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I used to have a daily stop that I would routinely bypass, then I traded for a while with an auto stop loss which cut me off at the daily limit. That worked for me....I no longer need it because I've got to the point where I can stop myself out without even thinking about it twice. In fact, I rarely get close to my daily stop any longer. I usually recognize when I am not trading well and just stop my self out at that point. I might come back later on in the day or something but the act of just stopping when I need to is no longer an issue.
It was the rigid enforcement of the auto stop out feature that did it for me though. Without it I'm not sure I would have learned the discipline.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Where did you find the "auto stop"? I've been looking for something that I can use on manual trades where I'm stopped out / or cannot trade once the daily loss limit is hit. I know Ninjatrader doesn't offer this feature. I don't have any other charting platform nor do I intend on changing. Any recommendations/suggestions would be much appreciated.
It's been awhile since anyone posted to this thread, but I've been looking at NinjaTrader7 to see if they have an alert for a preset loss limit alert.
A well-versed former S&P pit trader I know used to have the runner signal him when he hit is daily loss limit. He said this freed him to focus on trading his system properly rather than worry about his P&L. He just traded the best he could until either his trading time was up or he hit his daily loss limit.
In this case, having an alert had nothing to do with discipline. Rather, it had everything to do with freeing the mind to focus on what it should.
Having said that, I have also been guilty of running past my limits and breaking all the other trading rules along the learning path. It is about facing fear of missing out, etc., and I've learned to tell myself that my trading system only keeps me safe, and in the RIGHT trades, when I follow it. I am definitely NOT smarter than my system in live markets!
I have contacted NinjaTrader about loss limit alerts in version 7. If there's a way to get a pop-up alert or a phone text, I'll post it.
Good trading, everyone.
Update from NinjaTrader, used by permission:
Hello,
Thank you for contacting us.
NinjaTrader does not include this type of feature by default however this is something which you could accomplish through custom programming. If you are not a programmer yourself any of the NinjaScript consultants listed at the following publicly available link could code this type of project at your direction: https://ninjatraderecosystem.com/
If other questions come up which I could assist you with please let me know.