Which broker can force maximum loss?

Discussion in 'Retail Brokers' started by hurricane_sh, Nov 25, 2021.

  1. No matter how hard I try, I just couldn't control my daily maximum loss, any brokers can do this? Monitor my account, and when the loss exceeds a pre-defined amount, liquidate everything and lock my account until the next day.

    I mainly trade index futures such as MES.
     
  2. maxinger

    maxinger

    You have to stop trading right away.

    You have to address the ROOT CAUSE, and
    not avoid the root cause.
    bandage solution will not help.

    Go fix the discipline problem first.
    Go address the mind management / control problem.

    When you are ready, proceed to trade.
     
    rb7 and JSOP like this.
  3. I can't, I just can't. If I can eliminate the huge loss days, I would be a winning trader. Why can't I use a tool to help me? Automate trading goes further than this.
     
  4. maxinger

    maxinger

    as mentioned, STOP trading right away.

    don't try to sweep the problem under the carpet.
    fix the root cause, and don't attempt to fix the symptom.

    if the root cause cannot be fixed, you might have to give
    up trading totally.

    There are lots of reading materials in psychology sessions.
    go focus on those materials rather than
    focusing on a better trading platform.
     
  5. That's an ideal situation, but life is not perfect. If a software can help me prevent it from happening again, it's still a solution. And it can be more reliable than self-discipline.
     
  6. maxinger

    maxinger

    unfortunately, your solution will not work.

    your left brain (the analytical part) must be in tip-top condition.
    your right brain (the emotional part) must also be in tip-top condition too.

    all the best mister.
     
  7. JSOP

    JSOP

    Why don't you just set a hard stop-loss at a certain price point so when the price reaches that price point, your position gets liquidated? You don't need a broker to do that. You can easily do that yourself. Enter a stoploss order at a price below/above which would result in a loss that you think the instrument is trending opposite of the direction that you originally thought when you entered the trade.

    If you don't even have the discipline to do that, then you shouldn't be trading. Sorry to be blunt. Personally I believe you need to stop trading altogether until you have developed solid trading plan/system that is consistently profitable. Looks like you are still trading at the seat of the pants and not really in a well thought-out plan.
     
    Last edited: Nov 26, 2021
  8. thecoder

    thecoder

    Switch from absolute numbers to relative numbers. Ie. use percentages...
    Use options, also for hedging, ie. limiting the risk.
    Give up daytrading, switch to longer timeframes, like week, 2 weeks etc.
     
    MACD likes this.
  9. comagnum

    comagnum

    I think you can do this through Tradeovate. I am not using this broker but demo'd it once for the fun of it.

    https://tradovate.zendesk.com/hc/en...ow-do-I-set-a-Daily-Loss-Limit-on-my-account-
     
    hurricane_sh likes this.
  10. No you can't offload this responsibility. A broker will margin call you but that will be the end of your capital. You have to learn how to manage your money and risk better. No shortcuts.
     
    #10     Nov 26, 2021
    Zor_Champ and rb7 like this.