couple of others, too:

You must pre-define which contracts you will trade, and the maximum number of them you can carry at any given time.

You can change your settings at any time by email, but your data feed will reject any orders outside of your pre-defined parameters until it is updated.

The "maximum-allowable-contracts" parameter can be set differently for different markets (3 for CL, 7 for ES, 2 GC, etc. . .), and is unrelated to the amount of margin you have in your account. If you set it at 3, it will reject an order for 4, no matter what you have in your account.

Though it's not quite customizeable in the sense of "I want 30% of Initial here, 40% there," in reality it is - because you know how much you have in your account, & simple math will tell you that if you want 30%, then set your max-contracts to "3" (or some such thing).

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  #47 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
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ddouglas View Post
These kinds of limits are not just available, but required at Crossland (whether you want them or not).

Yup, same with Advantage Futures.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #48 (permalink)
Elite Member
London, UK
 
Futures Experience: None
Platform: NinjaTrader
Favorite Futures: ES, CL
 
sleepy's Avatar
 
Posts: 114 since Sep 2010
Thanks: 2,173 given, 109 received


Big Mike View Post
Yup, same with Advantage Futures.

Mike

Are there any other brokers currently providing these risk management options?

sleepy

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  #49 (permalink)
 Vendor: www.velocityfutures.com 
Houston Texas USA
 
Futures Experience: Advanced
Platform: X_TRADER
 
Posts: 63 since Sep 2010
Thanks: 30 given, 42 received


ddouglas View Post
These kinds of limits are not just available, but required at Crossland (whether you want them or not).

I think everyone knows about the daily loss limits, but there are a couple of others, too:

You must pre-define which contracts you will trade, and the maximum number of them you can carry at any given time.

You can change your settings at any time by email, but your data feed will reject any orders outside of your pre-defined parameters until it is updated.

The "maximum-allowable-contracts" parameter can be set differently for different markets (3 for CL, 7 for ES, 2 GC, etc. . .), and is unrelated to the amount of margin you have in your account. If you set it at 3, it will reject an order for 4, no matter what you have in your account.

Though it's not quite customizeable in the sense of "I want 30% of Initial here, 40% there," in reality it is - because you know how much you have in your account, & simple math will tell you that if you want 30%, then set your max-contracts to "3" (or some such thing).

Velocity can also do this.

If you have any questions about our services at Velocity Futures please send me a private message.
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  #50 (permalink)
 Vendor: www.velocityfutures.com 
Houston Texas USA
 
Futures Experience: Advanced
Platform: X_TRADER
 
Posts: 63 since Sep 2010
Thanks: 30 given, 42 received



Big Mike View Post
I would like to see the customer portal have the capability to set custom risk parameters per contract, as well as daily loss limits (something people are asking for more and more often). It seems this is not something that should be too difficult to automate and allow the client to setup.

Mike

This is actually in beta right now. Within the next month or so you'll be able to trade via the portal as well.

If you have any questions about our services at Velocity Futures please send me a private message.
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