Hi. does anyboy knows if there is a trading software that u can put a max daily loss and it will not let u trade anymore.This has to be on the broker side and not something u can reconfigure when u reach ur daily max loss amount.Currently am using IB broker and executing via Ib TWS
If you trade futures you might look into the T4 platform offered by Dorman. Your broker can set up daily loss limits, as defined by a hard dollar amount or percentage of assets. It's a neat feature. PM me if you need more info. There are also some reviews on this site. If you trade seriously, I wouldn't recommend IB for futures trading.
Thanks , but the reason i use IB it that i can trade contracts like SMI and ibex35 which are european and dorman does not have them
Do you use any kind of front-end with IB? There are front-end clients that give you extra control when using IB. I've developed my own risk system that cuts off trading automatically if a loss threshold is reached and shuts down trading for the day. It runs under Sierra Charts that connects to TWS via API and works very well if you have an unattended trading program. Other front-ends include ButtonTrader, BracketTrader, NinjaTrader, Zeroline Trader etc but I don't know specifically if they can do this but take a look and try them out with a trial.
Great, you have chosen well . Sierra Charts is more than sufficient to handle what you are trying to do but you will have to develop it yourself. You don't need to use ACSIL either, you can use their built-in worksheets combined with a system study. It is really not very hard once you know your way around their worksheets. edit: I re-read you initial post and yes you can always override this no matter how well it is designed. Unfortunately not much can protect you from yourself on tilt if that is your aim here . It is definitely a good direction to go either way and it has helped me control these bad tendencies even in discretionary trading...