Hello Is there any software risk management tool or service at retail level (futures) where an account owner can manage the account risk independent of the 3rd party trader! Let me explain The functionality I am looking for is> - Lets say a 3rd party trader is going to trade my futures account under a LPOA which has say 20,000 in it and I want "ALL positions closed IF net liquidity goes down to a pre determined level " say 17000 "Global Stop loss level" in this example. - I want to set this GSL independent of the trader and the trader should not be able to change it. -lets also assume that all the a/c is allowed to trade is Futures contracts - The positions may go overnight not just day trading - I want this feature as set and forget so I dont have to watch what the trader is doing 24/6 I have asked many brokers but no body can guarantee such a GSL Any ideas?
Why not just open a separate account funded to the appropriate level? Only that 3rd party to trade it! -- Seems there is a trust issue (not disagreeing, but commenting -- perhaps a valid concern)
hi it is not a question of trust issue, the plain and simple thing is we want an automatic way to activate such Global Stop loss without me or the trader being awake and able to take corrective action , and I may add, I am not a prop firm so dont have resources to monitor the 3rd party trader 24/6 ... found one such tool but that is on OTC FX so no good to me here it is https://www.fxcmapps.com/apps/close-trades/
It seems you wish to engage in high risk trading and have someone protect you from your wayward deeds? Consider how your "desire" would have played out during the Election last November -- likely not what you would have desired. I do NOT trade unlimited risk strategies, so am not the gunslinger you are looking for.
NinjaTrader has this functionality as a platform, but you couldn't control it independently if you have a 3rd-party trading your account. Perhaps the best way to do this would be to do it directly through your broker?
My wayard deeds! I think there is a misunderstanding, I am not the one who is trading.. I am the funding person just like a broker who gives margin loan or a CFD provider who provides leveraged facility.. it is up to the trader if they wish to trade or not in such fashion using whatever leverage they feel comfortable , If a trader has 5K he/ she can trade 100K notional using CFD . This is same.. at Institutional level when they give Margin loans the "House" does not take any risk , the person using this facility does! and there are many traders who are looking for bigger accounts... all I am doing is to see how this can be done at retial level.. nothing un ethical about it!
Thanks I will check with Ninjatrader ..I am trying to find such a broker but have not found one as they dont want to be responsible for slippage during a black swan or weekend gap