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Daily Stop Loss Brokers


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Daily Stop Loss Brokers

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  #1 (permalink)
 tradingraven 
Baltimore Md
 
Experience: Intermediate
Platform: ninjaTrader
Trading: futures
 
Posts: 7 since Jul 2021
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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.

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  #2 (permalink)
 mwf2220 
Abu Dhabi United Arab Emirates
 
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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:



Hope this is what you're looking for.

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  #3 (permalink)
 tradingraven 
Baltimore Md
 
Experience: Intermediate
Platform: ninjaTrader
Trading: futures
 
Posts: 7 since Jul 2021
Thanks: 6 given, 7 received



mwf2220 View Post
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:



Hope this is what you're looking for.

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.

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  #4 (permalink)
 SBtrader82 
Legendary Market Wizard
Rovigo (ITALY)
 
Experience: Intermediate
Platform: SierraChart, MotiveWave
Broker: Rithmic, Dorman, Interactive Brokers
Trading: Emini, Nasdaq, DAX, Bund, IBEX
 
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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

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  #5 (permalink)
 tradingraven 
Baltimore Md
 
Experience: Intermediate
Platform: ninjaTrader
Trading: futures
 
Posts: 7 since Jul 2021
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SBtrader82 View Post
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.

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  #6 (permalink)
 SBtrader82 
Legendary Market Wizard
Rovigo (ITALY)
 
Experience: Intermediate
Platform: SierraChart, MotiveWave
Broker: Rithmic, Dorman, Interactive Brokers
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tradingraven View Post
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.

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  #7 (permalink)
 Arch 
W.Coast, USA.
 
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I had the same question,

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  #8 (permalink)
 Arch 
W.Coast, USA.
 
Experience: Intermediate
Platform: Anything
Trading: Emini
 
Posts: 306 since Jul 2017
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SBtrader82 View Post
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

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.

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  #9 (permalink)
 SBtrader82 
Legendary Market Wizard
Rovigo (ITALY)
 
Experience: Intermediate
Platform: SierraChart, MotiveWave
Broker: Rithmic, Dorman, Interactive Brokers
Trading: Emini, Nasdaq, DAX, Bund, IBEX
 
SBtrader82's Avatar
 
Posts: 555 since Feb 2018
Thanks: 213 given, 1,269 received


tradingraven View Post
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.

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.

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