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I appreciate the gobal risk management solution to lock trading coming with Sierra Chart. However it does not cover all my needs completely. I wanted to ask if anybody knows an additional solution which includes part or all of the following features.
My wish list:
1. Lock trading for an individual defined amount of time (e.g. 4 minutes) for a specific account after x (loosing or winning) trades.
2. Close open trades automatically and lock trading for the day after a daily drawdown has been hit
3. Lock trading for a specific account after a daily profit target has been hit
4. In order to unlock a locked account I would expect a workflow that requires more than just one mouse click (e.g. Re-Start of Sierra or typing in a password)
Thankful for all ideas or tips.
SafruAI
Can you help answer these questions from other members on NexusFi?
I think you would need to contact Sierra Chart support (by posting it on their support board) and ask them whether they would consider implementing those functions in the future.
(On a side note: I assume that this would only be an option if you are paying Sierra Chart for your platform directly, not via a broker; in the past, they have made it rather clear that they might only give support to customers paying them directly.)
Sounding like words from a wise old man, I guess. I dont know what style youre trading, what kind of experience you have or why you are trading. But obviously it is hard to imagine styles or trading activity mentally more demanding than your own. Trading is not equal to trading. It seems that you miss a sound conception of what wide range of approaches exist in our financial cosmos. How can you rate the mental challenge for an unknown approach you have no idea of? In my career I have dealt with a wide spectrum of short and mid-term trading + long term investment strategies as an individual trader as well as from the perspective of different institutions (discretionary and quantitative systematically). I have also implemented many of them myself.
What I can tell you from my experience:
Yes, discipline is elementary to trading success. But treating trading as a business is even more! And this is exactly what I do, and what you - expressed by your statement - don’t. If a timing based trading style requires to take action within a sweet spot of 1 to 5 seconds max for each entry AND exit while managing two or three markets at the same time I want to see that non-autistic guy delivering constantly a failure ratio smaller than 10% over a time period of more than 120 minutes. Impossible, my friend.
It is easily too much risk to just say “BUILD DISCIPLINE”. Yes, I do build discipline, working on that for years, each fckng day. But there will always be tail risk that you fail. And every human will fail at some point in time. If you are a professional you should better accept this simple truth as well as if failing in the wrong situation the consequences can be killing you. Not preparing / protecting for those tail situations would not be professional. And this is the reason I seek for a tail skydive. I am preparing for the worst.
What next ?
Advanced Order management ?
Sierra allows you enter only when you have valid setup
My friend, this is exactly what all systematic traders do! if it was possible with my approach, I wouldn’t hesitate only a minute to code my whole approach and let Sierra do all the work for me. Unfortunately, it is not. You wouldn’t let the machine do the work for you if that was possible? Then congrats, my friend. You are a real trading cowboy… Keep racing!
Thanks, Henning. I have already asked on the Sierra board, but no feedback so far from the official support, only from a couple of third party providers without delivering anything useful so far. I will try to ask Sierra support directly.
That is a great wish list, and I have IMO the only way to implement this is at the broker level. You need someone who has actual control over you. For you to be able to enter a password is really like locking the door to your cookie closet, but knowing where the key is.
My thoughts:
#1: winning/losing trades (defined as flat to flat) doesn't matter much, for a trader who trades a lot. That is, I might lose a tick several trades in a row, but that's ok. Amount lost, particularly amount lost in a given time window, is more critical to monitor, IMHO.
#3: consider allowing unlimited profits, but trail a profit stop. So if you're up $1000, lock after being up only $500, for example.
Discipline is super important. But every trading desk on the planet has a risk manager. Why? Because the traders aren't disciplined enough to manage their own risk? That's exactly correct. The company values capital over autonomy, and you are guaranteed to be locked if you exceed a threshold. In addition, a human risk manager will sometimes come over and talk to you if you get close to your limit, or in some cases, just a fraction of it. Sure, the traders who are successful are good risk managers themselves. But humans are humans, even disciplined ones, and there is a mechanism in place to prevent loss. That's presumably why the OP is asking.
Thank you, Josh! Thats a brilliant point. Totally agree. the issue here is bad overtrading, what can measured best by negative P/L within a given time. I prefer this restriction to my initial idea to pause after each loss, because there are many situations where a second shot makes sense!
