Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I'm profitable 80% most days but am having problems with big losing days. I tried to mentally do a daily stop,but emotions get in the way. I love Ninjatrader but it doesn't offer the daily stop that I can find. I hear Tradovate has this feature where if your daily stop is hit it will prevent you from making any more trades. Anyone know of other brokers that offer the daily stop order. Or is their some way to program ninjatrader to execute this. Thanks.
Can you help answer these questions from other members on NexusFi?
When is the last time you logged into the web interface for the NT brokerage (like to see your statements)? In early December or so, I logged on and found this under the "risk settings" button on the homepage:
Wow thanks so much mwf2220 I never knew this setting even existed. Like I said I'm a pretty decent trader but just 1 or 2 big losing days are screwing up my profits. I tried to mentally stop trading but my discipline isn't strong enough to overide my emotions and anger to get that money back by overtrading. This tool is exactly what I'm looking for. I have to be "forced' to stop trading for the day. Losing sucks but this tool can at least limit huge losses. Thanks again.
well, if you get emotional you could as well just log into the website and change the max limit.
I suggest you block the website access using a productivity software.
I did that for rithmic in the past
ThanksSBtrader82 I'll see how just using the daily stop loss goes and will use your suggestion if I need more stronger block. I think many traders have this issue of revenge trading when you lose a trade. I wish I knew about this tool setting earlier. The daily stop may be one of if not the most important tool in risk management. Some days the markets just won't let you win.
actually I think it is, check my twitter you will see a post about this topic of just a few days ago.... by the way check the video , it is not useful for Ninja but the principle is the same and you can really use the idea of the video for any platform.
I'm looking for trader defined risk parameters hosted at the FCM, data feed, or exchange level. Examples are daily loss limit, minimum account balance, dynamic position size limits relative to account size, and auto-liquidate (close all positions …
sometimes the friction of seeing the alert and having to login to raise it is enough, hopefully. If it isn't, then honestly the trader needs to stop trading and seek therapy.
by the way I forgot to mention somethin....most brokers offer this feature of a max daily loss, but they are not willing to offer it (don't know why).
If you insiste they will impose it. It happened to me with Dorman and TT.
They send you some paperwork and they let you impose a max daily loss in % or in $ value.
If you use rithmic you can do it yourself, or they do it by using the IB (introducing broker) risk parameter.
However even without Rithmic they can impose a max daily loss, just insist again and again.
