McJackson's Journal - developing healthier trading processes + mindset - futures io
futures io futures trading



McJackson's Journal - developing healthier trading processes + mindset


Discussion in Trading Journals

Updated by matthew28
      Top Posters
    1. looks_one mcjackson with 16 posts (86 thanks)
    2. looks_two matthew28 with 3 posts (6 thanks)
    3. looks_3 ninjus with 2 posts (3 thanks)
    4. looks_4 bobwest with 1 posts (4 thanks)
      Best Posters
    1. looks_one Scalpingtrader with 7.0 thanks per post
    2. looks_two mcjackson with 5.4 thanks per post
    3. looks_3 bobwest with 4.0 thanks per post
    4. looks_4 matthew28 with 2.0 thanks per post
    1. trending_up 1,940 views
    2. thumb_up 109 thanks given
    3. group 8 followers
    1. forum 24 replies
    2. attach_file 7 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 100,000 members
  • 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 and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

McJackson's Journal - developing healthier trading processes + mindset

(login for full post details)
  #21 (permalink)
Colorado Springs, CO
 
Experience: Advanced
Platform: MT4, Ninjatrader
Trading: CL, NQ, 6E
 
mcjackson's Avatar
 
Posts: 24 since Mar 2014
Thanks: 29 given, 107 received

Hello folks! Almost 6 months since my last post.

I connected pretty much every major issue I've had to not having a daily loss limit. Or, being really bad about sticking to it .

Over the last few months, I stopped fighting my nerves and just automated a very tight DLL.

On my personal account, that just meant emailing NinjaTrader and asking them to set it for me. Easy.

On Topstep, that was a little trickier. You've got to dive into R Trader's settings and manually set up your "Auto Liquidation" level. If you're looking for it, here's how to find it:

--------------------------------------------------------------------------------

1. Log in and click "Trader Dashboard"

2. Right-click on your account name and select "View Risk Parameters"

3. You'll get to a page with 3 tabs. It defaults to the "administrator" tab, but you want the tab on the far right, "Risk Parameters set by the Trader". Click it.

4. You'll get to a blank sheet with your account name and a list of the products you're allowed to trade. Next to the account name, you'll see Auto Liquidate, Auto Liquidate Criteria, and Auto Liquidate Threshold (plus a few more options).

5. Here's what to set up:
Auto Liquidate --> Enabled
Auto Liquidate Criteria --> Loss Limit
Auto Liquidate Threshold --> (the dollar value you want to set)


----------------------------------------------------------------------------------

I know there's a prevailing opinion out there that says "well you shouldn't have to do this, you should have the self control to not hit these limits". (that's what Topstep told me)

My response is....sure, that's a great goal to shoot for. But then why do we bother with having stops on individual trades? Adding another layer of risk control isn't a bad thing, in my mind.

Hope you're all well!

Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to mcjackson for this post:

Can you help answer these questions
from other members on futures io?
The Better Line Break Charts works in Ninjatrader 8 ?
NinjaTrader
Tracking passive Buyers/Sellers on footprint
Traders Hideout
Degiro Negative Balance Advice
Traders Hideout
Trade Summary Error
MultiCharts
QDEL
Stocks and ETFs
 
Best Threads (Most Thanked)
in the last 7 days on futures io
VWAP for stock index futures trading?
43 thanks
VWAP oscillator for NT8
15 thanks
Battlestations: Show us your trading desks!
12 thanks
Bitten by FOMC
8 thanks
Parabolic moves / lumber
7 thanks
 
(login for full post details)
  #22 (permalink)
Elite_Member
Wiltshire, United Kingdom
 
Experience: Beginner
Platform: Jigsaw daytradr
Trading: US Equity Index Futures
 
matthew28's Avatar
 
Posts: 883 since Sep 2013
Thanks: 2,080 given, 1,511 received

Good to see you back.


mcjackson View Post
On Topstep, that was a little trickier. You've got to dive into R Trader's.....................

Just in case another TSTer reads that. It will work for Rithmic data accounts, but not CQG as R Trader is Rithmic's platform. So not possible on TST's other main platform, TSTrader.


Quoting 
I know there's a prevailing opinion out there that says "well you shouldn't have to do this, you should have the self control to not hit these limits". (that's what Topstep told me).

My response is....sure, that's a great goal to shoot for. But then why do we bother with having stops on individual trades? Adding another layer of risk control isn't a bad thing, in my mind.

I agree with your response.
If some platforms and brokers allow the user to set a DLL they should all go that way. (In TST's case a "soft" DLL that doesn't cause a sanction if hit, inside of their "hard" DLL).

Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger
Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to matthew28 for this post:
 
(login for full post details)
  #23 (permalink)
Colorado Springs, CO
 
Experience: Advanced
Platform: MT4, Ninjatrader
Trading: CL, NQ, 6E
 
mcjackson's Avatar
 
Posts: 24 since Mar 2014
Thanks: 29 given, 107 received


Yes good point matthew28 thanks for pointing that out.

I've not used Tradovate yet but I'd imagine there's a solution there too (and also that they won't make it easy for you to find it).

I like a lot of what TST does, but this particular point feels pretty shady. If you're REALLY there to help traders succeed, you should absolutely not hide the risk controls that exist.

Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to mcjackson for this post:
 
(login for full post details)
  #24 (permalink)
Site Moderator
Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
 
bobwest's Avatar
 
Posts: 5,936 since Jan 2013
Thanks: 45,817 given, 19,903 received


mcjackson View Post

Over the last few months, I stopped fighting my nerves and just automated a very tight DLL.

On my personal account, that just meant emailing NinjaTrader and asking them to set it for me. Easy.

On Topstep, that was a little trickier. You've got to dive into R Trader's settings and manually set up your "Auto Liquidation" level. If you're looking for it, here's how to find it:

...

I know there's a prevailing opinion out there that says "well you shouldn't have to do this, you should have the self control to not hit these limits". (that's what Topstep told me)

My response is....sure, that's a great goal to shoot for. But then why do we bother with having stops on individual trades? Adding another layer of risk control isn't a bad thing, in my mind.


matthew28 View Post
I agree with your response.
If some platforms and brokers allow the user to set a DLL they should all go that way. (In TST's case a "soft" DLL that doesn't cause a sanction if hit, inside of their "hard" DLL).

Good information to get out into the world.

If anyone actually has the idea that "you shouldn't have to do this, you should have the self control to not hit these limits," I disagree.

It is part of your job as a trader to manage your risk and your losses. If you do have the "self control," congratulations. If you don't, why should you not use any available solution, whether supplied by your broker, your software -- or your mother, for that matter?

I hope anyone who struggles with these kinds of problems (which is all of us at one time or another) finds a solution as simple as this one. Good work.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
Visit my futures io Trade Journal Reply With Quote
The following 4 users say Thank You to bobwest for this post:
 
(login for full post details)
  #25 (permalink)
Elite_Member
Wiltshire, United Kingdom
 
Experience: Beginner
Platform: Jigsaw daytradr
Trading: US Equity Index Futures
 
matthew28's Avatar
 
Posts: 883 since Sep 2013
Thanks: 2,080 given, 1,511 received


mcjackson View Post
I've not used Tradovate yet but I'd imagine there's a solution there too.

There is an easy solution in Tradovate for DLL, along with WeeklyLL and maximum number of contracts, as the platform already has the functionality for the user to set those limits
( https://tradovate.zendesk.com/hc/en-us/articles/360035750553-How-do-I-set-a-Daily-Loss-Limit-on-my-account- )
Unfortunately @TopstepTrader have not carried those functions across in to their TSTrader labelled version of the same platform.

I know TST used to allow funded traders to apply to set their own 'soft' DLL on the TST risk management system, which if things went badly would be hit before the TST DLL, thus saving the account. I don't know if they still have that option.

Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger
Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to matthew28 for this post:


futures io Trading Community Trading Journals > McJackson's Journal - developing healthier trading processes + mindset


September 12, 2020


Upcoming Webinars and Events
 

An Afternoon With futures io member TropicalTrader

Elite only
     



Copyright © 2020 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts