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Discipline problems


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Discipline problems

  #21 (permalink)
 NGtrader 
Burnaby, BC Canada
 
Experience: Advanced
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ignacio90 View Post
Hi, you can do your own research on the internet, but here there are a few ones:


https://tremper.com/disciplinemanager.php

https://volumeladdertrading.com/index.php/guardian-angel-trader

https://clickalgo.com/ninjatrader-risk-management

This is a fast search, you can spend more time if you don't find what you need

Hope this helps

IMO Guardian Angel is the best of the 3 you listed. I have Click Algo Ninjatrader Risk Management as well but it only provides alerts. GAT is a one-time fee compared to the subscription model of Tremper.

GAT has many, many features. You can limit contract size, set up live trailing drawdown as well as daily loss limit and max daily profit target. It even has a hot button if you need to stop trading after say a big win so you press it and it prevents you from taking any trades for the rest of the day (the yellow arrow points to this stop button that appears on the control panel). Here are some screenshots of the features.

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  #22 (permalink)
 
bwolf's Avatar
 bwolf 
Los Angeles, CA
 
Experience: None
Platform: NT8, TOS, Tradingview, BH
Broker: Ninjatrader
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bwolf View Post
https://tremper.com/disciplinemanager.php

https://volumeladdertrading.com/index.php/guardian-angel-trader

https://clickalgo.com/ninjatrader-risk-management





The first one is kinda costly. The second one does basically everything the first one does and is a one-time purchase for much less. The third one is helpful to give you notifications along the way, but basically useless as a risk manager as it doesn't terminate a session.

If you use the second one you need to use the password feature to lock yourself out and do a long complex password you can't remember and use a phone photo time lock app to take a photo of it and hide it for as long as necessary, and if you have a back up your computer, use a file hiding app with the password also set to be hidden for as long as necessary. If you have access to the password or can retrieve it during the session it won't work. Speaking from experience, if you have the kinds of issues that require this stuff you will most likely leave some loopholes open to always manage to get back into the risk manager somehow.

I should also add if you are trading evaluations for funded accounts, then you need to get Cold Turkey (https://getcoldturkey.com/) and lock down your Rithmic app during the session. And if you have multiple computers you need to download Rithmic to all of them and set Cold Turkey on those too. And even with all of that, you may find ways to get around it, as ultimately very little can keep you out if you are really determined. But with all these things in place, you might be able to make it work. It can take a long time and lots of losses to get it completely ironclad. IMO it's better to find a system that promotes emotional sobriety.

One additional thing I didn't add here, for those who trade funded accounts and really want to make this airtight: If you use Guardian Angel Trader (or whatever for NT8) you need to set a max loss in Rithmic as well, have Rithmic locked with Cold Turkey (see above) and not only on all your computers, but you need to download the mobile app and get an app blocker and lock it off on your phone too. That way, you cannot as a last resort escape a max loss setting on Guardian Angel Trader by opening a trade and turning off your computer so as to escape the daily loss limit shutoff on Guardian Angel Trader (say for example you see you are close to your max daily loss but you are convinced you 'got this one' and are going to go like that, with no stop in the market and turning off your computer to let it ride into profit).

Using the time settings on Guardian Angel Trader plus Cold Turkey on NT8 as well adds another layer to stop trading at times when you don't have any edge.

This may sound extreme to those who don't need this sort of stuff, but if you need it in the first place, these are just the facts on how to really enforce your risk management protocols with these tools. Short of that, I think all these things are useless. Once you make it completely impenetrable, then the monkey is put somewhat to rest and you can begin the hard work of trying to make strategies actually work and pacing yourself around actual limits, which is a whole other challenge.

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  #23 (permalink)
 NGtrader 
Burnaby, BC Canada
 
Experience: Advanced
Platform: Ninjatrader
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Trading: ES, CL, RTY
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The other thing to keep in mind is that sometimes trades may close on Ninjatrader but the positions may still be open on RTraderPro, so would be good to keep the positions box open to make sure they close as well and definitely set up a max loss in RTraderPro as well so it will liquidate your positions when it hits that amount. Would definitely recommend setting up ColdTurkey as well if you feel you are tempted to open positions on RTrader so 100% in agreement with what bwolf is saying.

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  #24 (permalink)
 
bwolf's Avatar
 bwolf 
Los Angeles, CA
 
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NGtrader View Post
The other thing to keep in mind is that sometimes trades may close on Ninjatrader but the positions may still be open on RTraderPro, so would be good to keep the positions box open to make sure they close as well and definitely set up a max loss in RTraderPro as well so it will liquidate your positions when it hits that amount. Would definitely recommend setting up ColdTurkey as well if you feel you are tempted to open positions on RTrader so 100% in agreement with what bwolf is saying.

I did that and it was one of the reasons I kept it open, but you can actually see what positions remain open and liquidate all positions in the control center on NT8. Apex also allows you to liquidate on the website. But in any case, the control center shows you what positions remain open in case your copier or whatever flakes out.

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  #25 (permalink)
 NGtrader 
Burnaby, BC Canada
 
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bwolf View Post
I did that and it was one of the reasons I kept it open, but you can actually see what positions remain open and liquidate all positions in the control center on NT8. Apex also allows you to liquidate on the website. But in any case, the control center shows you what positions remain open in case your copier or whatever flakes out.

I've had the issue in NT8 where it shows positions as closed on NT8 but I got popup boxes saying position wasn't closed and when I check RTraderPro they definitely weren't closed so I closed each individually on RTrader Pro. Have also had the experience of only one account closing but rest still open and NT8 showed all closed but not the case on RTrader.

Maybe you've never experienced that but I have and I was freaked out at first but it has happened a few times so it's no big deal anymore.

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  #26 (permalink)
 
bwolf's Avatar
 bwolf 
Los Angeles, CA
 
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Trading: ES
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NGtrader View Post
I've had the issue in NT8 where it shows positions as closed on NT8 but I got popup boxes saying position wasn't closed and when I check RTraderPro they definitely weren't closed so I closed each individually on RTrader Pro. Have also had the experience of only one account closing but rest still open and NT8 showed all closed but not the case on RTrader.

Maybe you've never experienced that but I have and I was freaked out at first but it has happened a few times so it's no big deal anymore.

Nope, I haven't had it happen yet, fingers crossed. In my experience so far in the Positions tab in NT8 the number of positions on each account shows and you can click it and close all positions. My Rithmic DLL is quite low, so that would take care of it on the rare occasion it might happen.

The only other thing I didn't mention in all of this is that I also have NT8 downloaded everywhere and blocked from 5 AM to 11:59 PM, except for the hours when I trade on that computer.

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  #27 (permalink)
 NGtrader 
Burnaby, BC Canada
 
Experience: Advanced
Platform: Ninjatrader
Broker: Ironbeam, Kinetick
Trading: ES, CL, RTY
Posts: 233 since Apr 2014
Thanks Given: 758
Thanks Received: 201

If anyone is curious and is currently with Apex, they have a good page on how to set up auto liquidation in RTrader Pro:

https://support.apextraderfunding.com/hc/en-us/articles/4417962296347-How-to-manage-my-risk-Rithmic

Actually this video shows you how to do it.


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  #28 (permalink)
 
Kaimu's Avatar
 Kaimu 
Madrid - Spain
 
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To get all this working in the right path, first, is necessary to recognize that there is a real problem that can't be solved for yourself and that needs help. This is the first step and what will give you some commitment with the tool you want to use to get the help needed. Without that, you will not be able to use it properly, and it is possible you need extra steps to force you to do something. It is not about forcing you, it is about commitment to getting the proper help to arrive at x point.

We are not ready for this business in many ways and you can get it in the long run, but you can short this long run when you recognize that you are not ready for this business. There is no one in the professional financial industry that does not apply money risk management rules to survive. It's easy, is not about money is about being able to work every day and this is when this type of tool can be useful.

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  #29 (permalink)
Mysterion
Vienna, Austria
 
Posts: 19 since Apr 2023
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My Take on Discipline Problems:

Either you are serious about what you are doing, or you are not. If you arent serious about being a real trader, you will always lack discipline - and that will cost you.

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  #30 (permalink)
 
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 rezak 
Genova.Italy
 
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AndreyyFX View Post
Hi there !

I have a very bad problem with my discipline and auto control.

I am not the best technical trader but I managed to complete 90% of one of apex funded trader programs with overall 75%-80% win rate.

In just one day, one hour…I destroyed almost 2 weeks of trading

Behavior is my answer to this problem.

I want some practical solutions from traders who got that problem in the past.

How do you get better discipline; behavior and auto-control?

Many thanks for your help and your time!

That's because you trade incompatible timeframes with your personality. Short answer: do not day trade.

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Last Updated on August 8, 2023


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