I am looking for a way to implement a limit on the maximum position size in each futures product that I trade, as well as ensuring that my account is liquidated at a specific account equity level. The main point is that it has to be done by some third party, so that it can "save myself from myself" as otherwise I would most likely override these limits. Also, these restrictions should be modifiable intraday, within minutes, during the European and U.S. sessions. Please share your suggestions as to the software solution or a broker that could offer the above.
Other brokers must have it as well. I can talk about the one I use: IBKR. When you trade with them, they show a intermediate window for every trade, as a warning, if such trade passes a certain threshold. That limit is configurable through the TWS. For automatic liquidations you can keep just the cash you are willing to risk and trade with a cash account, brokers will liquidate your account automatically when there's no cash available.
What's the point of having these kind of restrictions if you can easily modify them yourself? What is going to provent you from increasing your max contract or loss limit when you are tilting if you can change it that easily? I think the only way something like this works is if it's locks you out for the remainder of the day, no exceptions possible.
Some brokers offer something called 'kill switch'. It will not let you trade for the day beyond a point. But to be very honest traders should not indulge in self-inflicted damage. Trading is for mature mindsets. Gambling addicts should not get into trading. Just like people with suicidal tendencies should not get a gun license. No offense meant. But do think about this. Improving one's mindset (psychology) is an inherent part of trading.
Sounds like it has some solid risk management tools! Sounds like IBKR has some solid risk management tools in place! Do you prefer using their warning system or just sticking to cash accounts for safety?
I don't think that is anything extraordinary, it is pretty standard. Other brokers must have something similar. Both accounts I have with them are margin accounts. I am going to join the ones that are recommending OP to look at the person instead of the software. If you need something to control you, it looks like more of a gambling problem than anything else.
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