If what you are looking for is an indicator to help you with Van Tharp Risk Multiple position sizing, I can probably save you $1000 by referring you to the TradeRuler indicator here on futures.io (formerly BMT)
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I don't know about their Day Trading Systems (The Eagle, Falcon, and Hawk), but the Trade Manager has really nifty options in terms of how to manage your trades once they are live. I'm still not sure to get it or not though. I came here looking for some feedback.
He does mention Trade Manager in the webinar and what got me interested into looking into it was the idea of using an indicator (such as an MA) as a trailing stop once you are in a trade in order to maximize returns. They also have the option to let you use runners to get more money out of your positions while still taking in some profits.
For the runner, as an example, if you enter a position with 10 contracts, you can set it to exit 50% (5 contracts) of your position at your first target once it's reached, 30% (3 contracts) exits at the second target once it's reached. And the remaining 2 contracts will run until they are stopped (possibly by reaching an indicator trailing stop, for example an SMA). I don't know how to code so this sounds amazing to me. Nevertheless, the price is $997, $498 if you buy one of their DTS.
Last edited by JustinIsHere; March 10th, 2013 at 10:10 PM.
You can move both stops and targets like you are used to in Chart Trader.
You can also choose your trailing stop from different indicators as well as depending on bar sizes or a fixed stop.
In addition, Trade Manager automatically calculates the correct lot size of a trade by using a defined percentage of your account size as a risk amount, but of course you can also set the lot size manually.
Since Trade Manager is not an indicator but a strategy which has to be applied separately to a chart, you may also take multiple trades (even in different directions) on one particular instrument by using only one account.
So, bottom line it's a quite expensive but useful tool.
That was my impression as well. I really like how it automatically picks the contracts size depending on how big your account is and how much you are willing to risk per trade.
I'm using Multicharts at the moment, so getting that strategy would mean I would have to get a Ninjatrader license as well. I don't like Ninjatrader's UI, but it does provide access to many indicators/bar types/etc.
My main irk is the upcoming release of Ninjatrader 8. I've heard that due to their conversion to wpf, that most likely, indicators from 3rd party vendors will have to be updated in order to work. I'm unsure if this will also apply to strategies.
Last edited by JustinIsHere; March 11th, 2013 at 08:37 AM.