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Matt Z
Optimus Futures
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Can you help answer these questions from other members on NexusFi?
Maybe there simply isn't much customer demand for it. I don't see a lot of folks jumping in here saying how much they have wanted this. With so much emphasis on margin and commission just let me trade for cheap! I still find it unusual though, no matter how I try to look at it. Risk management should be top priority and you don't see any prop shops trading without these measures. I know of several prop traders that have been forced to take a time out for a day or longer by violation of max drawdown limits. Other outfits like topstep have very tight day limits and you're done if you hit them and out of the combine for certain limit violations. There is a zero tolerance policy with the pro shops, but retail is different ...
When I resume trading futures some months after wipping my account I callled broker and ask for a 500usd daily loss limit. Was the single best decision I made for my trading. No more chasing , no more impulsive trades. 500 loss? Day Over, see you tomorrow ( note I ONLY trade One lots). Some people say Its like a Gambler sining a paper for the casino stop them getting in, I dont care and my pnl was my best conformation.
The original poster was referring to a CFD (Contract For Difference) broker, who said they could not provide it, and not a regular futures or equity broker. (CFD's are illegal in the US, by the way, and their brokers should not be assumed to represent the typical or average broker for traders generally.)
This does not mean that all futures brokers do, nor even that it's common, but we know there are brokers who do (e.g., NinjaTrader Brokerage, per a post in this thread.)
It's also automatically available as a platform setting in Sierra Chart, as has been mentioned also.
So it it's important to you, it can be had with a little digging on your part, although you may have to find another broker or learn another trading platform to get it.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Would you mind sharing which broker? I have to admit I never thought about calling in to see, d'oh!
What happens when you hit the limit? Are all open positions flattened automatically? After the event how long until you can get back to opening new positions?
Hi I use Dorman from Ninja trader. This is for futures dont know about CFDs.
They wont close any position for you. You must close the position and when the daily PnL reaches -500 (or whatever Numbers you instruct the broker) you cannot place more orders that session.
Example: One trade +400, another-200,another -700, no more trades untill Next session.
Of course this may be useless if you let first trade become a 1000 loser before you close the position