NexusFi: Find Your Edge


Home Menu

 





max daily loss


Discussion in NinjaTrader

Updated
      Top Posters
    1. looks_one xiaosi with 3 posts (4 thanks)
    2. looks_two bobwest with 2 posts (7 thanks)
    3. looks_3 charlie37 with 2 posts (0 thanks)
    4. looks_4 malibu with 2 posts (4 thanks)
      Best Posters
    1. looks_one indextrader7 with 6 thanks per post
    2. looks_two bobwest with 3.5 thanks per post
    3. looks_3 malibu with 2 thanks per post
    4. looks_4 xiaosi with 1.3 thanks per post
    1. trending_up 6,826 views
    2. thumb_up 24 thanks given
    3. group 4 followers
    1. forum 12 posts
    2. attach_file 0 attachments




 
Search this Thread

max daily loss

  #11 (permalink)
 indextrader7 
Birmingham, AL
 
Posts: 1,065 since Apr 2012


charlie37 View Post
I day trade through ninja and I sometimes have catastrophic days where I blow past the max daily loss that I set for myself and then I continue to overtrade after it is reached. Is there any kind of software out there that can protect me from my own mental glitches? If you ever struggle with similar issues any kind of feedback would be appreciated.

Charlie, I'd rather give you actual help in terms of your question that just posture and tell you to change like others are doing here. Some of us are like alcoholics when it comes to risk taking. We may even have stretches of really great periods, but then blow an account again.

I've been through so much with what you're talking about. I THINK I have overcome it, but only time will truly tell. At this point in my trading I "don't trust myself", and really, when you think about it, maybe that is a good thing. For so long I worked and worked and failed and failed, but continued to say you can do it. I had to get to the point where I saw myself as a monster that couldn't control himself, I was disguisted with it, and then I had to go even deeper and beyond that and through more pain. Eventually, you come out letting yourself down so many times that you dont' trust yourself anymore, and it's at that point where you learn to trust the rules more than your "smart" self.

ONE GOOD IDEA FOR YOU THAT I EVEN USE MYSELF NOW:

Some people such as @Underexposed say you will find a way to circumvent the system you put in place to protect yourself. This person does not fully understand the issue. The issue is in the moment, not the following day, or two days from the point you lose control. It's purely the moment. So, yes, in the moment, you would indeed circumvent the system, but if you put a system that takes you out of the market for 24 or 48 hours after a bad event triggers your system, it's an effective one.

For me I simply only fund my brokerage account with enough capital for margin plus two daily loss limits. This accomplishes several things for me: It A) Keeps me from depleting vast amounts of capital no matter how on tilt I get in the session, B) forces a mandatory break period to wire in more money if I suffer 2 daily loss limits in a row, C) It prevents catastrophe in the form of a brokerage going under (several have happened in past few years), granted your money is sitting SOMEWHERE at risk in SOME way, but your Wells Fargo account is FDIC insured. D) Did I mention you can only blow up two daily loss limits?

I hope this has been helpful coming from a guy that's been there man.

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
ZombieSqueeze
Platforms and Indicators
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
Ninja Mobile Trader VPS (ninjamobiletrader.com)
Trading Reviews and Vendors
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
60 thanks
Funded Trader platforms
37 thanks
NexusFi site changelog and issues/problem reporting
24 thanks
GFIs1 1 DAX trade per day journal
22 thanks
The Program
19 thanks
  #12 (permalink)
 
bobwest's Avatar
 bobwest 
Western Florida
Site Moderator
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
Frequency: Several times daily
Duration: Minutes
Posts: 8,162 since Jan 2013
Thanks Given: 57,343
Thanks Received: 26,267


xiaosi View Post
why do you guys think prop shops have risk managers?

they know their traders are human, some people may have a bad day and revenge trade, try and make up the loss, cannot walk away...

the risk manager shuts them down!

You're right, of course.

The problem is that an individual trader, not working for a firm, is human too, but isn't going to have that external risk manager to shut them down.

There's nothing wrong with him asking if there is something like that available, and if so, to use it. Anything that gets the job done is a good thing. To my knowledge, there is no comparable external resource for the lone individual (because who is in a position to say, "No more trading for you today," and make it stick?), so he needs to develop the internal discipline for it. I do not think it is easy; just necessary.

I did follow the link you provided to your Profit Monitor strategy, and I think it looks like a good idea -- something besides you saying "you're exceeding your limits here", a wake-up call that may jolt the trader awake. I did download it and will look at it. Anything that can make someone pause in self-destructive action is good.

Bob.

Reply With Quote
Thanked by:
  #13 (permalink)
 
xiaosi's Avatar
 xiaosi 
Brisbane, Queensland, Australia
 
Experience: Advanced
Platform: JIGSAW/SIERRA CHART
Broker: MacQuarie Futures/AMP Clearing/CQG
Trading: HHI, HSI, FDAX
Posts: 502 since Feb 2012
Thanks Given: 448
Thanks Received: 535



bobwest View Post
You're right, of course.

The problem is that an individual trader, not working for a firm, is human too, but isn't going to have that external risk manager to shut them down.

There's nothing wrong with him asking if there is something like that available, and if so, to use it. Anything that gets the job done is a good thing. To my knowledge, there is no comparable external resource for the lone individual (because who is in a position to say, "No more trading for you today," and make it stick?), so he needs to develop the internal discipline for it. I do not think it is easy; just necessary.

I did follow the link you provided to your Profit Monitor strategy, and I think it looks like a good idea -- something besides you saying "you're exceeding your limits here", a wake-up call that may jolt the trader awake. I did download it and will look at it. Anything that can make someone pause in self-destructive action is good.

Bob.

Actually now that i think about it, a prop firm would likely just kick you out if you were always too much risk to manage...

Yeah with the strat, just make sure to run it on another chart. Someone suggested the market analyser as well which i thought was a good idea, not near my trading PC for a while so i can't try it...

Follow me on Twitter Reply With Quote




Last Updated on August 16, 2014


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
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.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts