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Is there a trading platform that you can set a limit to the number contracts you can have on at one time? I'm using Quantower right now. I want to limit myself to 3 contracts on any one trade. In the heat of the moment I have been known to get trigger happy from time to time. I guess it could be done by increasing initial margin through my broker but they refused.
Can you help answer these questions from other members on NexusFi?
I think Rithmic R trader also allows for risk setting so if using Ninjatrader on Rithmic data for instance you could also have R-Trader open controlling risk.
Some brokers will set maximum daily loss limits if you ask them, I imagine they could also set maximum position limits. If you decide to change broker, give your proposed new broker a call before opening the account and I am sure if they are keen for your business they will help if they can.
"You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade" - Gary Norden
It's good that you are aware of this issue and seek a solution. But I think you're looking for the wrong one.
Of all the psych issues we need to deal with in trading, this is the easiest.
Simple: Decide that you DO NOT ENTER MORE THAN 3 CONTRACTS. EVER. NO MATTER WHAT. PERIOD.
There's no "grey area" in this dilemma.
If you can't keep this simple black-and-white rule, what chance do you stand with the dozens of more judgement-based issues that trading involves?
I trust that you are able to do this. And I urge you to choose to do this, if you have any determination to succeed in the challenging path in front of you to become a trader.
Don't choose the mechanical solution, and then "allow" yourself the "luxury" of being the person who bends the rules but has a machine to stop them. Instead, decide you don't want to be that person any more. Choose the solution that helps you grow into a serious and responsible trader.
